Lumbard & Kellner LLC Boosts Position in Alphabet Inc. (GOOG)
Lumbard & Kellner LLC boosted its stake in shares of Alphabet Inc. (NASDAQ:GOOG) by 24.9% during the first quarter, Holdings Channel reports. The institutional investor owned 6,034 shares of the information services provider’s stock after buying an additional 1,203 shares during the period. Alphabet accounts for 3.0% of Lumbard & Kellner LLC’s investment portfolio, making the stock its 8th largest position. Lumbard & Kellner LLC’s holdings in Alphabet were worth $5,006,000 as of its most recent SEC filing.
Other hedge funds have also recently added to or reduced their stakes in the company. IFM Investors Pty Ltd purchased a new stake in Alphabet during the fourth quarter valued at approximately $3,007,000. Wall Street Access Asset Management LLC raised its stake in Alphabet by 16.7% in the fourth quarter. Wall Street Access Asset Management LLC now owns 1,228 shares of the information services provider’s stock valued at $957,000 after buying an additional 176 shares in the last quarter. LeJeune Puetz Investment Counsel LLC purchased a new stake in Alphabet during the fourth quarter valued at approximately $1,979,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main purchased a new stake in Alphabet during the fourth quarter valued at approximately $249,975,000. Finally, Lebenthal Asset Management LLC raised its stake in Alphabet by 1.6% in the fourth quarter. Lebenthal Asset Management LLC now owns 2,135 shares of the information services provider’s stock valued at $1,648,000 after buying an additional 34 shares in the last quarter. Institutional investors own 34.54% of the company’s stock.
Alphabet Inc. (NASDAQ:GOOG) traded up 0.79% on Friday, reaching $914.39. 1,206,782 shares of the company’s stock traded hands. Alphabet Inc. has a 52 week low of $727.54 and a 52 week high of $988.25. The stock has a 50-day moving average of $936.66 and a 200 day moving average of $889.11. The firm has a market capitalization of $633.56 billion, a P/E ratio of 33.14 and a beta of 0.94.
Alphabet (NASDAQ:GOOG) last posted its quarterly earnings results on Monday, July 24th. The information services provider reported $5.01 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $4.43 by $0.58. Alphabet had a net margin of 19.49% and a return on equity of 13.66%. The firm had revenue of $26.01 billion for the quarter, compared to analyst estimates of $25.61 billion. During the same quarter last year, the firm posted $8.42 earnings per share. Alphabet’s revenue for the quarter was up 21.0% compared to the same quarter last year. On average, equities analysts expect that Alphabet Inc. will post $30.59 EPS for the current fiscal year.
Several research firms recently commented on GOOG. UBS AG restated a “buy” rating and set a $1,080.00 price target on shares of Alphabet in a research report on Tuesday, July 25th. Barclays PLC reaffirmed a “buy” rating on shares of Alphabet in a report on Tuesday, July 25th. Goldman Sachs Group, Inc. (The) reaffirmed a “buy” rating on shares of Alphabet in a report on Tuesday, July 25th. J P Morgan Chase & Co reaffirmed a “buy” rating on shares of Alphabet in a report on Tuesday, July 25th. Finally, Robert W. Baird reaffirmed an “outperform” rating and set a $1,100.00 price objective on shares of Alphabet in a report on Tuesday, July 25th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, forty have issued a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $1,026.22.
In other Alphabet news, VP James Grier Campbell sold 183 shares of the stock in a transaction that occurred on Monday, July 3rd. The shares were sold at an average price of $911.16, for a total value of $166,742.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Sundar Pichai sold 4,000 shares of the stock in a transaction that occurred on Wednesday, August 2nd. The shares were sold at an average price of $930.46, for a total transaction of $3,721,840.00. Following the completion of the sale, the chief executive officer now directly owns 1,764 shares of the company’s stock, valued at approximately $1,641,331.44. The disclosure for this sale can be found here. Insiders sold 44,968 shares of company stock worth $42,387,042 in the last 90 days. 13.92% of the stock is currently owned by insiders.
Alphabet Company Profile
Alphabet Inc is a holding company. The Company’s businesses include Google Inc (Google) and its Internet products, such as Access, Calico, CapitalG, GV, Nest, Verily, Waymo and X. The Company’s segments include Google and Other Bets. The Google segment includes its Internet products, such as Search, Ads, Commerce, Maps, YouTube, Google Cloud, Android, Chrome and Google Play, as well as its hardware initiatives.
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