Eldred Rock Partners LLC Boosts Stake in Alphabet Inc.
Eldred Rock Partners LLC recently increased its stake in Alphabet Inc. (NASDAQ:GOOGL) by acquiring an additional 4,597 shares during the second quarter. The fund now owns 74,290 shares of the information services provider's stock, accounting for 5.7% of Eldred Rock Partners LLC's portfolio and making it the company's third-largest holding.
The value of Eldred Rock Partners LLC's holdings in Alphabet was $26,549,000 at the end of the most recent quarter. This is not an isolated incident; other institutional investors have also been actively buying and selling shares of GOOGL. Vanguard Group Inc., for instance, grew its stake in shares of Alphabet by 2.4% during the fourth quarter.
Alphabet's stock has been performing well, with a market capitalization of $4.23 trillion and a price-to-earnings ratio of 17.37. The company reported $9.11 earnings per share (EPS) for the last quarter, topping the consensus estimate by $6.22. However, not all news is positive; Zacks Research downgraded Alphabet from 'strong buy' to 'hold', reflecting valuation and spending concerns.