State Treasurer State of Michigan trimmed its stake in shares of General Motors (NYSE:GM) (TSE:GMM.U) by 16.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 315,820 shares of the auto manufacturer’s stock after selling 61,900 shares during the period. State Treasurer State of Michigan’s holdings in General Motors were worth $12,169,000 at the end of the most recent reporting period.
Other hedge funds also recently made changes to their positions in the company. Geode Capital Management LLC lifted its holdings in shares of General Motors by 8.1% in the 4th quarter. Geode Capital Management LLC now owns 16,309,521 shares of the auto manufacturer’s stock valued at $544,715,000 after purchasing an additional 1,217,986 shares during the last quarter. Hollencrest Capital Management increased its position in General Motors by 2.0% in the 1st quarter. Hollencrest Capital Management now owns 25,295 shares of the auto manufacturer’s stock valued at $939,000 after acquiring an additional 496 shares during the period. Legacy Advisors LLC acquired a new position in General Motors in the 1st quarter valued at about $82,000. Wilsey Asset Management Inc. increased its position in General Motors by 2.1% in the 1st quarter. Wilsey Asset Management Inc. now owns 320,703 shares of the auto manufacturer’s stock valued at $11,956,000 after acquiring an additional 6,499 shares during the period. Finally, Bank of Edwardsville acquired a new position in General Motors in the 1st quarter valued at about $468,000. Institutional investors own 76.62% of the company’s stock.
NYSE GM traded down $0.01 on Wednesday, hitting $39.07. 289,036 shares of the company’s stock were exchanged, compared to its average volume of 7,592,855. The company has a current ratio of 0.96, a quick ratio of 0.83 and a debt-to-equity ratio of 1.56. The firm has a 50-day moving average price of $38.92. General Motors has a fifty-two week low of $30.56 and a fifty-two week high of $41.90. The stock has a market cap of $55.20 billion, a price-to-earnings ratio of 5.97, a price-to-earnings-growth ratio of 0.67 and a beta of 1.39.
General Motors (NYSE:GM) (TSE:GMM.U) last released its earnings results on Thursday, August 1st. The auto manufacturer reported $1.64 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.43 by $0.21. General Motors had a return on equity of 21.08% and a net margin of 6.31%. The company had revenue of $36.06 billion for the quarter, compared to analysts’ expectations of $36.03 billion. During the same quarter in the previous year, the firm posted $1.81 EPS. The firm’s quarterly revenue was down 1.9% on a year-over-year basis. As a group, equities analysts expect that General Motors will post 6.67 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 20th. Shareholders of record on Friday, September 6th will be given a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 3.89%. The ex-dividend date of this dividend is Thursday, September 5th. General Motors’s payout ratio is 23.24%.
In other General Motors news, President Mark L. Reuss sold 275,944 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $40.03, for a total transaction of $11,046,038.32. Following the transaction, the president now owns 479,413 shares in the company, valued at approximately $19,190,902.39. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.51% of the company’s stock.
Several brokerages recently issued reports on GM. Nomura set a $42.00 price target on General Motors and gave the company a “hold” rating in a research report on Thursday, May 2nd. Citigroup boosted their price target on General Motors from $67.00 to $68.00 and gave the company a “buy” rating in a research report on Friday, August 2nd. Royal Bank of Canada boosted their price target on General Motors to $52.00 and gave the company an “outperform” rating in a research report on Monday, July 22nd. They noted that the move was a valuation call. ValuEngine upgraded General Motors from a “sell” rating to a “hold” rating in a research report on Tuesday, July 23rd. Finally, Zacks Investment Research cut General Motors from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, April 10th. Five analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. General Motors has an average rating of “Buy” and an average target price of $47.58.
General Motors Company Profile
General Motors Company designs, builds, and sells cars, trucks, crossovers, and automobile parts worldwide. The company operates through GM North America, GM International, GM Cruise, and GM Financial. It markets its vehicles primarily under the Buick, Cadillac, Chevrolet, GMC, Holden, Baojun, Jiefang, and Wuling brand names.
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