Clearbridge Investments LLC Decreases Position in General Motors (NYSE:GM)

Clearbridge Investments LLC cut its position in General Motors (NYSE:GM) (TSE:GMM.U) by 25.1% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 3,592,175 shares of the auto manufacturer’s stock after selling 1,204,497 shares during the period. Clearbridge Investments LLC owned approximately 0.31% of General Motors worth $162,905,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of GM. Norges Bank purchased a new position in General Motors in the fourth quarter worth about $602,280,000. Hotchkis & Wiley Capital Management LLC raised its holdings in shares of General Motors by 21.9% during the fourth quarter. Hotchkis & Wiley Capital Management LLC now owns 18,097,486 shares of the auto manufacturer’s stock valued at $650,062,000 after purchasing an additional 3,247,050 shares during the last quarter. Putnam Investments LLC raised its holdings in shares of General Motors by 16.8% during the fourth quarter. Putnam Investments LLC now owns 20,237,820 shares of the auto manufacturer’s stock valued at $726,942,000 after purchasing an additional 2,905,689 shares during the last quarter. Public Employees Retirement Association of Colorado raised its holdings in shares of General Motors by 1,213.0% during the fourth quarter. Public Employees Retirement Association of Colorado now owns 2,203,771 shares of the auto manufacturer’s stock valued at $79,159,000 after purchasing an additional 2,035,925 shares during the last quarter. Finally, Caxton Associates LP raised its holdings in shares of General Motors by 1,514.2% during the fourth quarter. Caxton Associates LP now owns 1,755,334 shares of the auto manufacturer’s stock valued at $63,052,000 after purchasing an additional 1,646,594 shares during the last quarter. 92.67% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CEO Mary T. Barra sold 326,305 shares of the firm’s stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $48.33, for a total value of $15,770,320.65. Following the transaction, the chief executive officer now owns 898,648 shares of the company’s stock, valued at approximately $43,431,657.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other General Motors news, President Mark L. Reuss sold 150,000 shares of the stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $43.44, for a total transaction of $6,516,000.00. Following the transaction, the president now directly owns 176,907 shares in the company, valued at approximately $7,684,840.08. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Mary T. Barra sold 326,305 shares of the stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $48.33, for a total transaction of $15,770,320.65. Following the transaction, the chief executive officer now owns 898,648 shares in the company, valued at $43,431,657.84. The disclosure for this sale can be found here. Insiders have sold 1,152,621 shares of company stock valued at $51,818,111 in the last 90 days. Company insiders own 0.72% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. StockNews.com raised shares of General Motors from a “hold” rating to a “buy” rating in a report on Saturday, June 1st. Bank of America restated a “buy” rating and set a $75.00 target price on shares of General Motors in a research report on Wednesday, June 12th. Mizuho boosted their target price on shares of General Motors from $48.00 to $52.00 and gave the company a “buy” rating in a research report on Wednesday, April 24th. Wedbush boosted their target price on shares of General Motors from $45.00 to $55.00 and gave the company an “outperform” rating in a research report on Wednesday, April 24th. Finally, Morgan Stanley boosted their target price on shares of General Motors from $43.00 to $46.00 and gave the company an “overweight” rating in a research report on Wednesday, April 10th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $55.96.

General Motors Price Performance

General Motors stock traded down $3.19 during mid-day trading on Tuesday, reaching $46.37. 41,001,426 shares of the company’s stock traded hands, compared to its average volume of 15,885,831. The company has a market cap of $52.91 billion, a price-to-earnings ratio of 5.67, a PEG ratio of 0.51 and a beta of 1.43. The stock has a 50 day moving average of $46.54 and a two-hundred day moving average of $42.88. The company has a quick ratio of 0.97, a current ratio of 1.16 and a debt-to-equity ratio of 1.22. General Motors has a 12-month low of $26.30 and a 12-month high of $50.50.

General Motors (NYSE:GM) (TSE:GMM.U) last announced its earnings results on Tuesday, July 23rd. The auto manufacturer reported $3.06 earnings per share for the quarter, beating the consensus estimate of $2.67 by $0.39. General Motors had a net margin of 6.13% and a return on equity of 14.40%. The business had revenue of $47.97 billion for the quarter, compared to the consensus estimate of $45.13 billion. During the same quarter in the prior year, the firm posted $1.91 earnings per share. The business’s revenue for the quarter was up 7.2% on a year-over-year basis. Equities analysts forecast that General Motors will post 9.43 earnings per share for the current year.

General Motors announced that its board has authorized a share repurchase plan on Tuesday, June 11th that permits the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization permits the auto manufacturer to purchase up to 10.8% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

General Motors Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 19th. Investors of record on Friday, September 6th will be paid a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 1.04%. The ex-dividend date is Friday, September 6th. General Motors’s dividend payout ratio is presently 5.87%.

About General Motors

General Motors Company designs, builds, and sells trucks, crossovers, cars, and automobile parts; and provide software-enabled services and subscriptions worldwide. The company operates through GM North America, GM International, Cruise, and GM Financial segments. It markets its vehicles primarily under the Buick, Cadillac, Chevrolet, GMC, Baojun, and Wuling brand names.