General Motors (NYSE:GM) Shares Sold by Gabelli Funds LLC

Gabelli Funds LLC lessened its holdings in General Motors (NYSE:GM) (TSE:GMM.U) by 15.9% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 97,500 shares of the auto manufacturer’s stock after selling 18,500 shares during the quarter. Gabelli Funds LLC’s holdings in General Motors were worth $4,422,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Norges Bank acquired a new stake in shares of General Motors during the 4th quarter worth approximately $602,280,000. Capital World Investors grew its stake in shares of General Motors by 14.6% during the 1st quarter. Capital World Investors now owns 48,767,573 shares of the auto manufacturer’s stock worth $2,211,609,000 after purchasing an additional 6,201,777 shares during the period. Hotchkis & Wiley Capital Management LLC grew its stake in shares of General Motors by 21.9% during the 4th quarter. Hotchkis & Wiley Capital Management LLC now owns 18,097,486 shares of the auto manufacturer’s stock worth $650,062,000 after purchasing an additional 3,247,050 shares during the period. Putnam Investments LLC grew its stake in shares of General Motors by 16.8% during the 4th quarter. Putnam Investments LLC now owns 20,237,820 shares of the auto manufacturer’s stock worth $726,942,000 after purchasing an additional 2,905,689 shares during the period. Finally, Public Employees Retirement Association of Colorado grew its stake in shares of General Motors by 1,213.0% during the 4th quarter. Public Employees Retirement Association of Colorado now owns 2,203,771 shares of the auto manufacturer’s stock worth $79,159,000 after purchasing an additional 2,035,925 shares during the period. Institutional investors and hedge funds own 92.67% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the stock. Sanford C. Bernstein started coverage on shares of General Motors in a research note on Thursday, April 25th. They set an “outperform” rating and a $55.00 price objective on the stock. Citigroup lifted their price target on shares of General Motors from $95.00 to $96.00 and gave the company a “buy” rating in a research note on Wednesday, April 24th. Bank of America reissued a “buy” rating and issued a $75.00 price target on shares of General Motors in a research note on Wednesday, June 12th. Wedbush reissued an “outperform” rating and issued a $55.00 price target on shares of General Motors in a research note on Wednesday. Finally, Morgan Stanley cut shares of General Motors from an “overweight” rating to an “equal weight” rating and lifted their price target for the company from $46.00 to $47.00 in a research note on Wednesday. One analyst has rated the stock with a sell rating, five have given a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, General Motors presently has an average rating of “Moderate Buy” and a consensus target price of $56.38.

General Motors Trading Down 0.0 %

Shares of NYSE GM traded down $0.01 during trading on Friday, hitting $44.12. 18,411,118 shares of the company were exchanged, compared to its average volume of 14,026,488. General Motors has a 12-month low of $26.30 and a 12-month high of $50.50. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.97 and a current ratio of 1.18. The company has a fifty day moving average price of $46.49 and a 200-day moving average price of $43.01. The firm has a market capitalization of $49.59 billion, a PE ratio of 5.39, a P/E/G ratio of 0.44 and a beta of 1.43.

General Motors (NYSE:GM) (TSE:GMM.U) last posted its quarterly earnings results on Tuesday, July 23rd. The auto manufacturer reported $3.06 EPS for the quarter, topping the consensus estimate of $2.67 by $0.39. General Motors had a return on equity of 15.77% and a net margin of 6.22%. The business had revenue of $47.97 billion for the quarter, compared to analyst estimates of $45.13 billion. During the same quarter in the previous year, the firm earned $1.91 EPS. The company’s quarterly revenue was up 7.2% compared to the same quarter last year. As a group, equities research analysts expect that General Motors will post 9.93 EPS for the current year.

General Motors Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 19th. Stockholders of record on Friday, September 6th will be issued a dividend of $0.12 per share. The ex-dividend date of this dividend is Friday, September 6th. This represents a $0.48 annualized dividend and a dividend yield of 1.09%. General Motors’s dividend payout ratio is presently 5.87%.

General Motors declared that its board has authorized a stock repurchase plan on Tuesday, June 11th that permits the company to repurchase $6.00 billion in shares. This repurchase authorization permits the auto manufacturer to repurchase up to 10.8% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Insider Activity at General Motors

In related news, President Mark L. Reuss sold 14,858 shares of the business’s stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $46.01, for a total value of $683,616.58. Following the sale, the president now directly owns 162,049 shares in the company, valued at approximately $7,455,874.49. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, President Mark L. Reuss sold 14,858 shares of the business’s stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $46.01, for a total value of $683,616.58. Following the sale, the president now directly owns 162,049 shares in the company, valued at approximately $7,455,874.49. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Mary T. Barra sold 626,316 shares of the business’s stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $43.46, for a total transaction of $27,219,693.36. Following the completion of the sale, the chief executive officer now owns 1,198,648 shares in the company, valued at $52,093,242.08. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,152,621 shares of company stock worth $51,818,111. Company insiders own 0.72% of the company’s stock.

General Motors Company Profile

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.