Abbrea Capital LLC Raises Stake in General Motors (NYSE:GM)

Abbrea Capital LLC increased its stake in General Motors (NYSE:GM) (TSE:GMM.U) by 10.6% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,395 shares of the auto manufacturer’s stock after buying an additional 515 shares during the period. Abbrea Capital LLC’s holdings in General Motors were worth $251,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Capital World Investors grew its holdings in 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 acquiring an additional 6,201,777 shares in the last quarter. Putnam Investments LLC grew its holdings in 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 acquiring an additional 2,905,689 shares in the last quarter. Hotchkis & Wiley Capital Management LLC grew its holdings in 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 acquiring an additional 3,247,050 shares in the last quarter. Norges Bank bought a new position in General Motors during the 4th quarter worth about $602,280,000. Finally, Franklin Resources Inc. boosted its holdings in shares of General Motors by 12.0% in the 4th quarter. Franklin Resources Inc. now owns 13,731,249 shares of the auto manufacturer’s stock valued at $493,226,000 after buying an additional 1,472,297 shares in the last quarter. Hedge funds and other institutional investors own 92.67% of the company’s stock.

Insider Activity

In other news, EVP Rory Harvey sold 12,795 shares of General Motors stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $49.02, for a total transaction of $627,210.90. Following the completion of the transaction, the executive vice president now directly owns 8,513 shares of the company’s stock, valued at approximately $417,307.26. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, EVP Rory Harvey sold 12,795 shares of General Motors stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $49.02, for a total transaction of $627,210.90. Following the completion of the transaction, the executive vice president now directly owns 8,513 shares of the company’s stock, valued at approximately $417,307.26. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Paul A. Jacobson bought 25,000 shares of the business’s stock in a transaction dated Friday, July 26th. The shares were purchased at an average cost of $44.11 per share, with a total value of $1,102,750.00. Following the completion of the acquisition, the chief financial officer now owns 261,872 shares in the company, valued at $11,551,173.92. The disclosure for this purchase can be found here. Insiders own 0.72% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Wedbush restated an “outperform” rating and issued a $55.00 price target on shares of General Motors in a report on Wednesday, July 24th. Wells Fargo & Company lowered their price target on shares of General Motors from $34.00 to $33.00 and set an “underweight” rating on the stock in a report on Tuesday. JPMorgan Chase & Co. raised their price target on shares of General Motors from $60.00 to $61.00 and gave the company an “overweight” rating in a report on Wednesday, July 24th. Wolfe Research assumed coverage on shares of General Motors in a report on Thursday, September 5th. They issued a “peer perform” rating on the stock. Finally, Nomura cut shares of General Motors from a “neutral” rating to a “reduce” rating and set a $34.00 price target on the stock. in a report on Monday, August 5th. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, General Motors currently has an average rating of “Moderate Buy” and an average price target of $55.27.

General Motors Stock Performance

GM opened at $46.31 on Friday. General Motors has a 12-month low of $26.30 and a 12-month high of $50.50. The company has a current ratio of 1.18, a quick ratio of 0.99 and a debt-to-equity ratio of 1.23. The firm has a market capitalization of $52.84 billion, a PE ratio of 5.66, a P/E/G ratio of 0.52 and a beta of 1.43. The firm has a 50 day moving average of $46.19 and a two-hundred day moving average of $44.97.

General Motors (NYSE:GM) (TSE:GMM.U) last posted its quarterly earnings results on Tuesday, July 23rd. The auto manufacturer reported $3.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.67 by $0.39. General Motors had a net margin of 6.22% and a return on equity of 15.77%. The company had revenue of $47.97 billion during the quarter, compared to analyst estimates of $45.13 billion. During the same period last year, the firm posted $1.91 EPS. General Motors’s revenue for the quarter was up 7.2% compared to the same quarter last year. On average, analysts anticipate that General Motors will post 9.95 EPS for the current year.

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

General Motors Announces Dividend

The company also recently announced 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. This represents a $0.48 annualized dividend and a dividend yield of 1.04%. The ex-dividend date of this dividend is Friday, September 6th. General Motors’s dividend payout ratio (DPR) is 5.87%.

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.