General Motors Company (NYSE:GM) Stake Cut by Wedge Capital Management L L P NC
Wedge Capital Management L L P NC cut its stake in General Motors Company (NYSE:GM) (TSE:GMM.U) by 35.7% during the second quarter, according to its most recent disclosure with the SEC. The firm owned 986,614 shares of the auto manufacturer’s stock after selling 548,829 shares during the period. Wedge Capital Management L L P NC’s holdings in General Motors were worth $34,462,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. State of Alaska Department of Revenue purchased a new position in General Motors during the first quarter valued at approximately $103,000. Franklin Parlapiano Turner & Welch LLC purchased a new position in General Motors during the first quarter valued at approximately $106,000. FNY Managed Accounts LLC purchased a new position in General Motors during the first quarter valued at approximately $107,000. SRS Capital Advisors Inc. boosted its position in General Motors by 171.9% in the first quarter. SRS Capital Advisors Inc. now owns 5,160 shares of the auto manufacturer’s stock valued at $182,000 after buying an additional 3,262 shares during the period. Finally, North Star Investment Management Corp. boosted its position in General Motors by 0.8% in the first quarter. North Star Investment Management Corp. now owns 5,215 shares of the auto manufacturer’s stock valued at $184,000 after buying an additional 42 shares during the period. Hedge funds and other institutional investors own 76.02% of the company’s stock.
Shares of General Motors Company (NYSE GM) opened at 34.93 on Friday. The company has a 50 day moving average of $35.37 and a 200 day moving average of $35.14. The stock has a market cap of $50.90 billion, a P/E ratio of 6.07 and a beta of 1.45. General Motors Company has a 12 month low of $30.13 and a 12 month high of $38.55.
General Motors (NYSE:GM) (TSE:GMM.U) last issued its quarterly earnings data on Tuesday, July 25th. The auto manufacturer reported $1.89 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.72 by $0.17. The firm had revenue of $36.98 billion during the quarter, compared to analysts’ expectations of $37.67 billion. General Motors had a net margin of 5.38% and a return on equity of 22.45%. The business’s revenue for the quarter was down 1.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.86 earnings per share. Equities research analysts expect that General Motors Company will post $6.14 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 22nd. Investors of record on Friday, September 8th will be issued a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 4.35%. The ex-dividend date of this dividend is Thursday, September 7th. General Motors’s dividend payout ratio is currently 26.48%.
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Several research analysts have commented on GM shares. Nomura restated a “buy” rating and issued a $47.00 target price on shares of General Motors in a research report on Tuesday, May 2nd. UBS AG reiterated a “buy” rating and issued a $40.00 price objective (up from $38.00) on shares of General Motors in a report on Friday, April 14th. Bank of America Corporation reiterated a “buy” rating and issued a $40.00 price objective (down from $44.00) on shares of General Motors in a report on Friday, June 16th. BidaskClub upgraded shares of General Motors from a “hold” rating to a “buy” rating in a report on Wednesday, June 14th. Finally, Jefferies Group LLC reiterated a “buy” rating and issued a $36.00 price objective on shares of General Motors in a report on Tuesday, June 13th. Two analysts have rated the stock with a sell rating, thirteen have given a hold rating, nine have issued a buy rating and three have given a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $39.26.
In other news, Director Patricia F. Russo acquired 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 1st. The stock was purchased at an average price of $34.73 per share, for a total transaction of $347,300.00. Following the completion of the acquisition, the director now owns 12,300 shares in the company, valued at $427,179. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Jane L. Mendillo acquired 1,520 shares of the firm’s stock in a transaction that occurred on Friday, May 26th. The shares were purchased at an average price of $32.92 per share, with a total value of $50,038.40. Following the acquisition, the director now owns 3,120 shares of the company’s stock, valued at approximately $102,710.40. The disclosure for this purchase can be found here. In the last 90 days, insiders have sold 369,001 shares of company stock valued at $12,827,204. Corporate insiders own 0.04% of the company’s stock.
General Motors Company Profile
General Motors Company designs, builds and sells cars, trucks, crossovers and automobile parts. The Company’s segments include GM North America (GMNA), GM Europe (GME), GM International Operations (GMIO), GM South America (GMSA) and General Motors Financial Company, Inc (GM Financial). The Company provides automotive financing services through General Motors Financial Company, Inc The Company develops, manufactures and/or markets vehicles in North America under the brands, including Buick, Cadillac, Chevrolet and GMC.
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