General Motors (GM) Shares Bought by State Treasurer State of Michigan
State Treasurer State of Michigan increased its position in General Motors (NYSE:GM) (TSE:GMM.U) by 1.0% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 375,520 shares of the auto manufacturer’s stock after purchasing an additional 3,800 shares during the quarter. State Treasurer State of Michigan’s holdings in General Motors were worth $14,795,000 as of its most recent SEC filing.
Several other hedge funds have also recently modified their holdings of GM. Old Mutual Global Investors UK Ltd. grew its stake in General Motors by 327.7% in the 1st quarter. Old Mutual Global Investors UK Ltd. now owns 27,800 shares of the auto manufacturer’s stock valued at $1,010,000 after buying an additional 21,300 shares during the last quarter. X Square Capital LLC grew its stake in General Motors by 8.7% in the 1st quarter. X Square Capital LLC now owns 51,098 shares of the auto manufacturer’s stock valued at $1,857,000 after buying an additional 4,096 shares during the last quarter. Hyman Charles D acquired a new position in General Motors in the 1st quarter valued at about $402,000. Alps Advisors Inc. acquired a new position in General Motors in the 1st quarter valued at about $1,032,000. Finally, P.R. Herzig & Co. Inc. grew its stake in General Motors by 20.9% in the 1st quarter. P.R. Herzig & Co. Inc. now owns 80,600 shares of the auto manufacturer’s stock valued at $2,929,000 after buying an additional 13,950 shares during the last quarter. 73.01% of the stock is currently owned by institutional investors.
Shares of NYSE:GM opened at $36.29 on Friday. General Motors has a 12-month low of $34.50 and a 12-month high of $46.76. The company has a market cap of $51.62 billion, a price-to-earnings ratio of 5.48, a price-to-earnings-growth ratio of 0.75 and a beta of 1.59. The company has a current ratio of 0.88, a quick ratio of 0.74 and a debt-to-equity ratio of 1.81.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 21st. Investors of record on Friday, September 7th will be given a dividend of $0.38 per share. The ex-dividend date of this dividend is Thursday, September 6th. This represents a $1.52 annualized dividend and a dividend yield of 4.19%. General Motors’s dividend payout ratio is 22.96%.
A number of research analysts recently commented on the stock. Citigroup decreased their price target on shares of General Motors to $60.00 and set a “buy” rating on the stock in a research note on Thursday, July 26th. JPMorgan Chase & Co. decreased their price target on shares of General Motors from $58.00 to $54.00 and set an “overweight” rating on the stock in a research note on Friday, July 27th. Piper Jaffray Companies set a $57.00 price target on shares of General Motors and gave the company an “overweight” rating in a research note on Tuesday, May 15th. Royal Bank of Canada upped their price target on shares of General Motors from $52.00 to $53.00 and gave the company an “outperform” rating in a research note on Tuesday, July 10th. Finally, ValuEngine lowered shares of General Motors from a “buy” rating to a “hold” rating in a research note on Thursday, June 21st. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and fifteen have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $47.21.
In related news, EVP Alan S. Batey sold 215,685 shares of the stock in a transaction that occurred on Friday, June 1st. The shares were sold at an average price of $43.01, for a total transaction of $9,276,611.85. Following the sale, the executive vice president now owns 84,594 shares in the company, valued at approximately $3,638,387.94. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.39% of the company’s stock.
General Motors Company Profile
General Motors Company, together with its subsidiaries, designs, builds, and sells cars, trucks, crossovers, and automobile parts worldwide. The company operates through GM North America, GM International, and GM Financial segments. It markets its vehicles primarily under the Buick, Cadillac, Chevrolet, GMC, Holden, Baojun, Jiefang, and Wuling brand names.
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