SeaCrest Wealth Management LLC Reduces Position in General Motors (NYSE:GM)

SeaCrest Wealth Management LLC lessened its stake in shares of General Motors (NYSE:GM) (TSE:GMM.U) by 43.7% during the 1st quarter, Holdings Channel reports. The firm owned 6,577 shares of the auto manufacturer’s stock after selling 5,102 shares during the quarter. SeaCrest Wealth Management LLC’s holdings in General Motors were worth $298,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently bought and sold shares of the stock. Norges Bank purchased a new stake in shares of General Motors in the 4th quarter valued at $602,280,000. Hotchkis & Wiley Capital Management LLC boosted its holdings in shares of General Motors by 21.9% in the 4th quarter. Hotchkis & Wiley Capital Management LLC now owns 18,097,486 shares of the auto manufacturer’s stock valued at $650,062,000 after acquiring an additional 3,247,050 shares during the last quarter. Putnam Investments LLC boosted its holdings in shares of General Motors by 16.8% in the 4th quarter. Putnam Investments LLC now owns 20,237,820 shares of the auto manufacturer’s stock valued at $726,942,000 after acquiring an additional 2,905,689 shares during the last quarter. Public Employees Retirement Association of Colorado boosted its holdings in shares of General Motors by 1,213.0% in the 4th 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 acquiring an additional 2,035,925 shares during the last quarter. Finally, Caxton Associates LP boosted its holdings in shares of General Motors by 1,514.2% in the 4th quarter. Caxton Associates LP now owns 1,755,334 shares of the auto manufacturer’s stock valued at $63,052,000 after acquiring an additional 1,646,594 shares during the last quarter. Hedge funds and other institutional investors own 92.67% of the company’s stock.

General Motors Trading Down 0.6 %

Shares of GM opened at $46.68 on Thursday. The company has a current ratio of 1.16, a quick ratio of 0.97 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 $49.35. The firm has a 50-day moving average price of $45.70 and a 200 day moving average price of $41.61. The firm has a market capitalization of $53.26 billion, a P/E ratio of 5.71, a P/E/G ratio of 0.49 and a beta of 1.43.

General Motors (NYSE:GM) (TSE:GMM.U) last announced its quarterly earnings data on Tuesday, April 23rd. The auto manufacturer reported $2.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.02 by $0.60. General Motors had a net margin of 6.13% and a return on equity of 14.40%. The firm had revenue of $43.01 billion during the quarter, compared to analyst estimates of $41.09 billion. During the same quarter in the prior year, the firm posted $2.21 earnings per share. General Motors’s quarterly revenue was up 7.6% on a year-over-year basis. Sell-side analysts forecast that General Motors will post 9.43 EPS for the current year.

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

General Motors Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 20th. Investors of record on Friday, June 7th were issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.03%. The ex-dividend date of this dividend was Friday, June 7th. General Motors’s dividend payout ratio is currently 5.87%.

Insiders Place Their Bets

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 completion of the transaction, the president now owns 176,907 shares of the company’s stock, valued at $7,684,840.08. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, CEO Mary T. Barra sold 626,316 shares of the firm’s stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $43.46, for a total value of $27,219,693.36. Following the completion of the transaction, the chief executive officer now owns 1,198,648 shares of the company’s stock, valued at $52,093,242.08. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, President Mark L. Reuss sold 150,000 shares of the firm’s stock in a transaction that occurred on 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 completion of the transaction, the president now directly owns 176,907 shares of the company’s stock, valued at approximately $7,684,840.08. The disclosure for this sale can be found here. Insiders sold a total of 1,152,621 shares of company stock valued at $51,818,111 over the last 90 days. 0.72% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several equities analysts recently issued reports on GM shares. Citigroup boosted their target price 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. StockNews.com upgraded shares of General Motors from a “hold” rating to a “buy” rating in a research note on Saturday, June 1st. Barclays boosted their target price on shares of General Motors from $55.00 to $60.00 and gave the company an “overweight” rating in a research note on Friday, April 26th. Sanford C. Bernstein began coverage on shares of General Motors in a research report on Thursday, April 25th. They set an “outperform” rating and a $55.00 price objective for the company. Finally, Morgan Stanley upped their price objective on shares of General Motors from $43.00 to $46.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 10th. One analyst has rated the stock with a sell rating, three have given a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $54.91.

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.