State of Alaska Department of Revenue Has $6.17 Million Position in General Motors (NYSE:GM)

State of Alaska Department of Revenue lowered its holdings in General Motors (NYSE:GM) (TSE:GMM.U) by 14.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 136,098 shares of the auto manufacturer’s stock after selling 22,615 shares during the quarter. State of Alaska Department of Revenue’s holdings in General Motors were worth $6,171,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of GM. Vanguard Group Inc. raised its stake in General Motors by 1.4% during the third quarter. Vanguard Group Inc. now owns 111,460,756 shares of the auto manufacturer’s stock worth $3,674,861,000 after acquiring an additional 1,580,681 shares in the last quarter. Putnam Investments LLC lifted 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 valued at $726,942,000 after purchasing an additional 2,905,689 shares during the last quarter. Hotchkis & Wiley Capital Management LLC boosted its position in General Motors by 21.9% in the fourth quarter. Hotchkis & Wiley Capital Management LLC now owns 18,097,486 shares of the auto manufacturer’s stock valued at $650,062,000 after buying an additional 3,247,050 shares in the last quarter. Norges Bank bought a new stake in General Motors during the fourth quarter worth about $602,280,000. Finally, Morgan Stanley increased its holdings in General Motors by 1.3% during the 3rd quarter. Morgan Stanley now owns 15,212,672 shares of the auto manufacturer’s stock valued at $501,562,000 after purchasing an additional 201,080 shares in the last quarter. 92.67% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on GM shares. StockNews.com raised General Motors from a “hold” rating to a “buy” rating in a report on Saturday, June 1st. Royal Bank of Canada boosted their target price on shares of General Motors from $54.00 to $56.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 23rd. Barclays upped their target price on shares of General Motors from $55.00 to $60.00 and gave the stock an “overweight” rating in a research report on Friday, April 26th. Mizuho raised their price target on shares of General Motors from $48.00 to $52.00 and gave the company a “buy” rating in a report on Wednesday, April 24th. Finally, Sanford C. Bernstein assumed coverage on General Motors in a report on Thursday, April 25th. They set an “outperform” rating and a $55.00 price objective on the stock. One analyst has rated the stock with a sell rating, three have assigned a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $54.91.

Insiders Place Their Bets

In other General Motors news, CEO Mary T. Barra sold 326,305 shares of the stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $48.33, for a total value of $15,770,320.65. Following the completion of the sale, the chief executive officer now directly owns 898,648 shares in the company, valued at $43,431,657.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CEO Mary T. Barra sold 626,316 shares of the business’s stock in a transaction 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 sale, the chief executive officer now directly owns 1,198,648 shares of the company’s stock, valued at approximately $52,093,242.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Mary T. Barra sold 326,305 shares of the stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $48.33, for a total value of $15,770,320.65. Following the transaction, the chief executive officer now owns 898,648 shares of the company’s stock, valued at approximately $43,431,657.84. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,152,621 shares of company stock worth $51,818,111. Corporate insiders own 0.72% of the company’s stock.

General Motors Stock Performance

Shares of GM stock opened at $46.68 on Thursday. The stock has a market cap of $53.26 billion, a PE ratio of 5.71, a price-to-earnings-growth ratio of 0.50 and a beta of 1.43. The stock has a 50-day moving average of $45.70 and a 200-day moving average of $41.61. The company has a debt-to-equity ratio of 1.22, a current ratio of 1.16 and a quick ratio of 0.97. General Motors has a one year low of $26.30 and a one year high of $49.35.

General Motors (NYSE:GM) (TSE:GMM.U) last issued 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. The firm had revenue of $43.01 billion during the quarter, compared to analysts’ expectations of $41.09 billion. General Motors had a net margin of 6.13% and a return on equity of 14.40%. The business’s revenue for the quarter was up 7.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.21 earnings per share. As a group, sell-side analysts expect that General Motors will post 9.43 earnings per share for the current year.

General Motors Dividend Announcement

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

General Motors declared that its board has initiated a share buyback program on Tuesday, June 11th that permits the company to buyback $6.00 billion in shares. This buyback authorization permits the auto manufacturer to repurchase up to 10.8% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board believes its shares are undervalued.

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.