Forsta AP Fonden Cuts Position in General Motors (NYSE:GM)

Forsta AP Fonden lowered its position in General Motors (NYSE:GM) (TSE:GMM.U) by 20.3% in the second quarter, Holdings Channel reports. The fund owned 211,300 shares of the auto manufacturer’s stock after selling 53,700 shares during the period. Forsta AP Fonden’s holdings in General Motors were worth $9,817,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. SJS Investment Consulting Inc. boosted its position in shares of General Motors by 34.5% during the 2nd quarter. SJS Investment Consulting Inc. now owns 792 shares of the auto manufacturer’s stock worth $37,000 after acquiring an additional 203 shares in the last quarter. Fortitude Family Office LLC boosted its holdings in General Motors by 56.1% in the second quarter. Fortitude Family Office LLC now owns 626 shares of the auto manufacturer’s stock valued at $29,000 after purchasing an additional 225 shares in the last quarter. SeaCrest Wealth Management LLC increased its stake in General Motors by 3.5% in the second quarter. SeaCrest Wealth Management LLC now owns 6,804 shares of the auto manufacturer’s stock valued at $316,000 after purchasing an additional 227 shares during the last quarter. Institute for Wealth Management LLC. raised its holdings in General Motors by 0.6% during the second quarter. Institute for Wealth Management LLC. now owns 36,624 shares of the auto manufacturer’s stock worth $1,702,000 after purchasing an additional 230 shares in the last quarter. Finally, Beech Hill Advisors Inc. lifted its position in shares of General Motors by 1.6% during the 2nd quarter. Beech Hill Advisors Inc. now owns 15,233 shares of the auto manufacturer’s stock worth $708,000 after buying an additional 233 shares during the last quarter. Institutional investors and hedge funds own 92.67% of the company’s stock.

General Motors Price Performance

Shares of GM opened at $46.31 on Friday. 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 stock’s 50 day moving average is $46.19 and its two-hundred day moving average is $44.97. General Motors has a twelve month low of $26.30 and a twelve 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.

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

General Motors Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 19th. Investors of record on Friday, September 6th will be paid a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 1.04%. The ex-dividend date is Friday, September 6th. General Motors’s dividend payout ratio (DPR) is 5.87%.

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

Wall Street Analyst Weigh In

A number of research analysts recently commented on GM shares. Wedbush reaffirmed an “outperform” rating and issued a $55.00 target price on shares of General Motors in a research report on Wednesday, July 24th. Bank of America reaffirmed a “buy” rating and set a $75.00 price objective on shares of General Motors in a report on Wednesday, June 12th. Morgan Stanley cut General Motors from an “overweight” rating to an “equal weight” rating and upped their target price for the company from $46.00 to $47.00 in a research report on Wednesday, July 24th. Nomura lowered General Motors from a “neutral” rating to a “reduce” rating and set a $34.00 price target on the stock. in a research report on Monday, August 5th. Finally, Wells Fargo & Company decreased their price objective on General Motors from $34.00 to $33.00 and set an “underweight” rating for the company in a report on Tuesday. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $55.27.

Insider Buying and Selling

In other news, CFO Paul A. Jacobson purchased 25,000 shares of the firm’s stock in a transaction dated Friday, July 26th. The shares were acquired at an average price of $44.11 per share, with a total value of $1,102,750.00. Following the purchase, the chief financial officer now directly owns 261,872 shares of the company’s stock, valued at $11,551,173.92. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, EVP Rory Harvey sold 12,795 shares of the firm’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $49.02, for a total value of $627,210.90. Following the completion of the transaction, the executive vice president now owns 8,513 shares in the company, valued at $417,307.26. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Paul A. Jacobson purchased 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 purchase, the chief financial officer now directly owns 261,872 shares in the company, valued at $11,551,173.92. The disclosure for this purchase can be found here. 0.72% of the stock is owned by insiders.

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.