Thoroughbred Financial Services LLC Invests $1.08 Million in General Motors (NYSE:GM)

Thoroughbred Financial Services LLC bought a new position in shares of General Motors (NYSE:GM) (TSE:GMM.U) during the second quarter, Holdings Channel reports. The firm bought 23,194 shares of the auto manufacturer’s stock, valued at approximately $1,077,000.

A number of other hedge funds also recently made changes to their positions in GM. Norges Bank bought a new stake in shares of General Motors during the 4th quarter worth $602,280,000. Capital World Investors raised its stake in shares of General Motors by 14.6% during the 1st quarter. Capital World Investors now owns 48,767,573 shares of the auto manufacturer’s stock worth $2,211,609,000 after purchasing an additional 6,201,777 shares during the period. Swedbank AB bought a new stake in shares of General Motors during the 1st quarter worth $159,750,000. Hotchkis & Wiley Capital Management LLC raised its stake in shares of General Motors by 21.9% during the 4th quarter. Hotchkis & Wiley Capital Management LLC now owns 18,097,486 shares of the auto manufacturer’s stock worth $650,062,000 after purchasing an additional 3,247,050 shares during the period. Finally, Putnam Investments LLC increased its holdings in General Motors by 16.8% in the 4th quarter. Putnam Investments LLC now owns 20,237,820 shares of the auto manufacturer’s stock worth $726,942,000 after acquiring an additional 2,905,689 shares during the last quarter. 92.67% of the stock is currently owned by institutional investors.

General Motors Stock Performance

Shares of GM opened at $46.30 on Monday. The company has a market cap of $52.83 billion, a PE ratio of 5.66, a price-to-earnings-growth ratio of 0.52 and a beta of 1.43. The company has a current ratio of 1.18, a quick ratio of 0.99 and a debt-to-equity ratio of 1.23. The stock has a 50-day moving average price of $46.19 and a 200-day moving average price of $45.03. General Motors has a 12-month low of $26.30 and a 12-month high of $50.50.

General Motors (NYSE:GM) (TSE:GMM.U) last issued its quarterly earnings results on Tuesday, July 23rd. The auto manufacturer reported $3.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.67 by $0.39. The firm had revenue of $47.97 billion during the quarter, compared to the consensus estimate of $45.13 billion. General Motors had a return on equity of 15.77% and a net margin of 6.22%. The company’s revenue for the quarter was up 7.2% on a year-over-year basis. During the same quarter last year, the company posted $1.91 EPS. As a group, equities analysts forecast that General Motors will post 9.95 earnings per share for the current fiscal year.

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

General Motors Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 19th. Investors of record on Friday, September 6th will be given a $0.12 dividend. The ex-dividend date of this dividend is Friday, September 6th. This represents a $0.48 dividend on an annualized basis and a yield of 1.04%. General Motors’s payout ratio is 5.87%.

Insider Buying and Selling

In related news, EVP Rory Harvey sold 2,302 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $47.31, for a total value of $108,907.62. Following the completion of the sale, the executive vice president now owns 10,356 shares in the company, valued at approximately $489,942.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, EVP Rory Harvey sold 2,302 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $47.31, for a total value of $108,907.62. Following the completion of the sale, the executive vice president now owns 10,356 shares in the company, valued at approximately $489,942.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Paul A. Jacobson bought 25,000 shares of the company’s stock in a transaction that occurred on Friday, July 26th. The stock was purchased at an average price of $44.11 per share, with a total value of $1,102,750.00. Following the transaction, 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 currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on GM shares. Nomura lowered General Motors from a “neutral” rating to a “reduce” rating and set a $34.00 price objective for the company. in a report on Monday, August 5th. Wolfe Research started coverage on General Motors in a report on Thursday, September 5th. They issued a “peer perform” rating for the company. UBS Group lifted their price objective on General Motors from $61.00 to $64.00 and gave the stock a “buy” rating in a report on Wednesday, July 10th. Nomura Securities raised General Motors to a “strong sell” rating in a report on Monday, August 5th. Finally, StockNews.com lowered General Motors from a “buy” rating to a “hold” rating in a report on Wednesday, July 24th. Three equities 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 given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $55.27.

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.