Argent Trust Co Has $1.53 Million Position in General Motors (NYSE:GM)

Argent Trust Co lowered its holdings in General Motors (NYSE:GM) (TSE:GMM.U) by 2.2% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 32,823 shares of the auto manufacturer’s stock after selling 731 shares during the quarter. Argent Trust Co’s holdings in General Motors were worth $1,525,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of GM. LifeSteps Financial Inc. acquired a new stake in General Motors in the 1st quarter valued at $25,000. Wellington Shields Capital Management LLC acquired a new stake in General Motors in the 2nd quarter valued at $28,000. Fortitude Family Office LLC grew its position in General Motors by 56.1% in the 2nd 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 during the period. Cape Investment Advisory Inc. grew its position in General Motors by 75.9% in the 4th quarter. Cape Investment Advisory Inc. now owns 832 shares of the auto manufacturer’s stock valued at $30,000 after purchasing an additional 359 shares during the period. Finally, Montag A & Associates Inc. bought a new position in General Motors during the 1st quarter valued at $30,000. Institutional investors and hedge funds own 92.67% of the company’s stock.

Insider Buying and Selling at General Motors

In other General Motors news, EVP Rory Harvey sold 12,795 shares of General Motors stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $49.02, for a total transaction of $627,210.90. Following the completion of the transaction, the executive vice president now owns 8,513 shares of the company’s stock, valued at approximately $417,307.26. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other General Motors news, CFO Paul A. Jacobson acquired 25,000 shares of the business’s stock in a transaction dated Friday, July 26th. The stock was bought at an average price of $44.11 per share, with a total value of $1,102,750.00. Following the completion of the acquisition, the chief financial officer now owns 261,872 shares of the company’s stock, valued at $11,551,173.92. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Rory Harvey sold 12,795 shares of the business’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $49.02, for a total value of $627,210.90. Following the transaction, the executive vice president now directly owns 8,513 shares of the company’s stock, valued at approximately $417,307.26. The disclosure for this sale can be found here. Insiders own 0.72% of the company’s stock.

General Motors Trading Up 2.4 %

Shares of General Motors stock opened at $48.67 on Thursday. General Motors has a 52-week low of $26.30 and a 52-week high of $50.50. The stock’s 50-day simple moving average is $46.26 and its 200 day simple moving average is $45.15. The stock has a market capitalization of $55.53 billion, a P/E ratio of 5.95, a P/E/G ratio of 0.52 and a beta of 1.43. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.99 and a current ratio of 1.18.

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 (EPS) for the quarter, beating 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 business had revenue of $47.97 billion for the quarter, compared to analysts’ expectations of $45.13 billion. During the same period in the previous year, the business posted $1.91 EPS. The firm’s quarterly revenue was up 7.2% compared to the same quarter last year. As a group, research analysts anticipate that General Motors will post 9.95 EPS for the current year.

General Motors declared that its Board of Directors has approved a stock buyback program on Tuesday, June 11th that allows the company to buyback $6.00 billion in shares. This buyback authorization allows the auto manufacturer to reacquire up to 10.8% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its shares are undervalued.

General Motors Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 19th. Shareholders of record on Friday, September 6th will be issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 0.99%. The ex-dividend date is Friday, September 6th. General Motors’s payout ratio is presently 5.87%.

Analyst Ratings Changes

Several equities analysts have weighed in on GM shares. Wolfe Research started coverage on General Motors in a research note on Thursday, September 5th. They set a “peer perform” rating on the stock. JPMorgan Chase & Co. raised their price objective on General Motors from $60.00 to $61.00 and gave the company an “overweight” rating in a research note on Wednesday, July 24th. Nomura cut General Motors from a “neutral” rating to a “reduce” rating and set a $34.00 price objective on the stock. in a research note on Monday, August 5th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $53.00 price objective on shares of General Motors in a research note on Tuesday, September 10th. Finally, Morgan Stanley cut General Motors from an “overweight” rating to an “equal weight” rating and raised their price objective for the company from $46.00 to $47.00 in a research note on Wednesday, July 24th. Three analysts have rated the stock with a sell rating, six have given a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target 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.