ProShare Advisors LLC Has $9.09 Million Holdings in General Motors (NYSE:GM)

ProShare Advisors LLC grew its holdings in General Motors (NYSE:GM) (TSE:GMM.U) by 4.4% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 195,744 shares of the auto manufacturer’s stock after buying an additional 8,276 shares during the period. ProShare Advisors LLC’s holdings in General Motors were worth $9,094,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. SJS Investment Consulting Inc. increased its stake in shares of General Motors by 34.5% during the second quarter. SJS Investment Consulting Inc. now owns 792 shares of the auto manufacturer’s stock worth $37,000 after purchasing an additional 203 shares during the period. Fortitude Family Office LLC boosted its position in shares of 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 acquiring an additional 225 shares during the period. SeaCrest Wealth Management LLC grew its stake in shares of 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 acquiring an additional 227 shares in the last quarter. Institute for Wealth Management LLC. increased its position 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 acquiring an additional 230 shares during the period. Finally, Beech Hill Advisors Inc. raised its stake in General Motors by 1.6% in the 2nd quarter. Beech Hill Advisors Inc. now owns 15,233 shares of the auto manufacturer’s stock worth $708,000 after purchasing an additional 233 shares in the last quarter. 92.67% of the stock is currently owned by institutional investors.

General Motors Stock Performance

Shares of GM opened at $48.07 on Wednesday. The firm has a market capitalization of $54.85 billion, a P/E ratio of 5.88, a P/E/G ratio of 0.52 and a beta of 1.43. General Motors has a 52 week low of $26.30 and a 52 week high of $50.50. The stock has a 50 day moving average price of $46.22 and a two-hundred day moving average price of $45.42. 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 results on Tuesday, July 23rd. The auto manufacturer reported $3.06 earnings per share (EPS) for the quarter, topping the consensus estimate 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 during the quarter, compared to the consensus estimate of $45.13 billion. During the same quarter in the prior year, the company posted $1.91 earnings per share. General Motors’s revenue was up 7.2% compared to the same quarter last year. Equities analysts forecast that General Motors will post 9.95 earnings per share for the current fiscal year.

General Motors Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 19th. Investors of record on Friday, September 6th were given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.00%. The ex-dividend date was Friday, September 6th. General Motors’s payout ratio is currently 5.87%.

General Motors announced that its Board of Directors has initiated a stock buyback program on Tuesday, June 11th that authorizes the company to buyback $6.00 billion in shares. This buyback authorization authorizes the auto manufacturer to buy up to 10.8% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on GM. Morgan Stanley cut shares of General Motors from an “overweight” rating to an “equal weight” rating and raised their target price for the stock from $46.00 to $47.00 in a report on Wednesday, July 24th. Sanford C. Bernstein downgraded General Motors from an “outperform” rating to a “market perform” rating and set a $53.00 price target for the company. in a research note on Monday. Wells Fargo & Company reduced their price objective on shares of General Motors from $34.00 to $33.00 and set an “underweight” rating on the stock in a research note on Tuesday, September 10th. Nomura Securities upgraded shares of General Motors to a “strong sell” rating in a research report on Monday, August 5th. Finally, Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $53.00 price target on shares of General Motors in a research report on Tuesday, September 10th. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $55.17.

Insider Buying and Selling

In other General Motors news, EVP Rory Harvey sold 12,795 shares of the stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $49.02, for a total value of $627,210.90. Following the completion of the sale, the executive vice president now owns 8,513 shares in the company, valued at approximately $417,307.26. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other General Motors news, EVP Rory Harvey sold 12,795 shares of the company’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 approximately $417,307.26. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Paul A. Jacobson bought 25,000 shares of the stock in a transaction dated Friday, July 26th. The shares were acquired at an average price of $44.11 per share, for a total transaction of $1,102,750.00. Following the completion of 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 corporate insiders.

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.