Teachers Retirement System of The State of Kentucky Buys 470,568 Shares of General Motors (NYSE:GM)

Teachers Retirement System of The State of Kentucky raised its holdings in General Motors (NYSE:GM) (TSE:GMM.U) by 469.6% during the second quarter, Holdings Channel.com reports. The institutional investor owned 570,775 shares of the auto manufacturer’s stock after buying an additional 470,568 shares during the quarter. Teachers Retirement System of The State of Kentucky’s holdings in General Motors were worth $26,517,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in GM. TD Asset Management Inc grew its holdings in shares of General Motors by 4.6% in the fourth quarter. TD Asset Management Inc now owns 481,538 shares of the auto manufacturer’s stock worth $17,297,000 after acquiring an additional 21,318 shares during the period. Eagle Asset Management Inc. purchased a new stake in General Motors during the fourth quarter valued at approximately $4,722,000. Alberta Investment Management Corp raised its position in General Motors by 82.9% during the fourth quarter. Alberta Investment Management Corp now owns 55,250 shares of the auto manufacturer’s stock valued at $1,985,000 after purchasing an additional 25,050 shares during the period. The Manufacturers Life Insurance Company grew its stake in shares of General Motors by 6.0% during the fourth quarter. The Manufacturers Life Insurance Company now owns 1,017,337 shares of the auto manufacturer’s stock valued at $36,543,000 after buying an additional 57,568 shares during the last quarter. Finally, NEOS Investment Management LLC grew its stake in shares of General Motors by 24.5% during the fourth quarter. NEOS Investment Management LLC now owns 19,460 shares of the auto manufacturer’s stock valued at $699,000 after buying an additional 3,825 shares during the last quarter. 92.67% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research analysts recently issued reports on GM shares. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $53.00 price objective on shares of General Motors in a research note on Tuesday, September 10th. Morgan Stanley downgraded General Motors from an “equal weight” rating to an “underweight” rating and cut their price target for the stock from $47.00 to $42.00 in a research report on Wednesday, September 25th. Wells Fargo & Company dropped their target price on General Motors from $34.00 to $33.00 and set an “underweight” rating on the stock in a research report on Tuesday, September 10th. StockNews.com lowered General Motors from a “buy” rating to a “hold” rating in a research note on Wednesday, July 24th. Finally, JPMorgan Chase & Co. boosted their target price on General Motors from $60.00 to $61.00 and gave the stock an “overweight” rating in a report on Wednesday, July 24th. Four analysts have rated the stock with a sell rating, six have issued a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $54.92.

General Motors Trading Down 3.5 %

General Motors stock opened at $44.83 on Tuesday. The company has a quick ratio of 0.99, a current ratio of 1.18 and a debt-to-equity ratio of 1.23. The firm has a 50-day moving average price of $45.92 and a two-hundred day moving average price of $45.59. The firm has a market capitalization of $51.15 billion, a price-to-earnings ratio of 5.48, a PEG ratio of 0.56 and a beta of 1.43. General Motors has a 52-week low of $26.30 and a 52-week high of $50.50.

General Motors (NYSE:GM) (TSE:GMM.U) last released its earnings results on Tuesday, July 23rd. The auto manufacturer reported $3.06 EPS for the quarter, beating the consensus estimate of $2.67 by $0.39. General Motors had a net margin of 6.22% and a return on equity of 15.77%. The business had revenue of $47.97 billion during the quarter, compared to analyst estimates of $45.13 billion. During the same period in the prior year, the business earned $1.91 earnings per share. The business’s quarterly revenue was up 7.2% on a year-over-year basis. Sell-side analysts expect 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 was paid on Thursday, September 19th. Shareholders of record on Friday, September 6th were paid a $0.12 dividend. The ex-dividend date of this dividend was Friday, September 6th. This represents a $0.48 annualized dividend and a yield of 1.07%. General Motors’s dividend payout ratio is presently 5.87%.

General Motors declared that its Board of Directors has initiated a stock repurchase plan on Tuesday, June 11th that allows the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization allows the auto manufacturer to buy up to 10.8% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its shares are undervalued.

Insider Buying and Selling at General Motors

In other news, EVP Rory Harvey sold 12,795 shares of the stock in a transaction on Monday, August 26th. The shares were sold at an average price of $49.02, for a total transaction of $627,210.90. Following 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 document filed with the SEC, which is accessible through the SEC website. In other news, 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 acquired at an average price of $44.11 per share, for a total transaction of $1,102,750.00. Following the transaction, the chief financial officer now directly owns 261,872 shares of the company’s stock, valued at approximately $11,551,173.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Rory Harvey sold 12,795 shares of the 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 sale, the executive vice president now owns 8,513 shares of the company’s stock, valued at approximately $417,307.26. The disclosure for this sale can be found here. Company insiders own 0.72% of the company’s stock.

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.