Oppenheimer & Co. Inc. Purchases 22,295 Shares of General Motors (NYSE:GM)

Oppenheimer & Co. Inc. raised its position in shares of General Motors (NYSE:GM) (TSE:GMM.U) by 72.0% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 53,239 shares of the auto manufacturer’s stock after purchasing an additional 22,295 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in General Motors were worth $2,473,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. SJS Investment Consulting Inc. raised its holdings in General Motors by 34.5% in the 2nd 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 raised its stake 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 worth $29,000 after buying an additional 225 shares during the period. SeaCrest Wealth Management LLC raised its stake in General Motors by 3.5% during the 2nd quarter. SeaCrest Wealth Management LLC now owns 6,804 shares of the auto manufacturer’s stock worth $316,000 after acquiring an additional 227 shares during the period. Institute for Wealth Management LLC. lifted 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 valued at $1,702,000 after purchasing an additional 230 shares in the last quarter. Finally, Beech Hill Advisors Inc. boosted its position in shares of General Motors by 1.6% in the second 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 during the period. Hedge funds and other institutional investors own 92.67% of the company’s stock.

General Motors Stock Performance

Shares of GM stock opened at $46.87 on Tuesday. The company’s 50 day moving average is $46.20 and its 200 day moving average is $45.08. 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 market cap of $53.48 billion, a price-to-earnings ratio of 5.73, a PEG 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.

General Motors (NYSE:GM) (TSE:GMM.U) last released its quarterly earnings results on Tuesday, July 23rd. The auto manufacturer reported $3.06 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 firm had revenue of $47.97 billion during the quarter, compared to analyst estimates of $45.13 billion. During the same period in the previous year, the company posted $1.91 EPS. The business’s revenue for the quarter was up 7.2% compared to the same quarter last year. On average, sell-side analysts anticipate that General Motors will post 9.95 EPS for the current fiscal year.

General Motors Dividend Announcement

The company 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 dividend of $0.12 per share. The ex-dividend date is Friday, September 6th. This represents a $0.48 annualized dividend and a dividend yield of 1.02%. General Motors’s dividend payout ratio (DPR) is presently 5.87%.

General Motors announced that its Board of Directors has approved a share buyback program on Tuesday, June 11th that permits the company to buyback $6.00 billion in shares. This buyback authorization permits the auto manufacturer to reacquire up to 10.8% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s board believes its stock is undervalued.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. Bank of America reaffirmed a “buy” rating and issued a $75.00 target price on shares of General Motors in a report on Wednesday, June 12th. Nomura Securities raised General Motors to a “strong sell” rating in a report on Monday, August 5th. Morgan Stanley lowered shares of General Motors from an “overweight” rating to an “equal weight” rating and increased their price objective for the company from $46.00 to $47.00 in a report on Wednesday, July 24th. Nomura cut shares of General Motors from a “neutral” rating to a “reduce” rating and set a $34.00 price objective on the stock. in a research report on Monday, August 5th. Finally, UBS Group raised their target price on shares of General Motors from $61.00 to $64.00 and gave the company a “buy” rating in a research note on Wednesday, July 10th. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, General Motors presently has an average rating of “Moderate Buy” and an average target price of $55.27.

Insider Buying and Selling at General Motors

In other General Motors news, CFO Paul A. Jacobson bought 25,000 shares of General Motors stock in a transaction that occurred on Friday, July 26th. The shares were bought at an average cost 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 of the company’s stock, valued at approximately $11,551,173.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other General Motors news, EVP Rory Harvey sold 2,302 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $47.31, for a total transaction of $108,907.62. Following the sale, the executive vice president now owns 10,356 shares of the company’s stock, valued at approximately $489,942.36. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Paul A. Jacobson purchased 25,000 shares of the firm’s stock in a transaction on Friday, July 26th. The stock was bought at an average cost of $44.11 per share, with a total value of $1,102,750.00. Following the acquisition, the chief financial officer now owns 261,872 shares of the company’s stock, valued at approximately $11,551,173.92. The disclosure for this purchase can be found here. 0.72% of the stock is owned by insiders.

General Motors 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.