Sound Shore Management Inc. CT Reduces Stake in General Motors (NYSE:GM)

Sound Shore Management Inc. CT lowered its stake in shares of General Motors (NYSE:GM) (TSE:GMM.U) by 26.0% in the 2nd quarter, HoldingsChannel reports. The firm owned 1,962,191 shares of the auto manufacturer’s stock after selling 690,589 shares during the quarter. General Motors accounts for 3.0% of Sound Shore Management Inc. CT’s portfolio, making the stock its 11th biggest position. Sound Shore Management Inc. CT’s holdings in General Motors were worth $91,163,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Public Employees Retirement Association of Colorado grew its holdings in General Motors by 1,213.0% during the fourth quarter. Public Employees Retirement Association of Colorado now owns 2,203,771 shares of the auto manufacturer’s stock valued at $79,159,000 after purchasing an additional 2,035,925 shares during the period. US Bancorp DE grew its stake in shares of General Motors by 59.3% during the 4th quarter. US Bancorp DE now owns 86,888 shares of the auto manufacturer’s stock worth $3,121,000 after acquiring an additional 32,331 shares during the period. GSA Capital Partners LLP grew its stake in shares of General Motors by 317.6% during the 4th quarter. GSA Capital Partners LLP now owns 67,807 shares of the auto manufacturer’s stock worth $2,436,000 after acquiring an additional 51,571 shares during the period. ACR Alpine Capital Research LLC raised its stake in General Motors by 8.4% in the 1st quarter. ACR Alpine Capital Research LLC now owns 6,337,547 shares of the auto manufacturer’s stock valued at $287,408,000 after acquiring an additional 492,693 shares during the period. Finally, BDF Gestion purchased a new stake in General Motors during the second quarter valued at about $2,886,000. Institutional investors own 92.67% of the company’s stock.

General Motors Price Performance

GM stock opened at $48.88 on Friday. The firm has a 50 day simple moving average of $46.28 and a two-hundred day simple moving average of $45.23. The stock has a market cap of $55.77 billion, a PE ratio of 5.98, a P/E/G ratio of 0.52 and a beta of 1.43. General Motors has a one year low of $26.30 and a one year high of $50.50. The company has a debt-to-equity ratio of 1.23, a current ratio of 1.18 and a quick ratio of 0.99.

General Motors (NYSE:GM) (TSE:GMM.U) last announced its 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 net margin of 6.22% and a return on equity of 15.77%. The company 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 business earned $1.91 earnings per share. The firm’s quarterly revenue was up 7.2% compared to the same quarter last year. On average, analysts predict that General Motors will post 9.95 EPS for the current fiscal year.

General Motors declared that its Board of Directors has initiated a stock repurchase program on Tuesday, June 11th that permits the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization permits the auto manufacturer to reacquire up to 10.8% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its shares are undervalued.

General Motors Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 19th. Investors of record on Friday, September 6th were issued a dividend of $0.12 per share. The ex-dividend date of this dividend was Friday, September 6th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.98%. General Motors’s dividend payout ratio is 5.87%.

Insider Buying and Selling

In other General Motors news, EVP Rory Harvey sold 2,302 shares of the 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 transaction, the executive vice president now directly owns 10,356 shares in the company, valued at $489,942.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CFO Paul A. Jacobson bought 25,000 shares of the 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 purchase, the chief financial officer now owns 261,872 shares in the company, valued at approximately $11,551,173.92. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Rory Harvey sold 2,302 shares of the firm’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 transaction, the executive vice president now owns 10,356 shares in the company, valued at $489,942.36. The disclosure for this sale can be found here. 0.72% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on GM. Wells Fargo & Company reduced their target price on shares of General Motors from $34.00 to $33.00 and set an “underweight” rating for the company in a research note on Tuesday, September 10th. UBS Group boosted their target price on shares of General Motors from $61.00 to $64.00 and gave the company a “buy” rating in a report on Wednesday, July 10th. Bank of America restated a “buy” rating and set a $75.00 target price on shares of General Motors in a research report on Wednesday, June 12th. JPMorgan Chase & Co. boosted 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. Finally, Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $53.00 price objective on shares of General Motors in a report on Tuesday, September 10th. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $55.27.

General Motors Company 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.