AQR Capital Management LLC Increases Stock Holdings in General Motors (NYSE:GM)

AQR Capital Management LLC grew its stake in General Motors (NYSE:GM) (TSE:GMM.U) by 0.2% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,702,261 shares of the auto manufacturer’s stock after purchasing an additional 11,147 shares during the period. General Motors makes up approximately 0.5% of AQR Capital Management LLC’s portfolio, making the stock its 25th biggest holding. AQR Capital Management LLC owned about 0.59% of General Motors worth $310,650,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of GM. SJS Investment Consulting Inc. raised its holdings in 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 in the last quarter. Fortitude Family Office LLC raised its stake in shares of General Motors by 56.1% during the 2nd quarter. Fortitude Family Office LLC now owns 626 shares of the auto manufacturer’s stock worth $29,000 after buying an additional 225 shares in the last quarter. SeaCrest Wealth Management LLC lifted its holdings in shares of General Motors by 3.5% in the 2nd quarter. SeaCrest Wealth Management LLC now owns 6,804 shares of the auto manufacturer’s stock valued at $316,000 after buying an additional 227 shares during the period. Institute for Wealth Management LLC. boosted its stake in shares of General Motors by 0.6% in 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 buying an additional 230 shares in the last quarter. Finally, Beech Hill Advisors Inc. grew its holdings in General Motors by 1.6% during the second quarter. Beech Hill Advisors Inc. now owns 15,233 shares of the auto manufacturer’s stock worth $708,000 after acquiring an additional 233 shares during the period. 92.67% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Wolfe Research started coverage on General Motors in a report on Thursday, September 5th. They issued a “peer perform” rating for the company. Wedbush restated an “outperform” rating and set a $55.00 target price on shares of General Motors in a research report on Wednesday, July 24th. UBS Group boosted their price target on General Motors from $61.00 to $64.00 and gave the stock a “buy” rating in a research note on Wednesday, July 10th. Morgan Stanley downgraded General Motors from an “equal weight” rating to an “underweight” rating and dropped their price objective for the company from $47.00 to $42.00 in a research note on Wednesday. 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 research report on Wednesday, July 24th. Four investment analysts have rated the stock with a sell rating, six have assigned a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $54.92.

General Motors Stock Performance

NYSE GM opened at $45.72 on Thursday. The business’s 50-day moving average price is $46.22 and its 200 day moving average price is $45.42. The company has a current ratio of 1.18, a quick ratio of 0.99 and a debt-to-equity ratio of 1.23. General Motors has a twelve month low of $26.30 and a twelve month high of $50.50. The company has a market capitalization of $51.39 billion, a PE ratio of 5.59, a price-to-earnings-growth ratio of 0.56 and a beta of 1.43.

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 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 business had revenue of $47.97 billion for the quarter, compared to analyst estimates of $45.13 billion. During the same period in the prior year, the firm posted $1.91 EPS. The company’s revenue was up 7.2% on a year-over-year basis. On average, research analysts predict that General Motors will post 9.95 earnings per share for the current year.

General Motors Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 19th. Stockholders 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 1.05%. General Motors’s payout ratio is 5.87%.

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

Insider Buying and Selling

In other news, CFO Paul A. Jacobson purchased 25,000 shares of the stock in a transaction on Friday, July 26th. The stock was purchased at an average price of $44.11 per share, with a total value of $1,102,750.00. Following the completion of the transaction, the chief financial officer now owns 261,872 shares in the company, valued at $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 news, EVP Rory Harvey sold 2,302 shares of the firm’s stock in a transaction on Friday, August 23rd. The shares were 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 of the company’s stock, valued at approximately $489,942.36. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Paul A. Jacobson purchased 25,000 shares of the stock in a transaction that occurred on 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 in the company, valued at approximately $11,551,173.92. The disclosure for this purchase can be found here. Corporate insiders own 0.72% of the company’s stock.

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.