Dark Forest Capital Management LP Purchases New Stake in General Motors (NYSE:GM)

Dark Forest Capital Management LP acquired a new position in shares of General Motors (NYSE:GM) (TSE:GMM.U) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 17,232 shares of the auto manufacturer’s stock, valued at approximately $801,000.

A number of other institutional investors have also recently bought and sold shares of GM. DoubleLine ETF Adviser LP acquired a new position in shares of General Motors in the 2nd quarter valued at about $1,446,000. APG Asset Management N.V. grew its position in General Motors by 0.8% during the second quarter. APG Asset Management N.V. now owns 2,596,840 shares of the auto manufacturer’s stock valued at $112,572,000 after purchasing an additional 20,971 shares in the last quarter. AXA S.A. increased its stake in General Motors by 194.8% in the 2nd quarter. AXA S.A. now owns 196,850 shares of the auto manufacturer’s stock valued at $9,146,000 after buying an additional 130,069 shares during the period. Alpha DNA Investment Management LLC lifted its position in General Motors by 32.3% in the 2nd quarter. Alpha DNA Investment Management LLC now owns 14,557 shares of the auto manufacturer’s stock worth $676,000 after buying an additional 3,558 shares in the last quarter. Finally, Caxton Associates LP boosted its stake in shares of General Motors by 8.9% during the 2nd quarter. Caxton Associates LP now owns 128,714 shares of the auto manufacturer’s stock valued at $5,980,000 after buying an additional 10,470 shares during the period. 92.67% of the stock is currently owned by institutional investors and hedge funds.

General Motors Price Performance

NYSE GM opened at $45.80 on Friday. The stock has a market capitalization of $51.48 billion, a PE ratio of 5.60, a P/E/G ratio of 0.56 and a beta of 1.43. The stock has a 50-day simple moving average of $46.13 and a 200 day simple moving average 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 has a twelve month low of $26.30 and a twelve month high of $50.50.

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 (EPS) for the quarter, topping the consensus estimate of $2.67 by $0.39. The business had revenue of $47.97 billion for the quarter, compared to the consensus estimate of $45.13 billion. General Motors had a net margin of 6.22% and a return on equity of 15.77%. General Motors’s quarterly revenue was up 7.2% on a year-over-year basis. During the same quarter last year, the company posted $1.91 earnings per share. Research analysts anticipate that General Motors will post 9.95 EPS for the current year.

General Motors Announces Dividend

The business 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 was Friday, September 6th. This represents a $0.48 annualized dividend and a dividend yield of 1.05%. General Motors’s payout ratio is 5.87%.

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

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on GM. Nomura Securities raised shares of General Motors to a “strong sell” rating in a research note on Monday, August 5th. 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 downgraded General Motors from a “buy” rating to a “hold” rating in a research note on Wednesday, July 24th. Sanford C. Bernstein cut 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. Finally, Bank of America restated a “buy” rating and issued a $75.00 price objective on shares of General Motors in a report on Wednesday, June 12th. Four research analysts have rated the stock with a sell rating, six have assigned a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $54.92.

Insider Activity

In other news, CFO Paul A. Jacobson acquired 25,000 shares of General Motors stock in a transaction on Friday, July 26th. The stock was bought 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 owns 261,872 shares of the company’s stock, valued at $11,551,173.92. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. In other General Motors news, CFO Paul A. Jacobson acquired 25,000 shares of the company’s stock in a transaction dated Friday, July 26th. The stock was bought at an average price of $44.11 per share, for a total transaction 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Rory Harvey sold 2,302 shares of General Motors stock in a transaction dated 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 in the company, valued at $489,942.36. The disclosure for this sale can be found here. 0.72% of the stock is owned by company 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.