Cornerstone Financial Partners LLC Has $1.68 Million Position in General Motors Company (NYSE:GM)
Cornerstone Financial Partners LLC lowered its stake in shares of General Motors Company (NYSE:GM) (TSE:GMM.U) by 11.2% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 48,054 shares of the auto manufacturer’s stock after selling 6,041 shares during the period. Cornerstone Financial Partners LLC’s holdings in General Motors were worth $1,675,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also bought and sold shares of GM. Vanguard Group Inc. raised its position in General Motors by 3.2% in the first quarter. Vanguard Group Inc. now owns 89,853,324 shares of the auto manufacturer’s stock worth $3,177,214,000 after buying an additional 2,744,821 shares during the period. State Street Corp raised its position in General Motors by 3.9% in the first quarter. State Street Corp now owns 60,423,820 shares of the auto manufacturer’s stock worth $2,136,563,000 after buying an additional 2,252,866 shares during the period. Dimensional Fund Advisors LP raised its position in General Motors by 2.0% in the first quarter. Dimensional Fund Advisors LP now owns 14,508,664 shares of the auto manufacturer’s stock worth $513,021,000 after buying an additional 284,693 shares during the period. Geode Capital Management LLC raised its position in General Motors by 9.9% in the first quarter. Geode Capital Management LLC now owns 14,071,387 shares of the auto manufacturer’s stock worth $496,891,000 after buying an additional 1,266,564 shares during the period. Finally, Legal & General Group Plc raised its position in General Motors by 3.3% in the first quarter. Legal & General Group Plc now owns 7,618,441 shares of the auto manufacturer’s stock worth $269,387,000 after buying an additional 246,770 shares during the period. 76.02% of the stock is owned by hedge funds and other institutional investors.
General Motors (NYSE:GM) (TSE:GMM.U) last posted its quarterly earnings results on Tuesday, July 25th. The auto manufacturer reported $1.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.72 by $0.17. The company had revenue of $36.98 billion for the quarter, compared to analyst estimates of $37.67 billion. General Motors had a return on equity of 22.45% and a net margin of 5.38%. General Motors’s revenue for the quarter was down 1.1% compared to the same quarter last year. During the same quarter last year, the company earned $1.86 EPS.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 22nd. Shareholders of record on Friday, September 8th will be given a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 4.31%. The ex-dividend date of this dividend is Thursday, September 7th. General Motors’s dividend payout ratio is currently 26.48%.
GM has been the subject of a number of recent research reports. BidaskClub lowered shares of General Motors from a “buy” rating to a “hold” rating in a report on Saturday, June 24th. BMO Capital Markets reaffirmed a “market perform” rating on shares of General Motors in a research note on Wednesday, May 3rd. Vetr raised shares of General Motors from a “hold” rating to a “buy” rating and set a $37.42 price objective for the company in a research note on Monday, July 24th. Royal Bank Of Canada reaffirmed a “hold” rating and set a $37.00 price objective on shares of General Motors in a research note on Friday, July 14th. Finally, Buckingham Research reaffirmed a “neutral” rating on shares of General Motors in a research note on Friday, June 2nd. Two equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating, ten have assigned a buy rating and three have assigned a strong buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $39.38.
In other General Motors news, Director Patricia F. Russo bought 10,000 shares of the business’s stock in a transaction dated Tuesday, August 1st. The shares were acquired at an average price of $34.73 per share, with a total value of $347,300.00. Following the transaction, the director now owns 12,300 shares of the company’s stock, valued at $427,179. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Thomas S. Timko sold 17,255 shares of the firm’s stock in a transaction dated Friday, July 28th. The stock was sold at an average price of $35.79, for a total value of $617,556.45. Following the sale, the vice president now directly owns 26,100 shares in the company, valued at approximately $934,119. The disclosure for this sale can be found here. Insiders sold a total of 369,001 shares of company stock worth $12,827,204 in the last ninety days. 0.04% of the stock is owned by corporate insiders.
General Motors Company Profile
General Motors Company designs, builds and sells cars, trucks, crossovers and automobile parts. The Company’s segments include GM North America (GMNA), GM Europe (GME), GM International Operations (GMIO), GM South America (GMSA) and General Motors Financial Company, Inc (GM Financial). The Company provides automotive financing services through General Motors Financial Company, Inc The Company develops, manufactures and/or markets vehicles in North America under the brands, including Buick, Cadillac, Chevrolet and GMC.
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