Beacon Investment Advisory Services Inc. Buys New Stake in General Motors Company (GM)
Beacon Investment Advisory Services Inc. bought a new position in shares of General Motors Company (NYSE:GM) (TSE:GMM.U) during the second quarter, Holdings Channel reports. The firm bought 7,263 shares of the auto manufacturer’s stock, valued at approximately $254,000.
Other hedge funds have also added to or reduced their stakes in the company. Deprince Race & Zollo Inc. raised its stake in General Motors by 0.8% in the second quarter. Deprince Race & Zollo Inc. now owns 727,430 shares of the auto manufacturer’s stock worth $25,409,000 after buying an additional 5,664 shares during the last quarter. Ballentine Partners LLC acquired a new stake in General Motors during the second quarter worth about $256,000. Highstreet Asset Management Inc. acquired a new stake in General Motors during the second quarter worth about $366,000. Allegis Investment Advisors LLC acquired a new stake in General Motors during the second quarter worth about $245,000. Finally, Comerica Bank raised its stake in General Motors by 0.6% in the second quarter. Comerica Bank now owns 398,589 shares of the auto manufacturer’s stock worth $14,277,000 after buying an additional 2,280 shares during the last quarter. Institutional investors own 75.56% of the company’s stock.
General Motors Company (GM) traded down 0.87% during trading on Thursday, reaching $35.44. 537,390 shares of the company’s stock traded hands. General Motors Company has a 12 month low of $30.13 and a 12 month high of $38.55. The firm has a 50 day moving average price of $35.48 and a 200-day moving average price of $35.09. The firm has a market cap of $51.64 billion, a PE ratio of 6.16 and a beta of 1.45. General Motors also was the recipient of some unusual options trading activity on Wednesday. Investors purchased 13,561 call options on the stock. This represents an increase of 162% compared to the average daily volume of 5,175 call options.
General Motors (NYSE:GM) (TSE:GMM.U) last announced its quarterly earnings results on Tuesday, July 25th. The auto manufacturer reported $1.89 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.72 by $0.17. General Motors had a net margin of 5.38% and a return on equity of 22.45%. The firm had revenue of $36.98 billion during the quarter, compared to analysts’ expectations of $37.67 billion. During the same period in the prior year, the company posted $1.86 EPS. The company’s revenue was down 1.1% on a year-over-year basis. On average, analysts forecast that General Motors Company will post $6.13 earnings per share for the current fiscal year.
The firm 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 annualized dividend and a yield of 4.25%. The ex-dividend date is Thursday, September 7th. General Motors’s dividend payout ratio (DPR) is currently 26.48%.
A number of analysts have recently issued reports on the company. BidaskClub upgraded General Motors from a “hold” rating to a “buy” rating in a report on Thursday. Berenberg Bank set a $31.00 target price on General Motors and gave the company a “sell” rating in a report on Monday. Zacks Investment Research upgraded General Motors from a “sell” rating to a “hold” rating in a report on Friday, August 4th. Vetr lowered General Motors from a “buy” rating to a “hold” rating and set a $37.42 target price for the company. in a report on Monday, July 31st. Finally, ValuEngine upgraded General Motors from a “buy” rating to a “strong-buy” rating in a report on Friday, July 28th. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating, ten have given a buy rating and three have issued a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $39.26.
In other General Motors news, insider Karl-Thomas Neumann sold 46,472 shares of the company’s stock in a transaction that occurred on Monday, May 22nd. The shares were sold at an average price of $32.84, for a total value of $1,526,140.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Jane L. Mendillo purchased 1,520 shares of the firm’s stock in a transaction on Friday, May 26th. The stock was acquired at an average price of $32.92 per share, with a total value of $50,038.40. Following the completion of the transaction, the director now owns 3,120 shares in the company, valued at approximately $102,710.40. The disclosure for this purchase can be found here. Over the last 90 days, insiders sold 369,001 shares of company stock valued at $12,827,204. Corporate insiders own 0.04% of the company’s stock.
About General Motors
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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