General Motors (NYSE:GM) Shares Sold by Morningstar Investment Services LLC
Morningstar Investment Services LLC cut its holdings in General Motors (NYSE:GM) (TSE:GMM.U) by 3.0% in the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 212,209 shares of the auto manufacturer’s stock after selling 6,571 shares during the quarter. Morningstar Investment Services LLC’s holdings in General Motors were worth $8,176,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also modified their holdings of the company. Natixis grew its holdings in shares of General Motors by 2.6% during the second quarter. Natixis now owns 1,078,647 shares of the auto manufacturer’s stock valued at $41,560,000 after buying an additional 26,851 shares during the last quarter. Ossiam raised its stake in General Motors by 518.7% in the 2nd quarter. Ossiam now owns 149,030 shares of the auto manufacturer’s stock worth $5,742,000 after acquiring an additional 124,942 shares during the last quarter. Seeyond lifted its position in General Motors by 33.9% during the 2nd quarter. Seeyond now owns 30,154 shares of the auto manufacturer’s stock worth $1,162,000 after acquiring an additional 7,640 shares during the period. Callodine Capital Management LP lifted its position in General Motors by 19.5% during the 2nd quarter. Callodine Capital Management LP now owns 245,000 shares of the auto manufacturer’s stock worth $9,440,000 after acquiring an additional 40,000 shares during the period. Finally, Meadow Creek Investment Management LLC grew its stake in General Motors by 15.5% during the 2nd quarter. Meadow Creek Investment Management LLC now owns 121,142 shares of the auto manufacturer’s stock valued at $4,668,000 after purchasing an additional 16,286 shares during the last quarter. 77.36% of the stock is owned by institutional investors and hedge funds.
In other news, EVP Matthew Tsien sold 83,067 shares of the business’s stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $39.50, for a total transaction of $3,281,146.50. Following the completion of the sale, the executive vice president now owns 84,667 shares of the company’s stock, valued at $3,344,346.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, President Mark L. Reuss sold 275,944 shares of the company’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $40.03, for a total transaction of $11,046,038.32. Following the transaction, the president now owns 479,413 shares of the company’s stock, valued at approximately $19,190,902.39. The disclosure for this sale can be found here. Company insiders own 0.51% of the company’s stock.
General Motors (NYSE:GM) (TSE:GMM.U) last posted its earnings results on Thursday, August 1st. The auto manufacturer reported $1.64 EPS for the quarter, beating the Zacks’ consensus estimate of $1.43 by $0.21. General Motors had a return on equity of 21.08% and a net margin of 6.31%. The firm had revenue of $36.06 billion for the quarter, compared to analysts’ expectations of $36.03 billion. During the same period last year, the firm earned $1.81 EPS. The company’s quarterly revenue was down 1.9% on a year-over-year basis. As a group, analysts predict that General Motors will post 6.8 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 20th. Stockholders of record on Friday, September 6th will be paid a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 3.87%. The ex-dividend date of this dividend is Thursday, September 5th. General Motors’s payout ratio is 23.24%.
GM has been the topic of a number of research reports. Citigroup increased their price objective on General Motors from $67.00 to $68.00 and gave the company a “buy” rating in a report on Friday, August 2nd. Morgan Stanley set a $46.00 target price on General Motors and gave the stock a “buy” rating in a report on Monday, August 12th. Nomura set a $38.00 target price on General Motors and gave the company a “hold” rating in a research report on Wednesday, August 7th. Evercore ISI set a $50.00 price target on shares of General Motors and gave the stock a “buy” rating in a report on Wednesday, August 7th. Finally, Credit Suisse Group initiated coverage on shares of General Motors in a research report on Wednesday, June 26th. They set an “outperform” rating and a $48.00 price target for the company. One research analyst has rated the stock with a sell rating, four have given a hold rating and eleven have issued a buy rating to the company. General Motors currently has a consensus rating of “Buy” and a consensus target price of $47.62.
About General Motors
General Motors Company designs, builds, and sells cars, trucks, crossovers, and automobile parts worldwide. The company operates through GM North America, GM International, GM Cruise, and GM Financial. It markets its vehicles primarily under the Buick, Cadillac, Chevrolet, GMC, Holden, Baojun, Jiefang, and Wuling brand names.
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