Parametric Portfolio Associates LLC Reduces Stake in General Motors (NYSE:GM)
Parametric Portfolio Associates LLC cut its stake in General Motors (NYSE:GM) (TSE:GMM.U) by 2.9% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 5,280,441 shares of the auto manufacturer’s stock after selling 157,413 shares during the quarter. Parametric Portfolio Associates LLC owned about 0.37% of General Motors worth $203,455,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently bought and sold shares of the company. AGF Investments LLC increased its position in shares of General Motors by 28.0% during the second quarter. AGF Investments LLC now owns 1,183 shares of the auto manufacturer’s stock valued at $46,000 after acquiring an additional 259 shares during the last quarter. Econ Financial Services Corp increased its holdings in General Motors by 3.3% in the 1st quarter. Econ Financial Services Corp now owns 8,164 shares of the auto manufacturer’s stock valued at $303,000 after purchasing an additional 264 shares during the last quarter. Cedar Brook Financial Partners LLC raised its position in General Motors by 4.2% in the first quarter. Cedar Brook Financial Partners LLC now owns 6,827 shares of the auto manufacturer’s stock valued at $253,000 after purchasing an additional 276 shares during the period. Zions Bancorporation N.A. raised its position in General Motors by 11.1% in the first quarter. Zions Bancorporation N.A. now owns 2,906 shares of the auto manufacturer’s stock valued at $108,000 after purchasing an additional 290 shares during the period. Finally, Milestone Group Inc. lifted its stake in General Motors by 4.1% during the second quarter. Milestone Group Inc. now owns 7,350 shares of the auto manufacturer’s stock worth $283,000 after purchasing an additional 291 shares in the last quarter. Institutional investors and hedge funds own 77.36% of the company’s stock.
Shares of General Motors stock traded down $0.27 during trading hours on Wednesday, reaching $39.31. 5,025,274 shares of the company were exchanged, compared to its average volume of 6,028,122. The firm has a market cap of $56.51 billion, a PE ratio of 6.01, a PEG ratio of 0.65 and a beta of 1.42. The company has a debt-to-equity ratio of 1.56, a quick ratio of 0.83 and a current ratio of 0.96. General Motors has a 1 year low of $30.56 and a 1 year high of $41.90. The stock’s fifty day moving average is $38.50 and its 200 day moving average is $38.03.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 20th. Shareholders of record on Friday, September 6th will be given a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 3.87%. The ex-dividend date of this dividend is Thursday, September 5th. General Motors’s dividend payout ratio is currently 23.24%.
In related news, President Mark L. Reuss sold 275,944 shares of the firm’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $40.03, for a total value of $11,046,038.32. Following the sale, the president now owns 479,413 shares of the company’s stock, valued at $19,190,902.39. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Matthew Tsien sold 83,067 shares of the firm’s stock in a transaction that occurred on 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 directly owns 84,667 shares in the company, valued at approximately $3,344,346.50. The disclosure for this sale can be found here. Company insiders own 0.51% of the company’s stock.
GM has been the subject of several research analyst reports. Nomura set a $38.00 price target on General Motors and gave the stock a “hold” rating in a research report on Wednesday, August 7th. ValuEngine downgraded General Motors from a “hold” rating to a “sell” rating in a report on Thursday, August 15th. Evercore ISI set a $50.00 target price on General Motors and gave the stock a “buy” rating in a research note on Wednesday, August 7th. Credit Suisse Group assumed coverage on General Motors in a report on Wednesday, June 26th. They set an “outperform” rating and a $48.00 target price for the company. Finally, Morgan Stanley set a $46.00 target price on General Motors and gave the company a “buy” rating in a research report on Monday, August 12th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and eleven have given a buy rating to the company’s stock. General Motors currently has an average rating of “Buy” and an average target price of $47.62.
General Motors Company Profile
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.
See Also: Initial Public Offering (IPO)
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