Ieq Capital LLC Sells 57,302 Shares of General Motors (NYSE:GM)
Ieq Capital LLC lowered its stake in shares of General Motors (NYSE:GM) (TSE:GMM.U) by 74.2% during the first quarter, Holdings Channel.com reports. The firm owned 19,938 shares of the auto manufacturer’s stock after selling 57,302 shares during the quarter. Ieq Capital LLC’s holdings in General Motors were worth $414,000 as of its most recent SEC filing.
Other hedge funds also recently modified their holdings of the company. New York State Teachers Retirement System raised its position in General Motors by 1.6% during the fourth quarter. New York State Teachers Retirement System now owns 2,150,278 shares of the auto manufacturer’s stock valued at $78,700,000 after acquiring an additional 33,781 shares in the last quarter. IBM Retirement Fund raised its position in General Motors by 51.4% in the first quarter. IBM Retirement Fund now owns 32,418 shares of the auto manufacturer’s stock valued at $674,000 after purchasing an additional 10,999 shares during the period. Bluefin Trading LLC purchased a new stake in General Motors in the fourth quarter valued at $1,772,000. State of Michigan Retirement System raised its holdings in shares of General Motors by 0.7% in the 4th quarter. State of Michigan Retirement System now owns 304,120 shares of the auto manufacturer’s stock valued at $11,131,000 after buying an additional 2,100 shares during the period. Finally, Sugarloaf Wealth Management LLC purchased a new stake in shares of General Motors in the 4th quarter valued at $44,000. 77.47% of the stock is currently owned by institutional investors.
NYSE:GM traded up $0.32 during midday trading on Friday, hitting $22.63. 14,214,405 shares of the stock were exchanged, compared to its average volume of 15,987,486. The business has a 50-day moving average price of $21.79 and a two-hundred day moving average price of $30.87. The company has a current ratio of 1.07, a quick ratio of 0.95 and a debt-to-equity ratio of 1.84. General Motors has a one year low of $14.32 and a one year high of $41.90. The company has a market capitalization of $31.93 billion, a price-to-earnings ratio of 6.92, a P/E/G ratio of 1.40 and a beta of 1.38.
In related news, EVP Matthew Tsien purchased 22,400 shares of the stock in a transaction dated Wednesday, March 25th. The shares were acquired at an average cost of $22.97 per share, for a total transaction of $514,528.00. Following the acquisition, the executive vice president now directly owns 62,234 shares in the company, valued at approximately $1,429,514.98. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.51% of the stock is owned by insiders.
GM has been the topic of several recent research reports. Nomura Instinet cut their price target on General Motors from $36.00 to $23.00 and set a “neutral” rating on the stock in a report on Monday, May 11th. UBS Group reaffirmed a “buy” rating and set a $27.00 price objective on shares of General Motors in a research report on Tuesday, March 24th. Royal Bank of Canada reissued a “buy” rating and issued a $33.00 target price on shares of General Motors in a research report on Thursday, May 7th. Credit Suisse Group reissued a “buy” rating and issued a $33.00 target price on shares of General Motors in a research report on Friday. Finally, TheStreet cut General Motors from a “b-” rating to a “c” rating in a research report on Wednesday, February 5th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and ten have given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $33.47.
General Motors 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.
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