Wedge Capital Management L L P NC decreased its stake in General Motors Company (NYSE:GM) (TSE:GMM.U) by 35.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 986,614 shares of the auto manufacturer’s stock after selling 548,829 shares during the period. Wedge Capital Management L L P NC owned 0.07% of General Motors worth $34,462,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Clearbridge Investments LLC raised its position in General Motors by 26,374.8% in the first quarter. Clearbridge Investments LLC now owns 3,970,423 shares of the auto manufacturer’s stock valued at $140,394,000 after buying an additional 3,955,426 shares in the last quarter. Prudential Financial Inc. raised its position in General Motors by 129.2% in the first quarter. Prudential Financial Inc. now owns 6,068,335 shares of the auto manufacturer’s stock valued at $214,576,000 after buying an additional 3,420,200 shares in the last quarter. 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 valued at $3,177,214,000 after buying an additional 2,744,821 shares in the last quarter. Alliancebernstein L.P. raised its position in General Motors by 87.0% in the first quarter. Alliancebernstein L.P. now owns 5,174,420 shares of the auto manufacturer’s stock valued at $182,967,000 after buying an additional 2,407,818 shares in the last quarter. Finally, 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 valued at $2,136,563,000 after buying an additional 2,252,866 shares in the last quarter. Institutional investors and hedge funds own 76.02% of the company’s stock.
Shares of General Motors Company (NYSE GM) opened at 34.93 on Friday. General Motors Company has a 52-week low of $30.13 and a 52-week high of $38.55. The firm has a market cap of $50.90 billion, a PE ratio of 6.07 and a beta of 1.45. The stock’s 50 day moving average price is $35.37 and its 200-day moving average price is $35.14.
General Motors (NYSE:GM) (TSE:GMM.U) last issued its 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 business had revenue of $36.98 billion for the quarter, compared to analyst estimates of $37.67 billion. General Motors had a net margin of 5.38% and a return on equity of 22.45%. The company’s revenue for the quarter was down 1.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.86 EPS. On average, equities research analysts anticipate that General Motors Company will post $6.14 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 22nd. Stockholders of record on Friday, September 8th will be paid a $0.38 dividend. The ex-dividend date of this dividend is Thursday, September 7th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 4.35%. General Motors’s dividend payout ratio (DPR) is presently 26.48%.
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Several analysts have recently issued reports on the company. Nomura reiterated a “buy” rating and issued a $47.00 price objective on shares of General Motors in a research note on Tuesday, May 2nd. BidaskClub upgraded General Motors from a “hold” rating to a “buy” rating in a research note on Wednesday, June 14th. BMO Capital Markets reiterated a “market perform” rating on shares of General Motors in a research note on Wednesday, May 3rd. CLSA assumed coverage on General Motors in a research note on Wednesday, June 21st. They issued a “hold” rating and a $37.00 price objective on the stock. Finally, Morgan Stanley assumed coverage on General Motors in a research note on Wednesday, June 28th. They issued an “overweight” rating and a $40.00 price objective on the stock. Two investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, nine have given a buy rating and three have assigned a strong buy rating to the company. The stock has an average rating of “Hold” and an average target price of $39.26.
In other news, VP Thomas S. Timko sold 17,255 shares of the company’s stock in a transaction dated Friday, July 28th. The shares were sold at an average price of $35.79, for a total value of $617,556.45. Following the sale, the vice president now owns 26,100 shares in the company, valued at approximately $934,119. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Karl-Thomas Neumann sold 46,472 shares of the company’s stock in a transaction dated Monday, May 22nd. The shares were sold at an average price of $32.84, for a total transaction of $1,526,140.48. The disclosure for this sale can be found here. In the last 90 days, insiders sold 369,001 shares of company stock worth $12,827,204. Company insiders own 0.04% of the company’s stock.
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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