ARK Investment Management LLC cut its stake in General Motors Company (NYSE:GM) (TSE:GMM.U) by 33.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 16,827 shares of the auto manufacturer’s stock after selling 8,637 shares during the quarter. ARK Investment Management LLC’s holdings in General Motors were worth $588,000 at the end of the most recent quarter.
Other large investors also recently made changes to their positions in the company. Swiss National Bank increased its holdings in shares of General Motors by 1.2% in the 2nd quarter. Swiss National Bank now owns 4,925,857 shares of the auto manufacturer’s stock valued at $172,060,000 after acquiring an additional 56,500 shares during the period. State of Tennessee Treasury Department increased its holdings in shares of General Motors by 0.4% in the 2nd quarter. State of Tennessee Treasury Department now owns 825,599 shares of the auto manufacturer’s stock valued at $28,839,000 after acquiring an additional 3,298 shares during the period. Mosaic Family Wealth LLC increased its holdings in shares of General Motors by 9.9% in the 1st quarter. Mosaic Family Wealth LLC now owns 10,025 shares of the auto manufacturer’s stock valued at $354,000 after acquiring an additional 900 shares during the period. Intrust Bank NA increased its holdings in shares of General Motors by 0.3% in the 2nd quarter. Intrust Bank NA now owns 7,174 shares of the auto manufacturer’s stock valued at $250,000 after acquiring an additional 25 shares during the period. Finally, Commonwealth Bank of Australia increased its holdings in shares of General Motors by 12.5% in the 2nd quarter. Commonwealth Bank of Australia now owns 739,220 shares of the auto manufacturer’s stock valued at $25,819,000 after acquiring an additional 82,201 shares during the period. Institutional investors and hedge funds own 72.21% of the company’s stock.
In related news, VP Thomas S. Timko sold 17,255 shares of the firm’s stock in a transaction dated Friday, July 28th. The stock was sold at an average price of $35.79, for a total transaction of $617,556.45. Following the transaction, the vice president now owns 26,100 shares of the company’s stock, valued at $934,119. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Alan S. Batey sold 234,274 shares of the firm’s stock in a transaction dated Wednesday, September 13th. The stock was sold at an average price of $38.04, for a total value of $8,911,782.96. Following the transaction, the insider now directly owns 67,548 shares in the company, valued at approximately $2,569,525.92. The disclosure for this sale can be found here. In the last three months, insiders have sold 614,947 shares of company stock worth $22,402,528. Corporate insiders own 0.04% of the company’s stock.
A number of research analysts have recently issued reports on GM shares. Buckingham Research reiterated a “neutral” rating on shares of General Motors in a report on Friday, June 2nd. Vetr upgraded General Motors to a “strong-buy” rating in a report on Friday, June 9th. Berenberg Bank reiterated a “sell” rating and issued a $31.00 price target on shares of General Motors in a report on Tuesday, June 13th. Wolfe Research started coverage on General Motors in a report on Tuesday, June 13th. They issued a “market perform” rating and a $33.00 price target on the stock. Finally, Jefferies Group LLC reiterated a “buy” rating and issued a $36.00 price target on shares of General Motors in a report on Tuesday, June 13th. Two equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, ten have issued a buy rating and three have assigned a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $38.59.
Shares of General Motors Company (NYSE GM) traded up 0.82% during trading on Friday, hitting $39.42. The stock had a trading volume of 12,670,643 shares. General Motors Company has a 12-month low of $30.21 and a 12-month high of $39.54. The stock has a market cap of $57.44 billion, a price-to-earnings ratio of 6.85 and a beta of 1.44. The stock’s 50-day moving average is $36.19 and its 200-day moving average is $35.09.
General Motors (NYSE:GM) (TSE:GMM.U) last released its quarterly earnings results on Tuesday, July 25th. The auto manufacturer reported $1.89 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.72 by $0.17. General Motors had a return on equity of 22.45% and a net margin of 5.38%. The firm had revenue of $36.98 billion for the quarter, compared to analyst estimates of $37.67 billion. During the same quarter last year, the company posted $1.86 earnings per share. The business’s revenue was down 1.1% on a year-over-year basis. On average, equities research analysts expect that General Motors Company will post $6.13 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, September 22nd. Investors of record on Friday, September 8th were issued a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.86%. The ex-dividend date of this dividend was Thursday, September 7th. General Motors’s dividend payout ratio is currently 26.48%.
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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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