General Motors (NYSE:GM) Shares Sold by State of Michigan Retirement System

State of Michigan Retirement System decreased its stake in shares of General Motors (NYSE:GM) (TSE:GMM.U) by 10.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 489,208 shares of the auto manufacturer’s stock after selling 58,700 shares during the quarter. State of Michigan Retirement System’s holdings in General Motors were worth $22,186,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. O Shaughnessy Asset Management LLC lifted its stake in General Motors by 8.2% during the 3rd quarter. O Shaughnessy Asset Management LLC now owns 26,676 shares of the auto manufacturer’s stock valued at $880,000 after acquiring an additional 2,033 shares during the period. Lazard Asset Management LLC lifted its position in General Motors by 1,044.9% during the third quarter. Lazard Asset Management LLC now owns 1,005,396 shares of the auto manufacturer’s stock valued at $33,147,000 after purchasing an additional 917,578 shares during the period. Insigneo Advisory Services LLC boosted its holdings in General Motors by 4.0% in the third quarter. Insigneo Advisory Services LLC now owns 13,564 shares of the auto manufacturer’s stock valued at $447,000 after purchasing an additional 519 shares during the last quarter. Glenmede Trust Co. NA raised its stake in shares of General Motors by 9.3% during the 3rd quarter. Glenmede Trust Co. NA now owns 461,799 shares of the auto manufacturer’s stock valued at $15,226,000 after buying an additional 39,211 shares during the last quarter. Finally, Axxcess Wealth Management LLC lifted its holdings in shares of General Motors by 426.7% in the 3rd quarter. Axxcess Wealth Management LLC now owns 35,444 shares of the auto manufacturer’s stock valued at $1,169,000 after buying an additional 28,715 shares during the period. Hedge funds and other institutional investors own 92.67% of the company’s stock.

Wall Street Analyst Weigh In

GM has been the topic of several analyst reports. Royal Bank of Canada raised their target price on General Motors from $54.00 to $56.00 and gave the stock an “overweight” rating in a report on Tuesday, April 23rd. UBS Group increased their target price on shares of General Motors from $58.00 to $61.00 and gave the stock a “buy” rating in a research note on Thursday, June 20th. Morgan Stanley lifted their price target on General Motors from $43.00 to $46.00 and gave the company an “overweight” rating in a research note on Wednesday, April 10th. StockNews.com upgraded General Motors from a “hold” rating to a “buy” rating in a research report on Saturday, June 1st. Finally, Wells Fargo & Company increased their price objective on General Motors from $30.00 to $32.00 and gave the company an “underweight” rating in a research note on Tuesday, June 25th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $54.91.

Insider Transactions at General Motors

In other news, President Mark L. Reuss sold 150,000 shares of General Motors stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $43.44, for a total value of $6,516,000.00. Following the completion of the transaction, the president now owns 176,907 shares in the company, valued at approximately $7,684,840.08. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, President Mark L. Reuss sold 150,000 shares of the stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $43.44, for a total value of $6,516,000.00. Following the transaction, the president now owns 176,907 shares of the company’s stock, valued at $7,684,840.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, President Mark L. Reuss sold 14,858 shares of the company’s stock in a transaction that occurred on Friday, June 7th. The shares were sold at an average price of $46.01, for a total value of $683,616.58. Following the completion of the transaction, the president now directly owns 162,049 shares of the company’s stock, valued at $7,455,874.49. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,152,621 shares of company stock valued at $51,818,111. 0.72% of the stock is currently owned by corporate insiders.

General Motors Stock Performance

NYSE:GM opened at $46.94 on Wednesday. The stock has a market capitalization of $53.56 billion, a P/E ratio of 5.74, a PEG ratio of 0.49 and a beta of 1.43. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.97 and a current ratio of 1.16. General Motors has a fifty-two week low of $26.30 and a fifty-two week high of $49.35. The company has a 50 day moving average price of $45.67 and a 200 day moving average price of $41.53.

General Motors (NYSE:GM) (TSE:GMM.U) last released its quarterly earnings results on Tuesday, April 23rd. The auto manufacturer reported $2.62 EPS for the quarter, topping the consensus estimate of $2.02 by $0.60. General Motors had a return on equity of 14.40% and a net margin of 6.13%. The business had revenue of $43.01 billion during the quarter, compared to analyst estimates of $41.09 billion. During the same period last year, the business posted $2.21 earnings per share. The company’s quarterly revenue was up 7.6% on a year-over-year basis. Equities research analysts forecast that General Motors will post 9.43 EPS for the current year.

General Motors Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 20th. Shareholders of record on Friday, June 7th were paid a dividend of $0.12 per share. The ex-dividend date of this dividend was Friday, June 7th. This represents a $0.48 dividend on an annualized basis and a yield of 1.02%. General Motors’s dividend payout ratio (DPR) is presently 5.87%.

General Motors declared that its Board of Directors has initiated a share repurchase program on Tuesday, June 11th that allows the company to buyback $6.00 billion in outstanding shares. This buyback authorization allows the auto manufacturer to purchase up to 10.8% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

About General Motors

General Motors Company designs, builds, and sells trucks, crossovers, cars, and automobile parts; and provide software-enabled services and subscriptions worldwide. The company operates through GM North America, GM International, Cruise, and GM Financial segments. It markets its vehicles primarily under the Buick, Cadillac, Chevrolet, GMC, Baojun, and Wuling brand names.