State of Alaska Department of Revenue Sells 22,615 Shares of General Motors (NYSE:GM)

State of Alaska Department of Revenue lessened its stake in shares of General Motors (NYSE:GM) (TSE:GMM.U) by 14.2% in the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 136,098 shares of the auto manufacturer’s stock after selling 22,615 shares during the period. State of Alaska Department of Revenue’s holdings in General Motors were worth $6,171,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in GM. Unison Advisors LLC increased its position in shares of General Motors by 0.4% during the first quarter. Unison Advisors LLC now owns 67,196 shares of the auto manufacturer’s stock worth $3,047,000 after acquiring an additional 246 shares during the period. Janiczek Wealth Management LLC increased its position in shares of General Motors by 5.2% in the 1st quarter. Janiczek Wealth Management LLC now owns 5,063 shares of the auto manufacturer’s stock valued at $230,000 after acquiring an additional 248 shares during the period. FinTrust Capital Advisors LLC increased its holdings in shares of General Motors by 2.5% in the fourth quarter. FinTrust Capital Advisors LLC now owns 11,113 shares of the auto manufacturer’s stock valued at $399,000 after purchasing an additional 268 shares during the period. Summit Financial LLC increased its holdings in General Motors by 4.3% in the 4th quarter. Summit Financial LLC now owns 6,662 shares of the auto manufacturer’s stock worth $239,000 after buying an additional 273 shares during the period. Finally, MV Capital Management Inc. increased its stake in shares of General Motors by 35.3% in the first quarter. MV Capital Management Inc. now owns 1,101 shares of the auto manufacturer’s stock worth $50,000 after acquiring an additional 287 shares during the period. Institutional investors own 92.67% of the company’s stock.

Insiders Place Their Bets

In related news, President Mark L. Reuss sold 150,000 shares of the stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $43.44, for a total value of $6,516,000.00. Following the transaction, the president now directly owns 176,907 shares of the company’s stock, valued at approximately $7,684,840.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other General Motors news, CEO Mary T. Barra sold 326,305 shares of the firm’s stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $48.33, for a total transaction of $15,770,320.65. Following the transaction, the chief executive officer now directly owns 898,648 shares of the company’s stock, valued at approximately $43,431,657.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, President Mark L. Reuss sold 150,000 shares of the company’s stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $43.44, for a total transaction of $6,516,000.00. Following the completion of the sale, the president now directly owns 176,907 shares of the company’s stock, valued at $7,684,840.08. The disclosure for this sale can be found here. Insiders sold 1,152,621 shares of company stock valued at $51,818,111 in the last ninety days. Insiders own 0.72% of the company’s stock.

General Motors Trading Down 0.6 %

Shares of GM stock opened at $46.68 on Thursday. 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 $45.70 and a 200 day moving average price of $41.61. The stock has a market capitalization of $53.26 billion, a P/E ratio of 5.71, a price-to-earnings-growth ratio of 0.50 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 (NYSE:GM) (TSE:GMM.U) last announced its quarterly earnings data on Tuesday, April 23rd. The auto manufacturer reported $2.62 earnings per share (EPS) for the quarter, beating 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 analysts’ expectations of $41.09 billion. During the same quarter last year, the business posted $2.21 EPS. The business’s quarterly revenue was up 7.6% compared to the same quarter last year. Equities research analysts predict that General Motors will post 9.43 EPS for the current fiscal year.

General Motors announced that its board has approved a stock buyback plan on Tuesday, June 11th that authorizes the company to buyback $6.00 billion in shares. This buyback authorization authorizes the auto manufacturer to purchase up to 10.8% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its shares are undervalued.

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 $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 1.03%. The ex-dividend date of this dividend was Friday, June 7th. General Motors’s dividend payout ratio is presently 5.87%.

Analysts Set New Price Targets

Several research analysts recently weighed in on the company. Sanford C. Bernstein initiated coverage on General Motors in a research report on Thursday, April 25th. They set an “outperform” rating and a $55.00 price target for the company. Wells Fargo & Company increased their target price on shares of General Motors from $30.00 to $32.00 and gave the company an “underweight” rating in a research report on Tuesday, June 25th. Royal Bank of Canada increased their price target on General Motors from $54.00 to $56.00 and gave the company an “overweight” rating in a report on Tuesday, April 23rd. Barclays lifted their target price on shares of General Motors from $55.00 to $60.00 and gave the stock an “overweight” rating in a research note on Friday, April 26th. Finally, Deutsche Bank Aktiengesellschaft upped their price target on General Motors from $44.00 to $50.00 and gave the company a “hold” rating in a research note on Tuesday, April 23rd. One research analyst has rated the stock with a sell rating, three have issued a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $54.91.

General Motors Company Profile

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.