New Age Alpha Advisors LLC Sells 30,300 Shares of General Motors (NYSE:GM)

New Age Alpha Advisors LLC cut its position in General Motors (NYSE:GM) (TSE:GMM.U) by 23.3% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 100,000 shares of the auto manufacturer’s stock after selling 30,300 shares during the quarter. General Motors comprises about 2.5% of New Age Alpha Advisors LLC’s holdings, making the stock its 13th largest position. New Age Alpha Advisors LLC’s holdings in General Motors were worth $4,646,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. LifeSteps Financial Inc. bought a new stake in General Motors during the 1st quarter valued at $25,000. Wellington Shields Capital Management LLC bought a new stake in shares of General Motors during the 2nd quarter valued at $28,000. Fortitude Family Office LLC lifted its holdings in General Motors by 56.1% during the 2nd quarter. Fortitude Family Office LLC now owns 626 shares of the auto manufacturer’s stock worth $29,000 after purchasing an additional 225 shares in the last quarter. Montag A & Associates Inc. bought a new position in General Motors in the 1st quarter worth about $30,000. Finally, YHB Investment Advisors Inc. purchased a new position in General Motors during the 1st quarter valued at about $32,000. Hedge funds and other institutional investors own 92.67% of the company’s stock.

Insider Buying and Selling

In other news, CFO Paul A. Jacobson purchased 25,000 shares of the company’s stock in a transaction on Friday, July 26th. The stock was acquired at an average price of $44.11 per share, with a total value of $1,102,750.00. Following the transaction, the chief financial officer now directly owns 261,872 shares of the company’s stock, valued at approximately $11,551,173.92. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other General Motors news, CFO Paul A. Jacobson bought 25,000 shares of General Motors stock in a transaction dated Friday, July 26th. The shares were purchased at an average cost of $44.11 per share, with a total value of $1,102,750.00. Following the completion of the purchase, the chief financial officer now owns 261,872 shares of the company’s stock, valued at $11,551,173.92. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Rory Harvey sold 12,795 shares of the company’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $49.02, for a total value of $627,210.90. Following the transaction, the executive vice president now owns 8,513 shares of the company’s stock, valued at approximately $417,307.26. The disclosure for this sale can be found here. 0.72% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on GM. Wedbush reissued an “outperform” rating and issued a $55.00 price target on shares of General Motors in a report on Wednesday, July 24th. Morgan Stanley cut shares of General Motors from an “overweight” rating to an “equal weight” rating and increased their target price for the stock from $46.00 to $47.00 in a research note on Wednesday, July 24th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $53.00 price target on shares of General Motors in a research report on Tuesday, September 10th. Royal Bank of Canada lowered their price objective on General Motors from $58.00 to $54.00 and set an “outperform” rating on the stock in a research report on Friday, August 9th. Finally, Bank of America restated a “buy” rating and set a $75.00 target price on shares of General Motors in a research report on Wednesday, June 12th. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, General Motors currently has a consensus rating of “Moderate Buy” and an average price target of $55.27.

General Motors Stock Performance

General Motors stock opened at $48.67 on Thursday. The firm has a fifty day simple moving average of $46.26 and a two-hundred day simple moving average of $45.15. General Motors has a twelve month low of $26.30 and a twelve month high of $50.50. The company has a market capitalization of $55.53 billion, a PE ratio of 5.95, a P/E/G ratio of 0.52 and a beta of 1.43. The company has a quick ratio of 0.99, a current ratio of 1.18 and a debt-to-equity ratio of 1.23.

General Motors (NYSE:GM) (TSE:GMM.U) last released its earnings results on Tuesday, July 23rd. The auto manufacturer reported $3.06 earnings per share for the quarter, beating analysts’ consensus estimates of $2.67 by $0.39. General Motors had a return on equity of 15.77% and a net margin of 6.22%. The company had revenue of $47.97 billion during the quarter, compared to analyst estimates of $45.13 billion. During the same quarter in the previous year, the company posted $1.91 EPS. General Motors’s revenue for the quarter was up 7.2% on a year-over-year basis. Research analysts expect that General Motors will post 9.95 EPS for the current year.

General Motors declared that its Board of Directors has initiated a stock repurchase plan on Tuesday, June 11th that authorizes the company to buyback $6.00 billion in outstanding shares. This buyback authorization authorizes the auto manufacturer to reacquire up to 10.8% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

General Motors Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 19th. Stockholders of record on Friday, September 6th will be issued a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 0.99%. The ex-dividend date of this dividend is Friday, September 6th. General Motors’s dividend payout ratio is 5.87%.

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.