Sound Shore Management Inc. CT Sells 690,589 Shares of General Motors (NYSE:GM)

Sound Shore Management Inc. CT lowered its position in shares of General Motors (NYSE:GM) (TSE:GMM.U) by 26.0% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,962,191 shares of the auto manufacturer’s stock after selling 690,589 shares during the period. General Motors comprises about 3.0% of Sound Shore Management Inc. CT’s portfolio, making the stock its 11th biggest position. Sound Shore Management Inc. CT owned about 0.17% of General Motors worth $91,163,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Public Employees Retirement Association of Colorado raised its stake in shares of General Motors by 1,213.0% during the fourth quarter. Public Employees Retirement Association of Colorado now owns 2,203,771 shares of the auto manufacturer’s stock valued at $79,159,000 after acquiring an additional 2,035,925 shares during the last quarter. US Bancorp DE lifted its holdings in General Motors by 59.3% during the 4th quarter. US Bancorp DE now owns 86,888 shares of the auto manufacturer’s stock worth $3,121,000 after buying an additional 32,331 shares during the period. GSA Capital Partners LLP grew its position in shares of General Motors by 317.6% in the 4th quarter. GSA Capital Partners LLP now owns 67,807 shares of the auto manufacturer’s stock valued at $2,436,000 after buying an additional 51,571 shares during the last quarter. ACR Alpine Capital Research LLC increased its stake in shares of General Motors by 8.4% in the first quarter. ACR Alpine Capital Research LLC now owns 6,337,547 shares of the auto manufacturer’s stock valued at $287,408,000 after buying an additional 492,693 shares during the period. Finally, BDF Gestion bought a new position in shares of General Motors during the second quarter worth about $2,886,000. Institutional investors and hedge funds own 92.67% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently commented on GM. Wells Fargo & Company reduced their target price on General Motors from $34.00 to $33.00 and set an “underweight” rating on the stock in a report on Tuesday, September 10th. Nomura Securities raised shares of General Motors to a “strong sell” rating in a research note on Monday, August 5th. Bank of America reissued a “buy” rating and set a $75.00 target price on shares of General Motors in a research note on Wednesday, June 12th. Wedbush reaffirmed an “outperform” rating and set a $55.00 price target on shares of General Motors in a research report on Wednesday, July 24th. Finally, UBS Group lifted their price objective on General Motors from $61.00 to $64.00 and gave the stock a “buy” rating in a research report on Wednesday, July 10th. Three investment analysts have rated the stock with a sell rating, six have given a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $55.27.

Insider Buying and Selling

In other news, CFO Paul A. Jacobson acquired 25,000 shares of the business’s stock in a transaction on 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 acquisition, the chief financial officer now directly owns 261,872 shares of the company’s stock, valued at $11,551,173.92. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other news, CFO Paul A. Jacobson acquired 25,000 shares of the firm’s stock in a transaction on Friday, July 26th. The stock was purchased at an average price of $44.11 per share, for a total transaction of $1,102,750.00. Following the purchase, the chief financial officer now owns 261,872 shares in the company, valued at approximately $11,551,173.92. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Rory Harvey sold 2,302 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $47.31, for a total value of $108,907.62. Following the completion of the transaction, the executive vice president now owns 10,356 shares in the company, valued at approximately $489,942.36. The disclosure for this sale can be found here. 0.72% of the stock is currently owned by corporate insiders.

General Motors Stock Up 0.5 %

General Motors stock opened at $48.88 on Friday. The firm has a market capitalization of $55.77 billion, a price-to-earnings ratio of 5.98, a price-to-earnings-growth ratio of 0.52 and a beta of 1.43. The firm’s fifty day moving average price is $46.28 and its two-hundred day moving average price is $45.23. General Motors has a 1-year low of $26.30 and a 1-year high of $50.50. The company has a current ratio of 1.18, a quick ratio of 0.99 and a debt-to-equity ratio of 1.23.

General Motors (NYSE:GM) (TSE:GMM.U) last announced its quarterly earnings results on Tuesday, July 23rd. The auto manufacturer reported $3.06 earnings per share for the quarter, beating the consensus estimate of $2.67 by $0.39. The business had revenue of $47.97 billion for the quarter, compared to analysts’ expectations of $45.13 billion. General Motors had a net margin of 6.22% and a return on equity of 15.77%. The firm’s revenue for the quarter was up 7.2% compared to the same quarter last year. During the same quarter last year, the firm earned $1.91 EPS. On average, equities research analysts predict that General Motors will post 9.95 earnings per share for the current fiscal year.

General Motors Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, September 19th. Investors of record on Friday, September 6th were given a dividend of $0.12 per share. The ex-dividend date was Friday, September 6th. This represents a $0.48 annualized dividend and a dividend yield of 0.98%. General Motors’s payout ratio is 5.87%.

General Motors announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, June 11th that allows the company to buyback $6.00 billion in shares. This buyback authorization allows 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 board of directors believes its stock is undervalued.

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.