Canada Pension Plan Investment Board Sells 8,648 Shares of General Motors (NYSE:GM)

Canada Pension Plan Investment Board lessened its stake in General Motors (NYSE:GM) (TSE:GMM.U) by 1.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 682,986 shares of the auto manufacturer’s stock after selling 8,648 shares during the period. Canada Pension Plan Investment Board owned about 0.06% of General Motors worth $31,732,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in GM. Gryphon Financial Partners LLC acquired a new position in General Motors in the fourth quarter valued at $335,000. Quest Partners LLC acquired a new position in shares of General Motors in the 4th quarter valued at about $244,000. US Bancorp DE boosted its position in shares of General Motors by 59.3% during the 4th quarter. US Bancorp DE now owns 86,888 shares of the auto manufacturer’s stock valued at $3,121,000 after purchasing an additional 32,331 shares in the last quarter. Orion Portfolio Solutions LLC grew its stake in General Motors by 35.7% during the fourth quarter. Orion Portfolio Solutions LLC now owns 46,226 shares of the auto manufacturer’s stock worth $1,696,000 after purchasing an additional 12,168 shares during the period. Finally, ProVise Management Group LLC increased its holdings in General Motors by 80.0% in the fourth quarter. ProVise Management Group LLC now owns 12,716 shares of the auto manufacturer’s stock worth $457,000 after purchasing an additional 5,650 shares in the last quarter. Institutional investors and hedge funds own 92.67% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $53.00 price objective on shares of General Motors in a research report on Tuesday, September 10th. StockNews.com downgraded shares of General Motors from a “buy” rating to a “hold” rating in a research note on Wednesday, July 24th. Morgan Stanley lowered shares of General Motors from an “overweight” rating to an “equal weight” rating and upped their price objective for the company from $46.00 to $47.00 in a report on Wednesday, July 24th. Royal Bank of Canada decreased their target price on General Motors from $58.00 to $54.00 and set an “outperform” rating for the company in a research report on Friday, August 9th. Finally, Nomura lowered General Motors from a “neutral” rating to a “reduce” rating and set a $34.00 price target on the stock. in a report on Monday, August 5th. 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 assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $55.27.

Insiders Place Their Bets

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

General Motors Stock Up 0.5 %

General Motors stock opened at $48.88 on Monday. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.99 and a current ratio of 1.18. The stock has a market cap of $55.77 billion, a PE ratio of 5.98, a price-to-earnings-growth ratio of 0.52 and a beta of 1.43. General Motors has a fifty-two week low of $26.30 and a fifty-two week high of $50.50. The firm’s 50-day simple moving average is $46.28 and its 200 day simple moving average is $45.29.

General Motors (NYSE:GM) (TSE:GMM.U) last issued its quarterly earnings results on Tuesday, July 23rd. The auto manufacturer reported $3.06 EPS 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 the consensus estimate of $45.13 billion. During the same period last year, the business posted $1.91 earnings per share. General Motors’s revenue was up 7.2% on a year-over-year basis. Research analysts predict that General Motors will post 9.95 EPS for the current fiscal year.

General Motors Announces Dividend

The business also recently declared 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 of this dividend was Friday, September 6th. This represents a $0.48 annualized dividend and a yield of 0.98%. General Motors’s payout ratio is currently 5.87%.

General Motors announced that its Board of Directors has initiated a share buyback program on Tuesday, June 11th that allows the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization allows the auto manufacturer to buy up to 10.8% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board 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.