Shapiro Capital Management LLC Sells 1,001,617 Shares of General Motors (NYSE:GM)

Shapiro Capital Management LLC trimmed its position in General Motors (NYSE:GM) (TSE:GMM.U) by 99.1% in the second quarter, according to its most recent filing with the SEC. The fund owned 9,537 shares of the auto manufacturer’s stock after selling 1,001,617 shares during the period. Shapiro Capital Management LLC’s holdings in General Motors were worth $443,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of GM. Public Employees Retirement Association of Colorado grew its holdings 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 worth $79,159,000 after purchasing an additional 2,035,925 shares during the last quarter. US Bancorp DE raised its stake in shares of General Motors by 59.3% during the fourth quarter. US Bancorp DE now owns 86,888 shares of the auto manufacturer’s stock valued at $3,121,000 after acquiring an additional 32,331 shares during the last quarter. GSA Capital Partners LLP raised its stake in shares of General Motors by 317.6% during the fourth quarter. GSA Capital Partners LLP now owns 67,807 shares of the auto manufacturer’s stock valued at $2,436,000 after acquiring an additional 51,571 shares during the last quarter. ACR Alpine Capital Research LLC grew 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 worth $287,408,000 after purchasing an additional 492,693 shares during the last quarter. Finally, BDF Gestion acquired a new stake in General Motors in the second quarter valued at $2,886,000. Institutional investors and hedge funds own 92.67% of the company’s stock.

General Motors Stock Down 1.7 %

Shares of NYSE GM opened at $48.05 on Tuesday. The company has a debt-to-equity ratio of 1.23, a current ratio of 1.18 and a quick ratio of 0.99. The company has a 50-day moving average price of $46.25 and a 200-day moving average price of $45.36. The stock has a market capitalization of $54.82 billion, a P/E ratio of 5.87, a P/E/G ratio of 0.52 and a beta of 1.43. General Motors has a 1 year low of $26.30 and a 1 year high of $50.50.

General Motors (NYSE:GM) (TSE:GMM.U) last issued its quarterly earnings data on Tuesday, July 23rd. The auto manufacturer reported $3.06 EPS for the quarter, topping 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 firm had revenue of $47.97 billion during the quarter, compared to analyst estimates of $45.13 billion. During the same period in the previous year, the company posted $1.91 EPS. The company’s revenue for the quarter was up 7.2% on a year-over-year basis. On average, equities research analysts forecast that General Motors will post 9.95 EPS for the current fiscal year.

General Motors declared that its board has authorized a share 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 repurchase up to 10.8% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

General Motors Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 19th. Shareholders of record on Friday, September 6th were issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 1.00%. The ex-dividend date was Friday, September 6th. General Motors’s dividend payout ratio is 5.87%.

Insider Transactions at General Motors

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

Analyst Ratings Changes

GM has been the subject of several recent research reports. UBS Group increased their price target on General Motors from $61.00 to $64.00 and gave the company a “buy” rating in a research note on Wednesday, July 10th. JPMorgan Chase & Co. raised their price target on shares of General Motors from $60.00 to $61.00 and gave the stock an “overweight” rating in a report on Wednesday, July 24th. Wedbush reaffirmed an “outperform” rating and issued a $55.00 price objective on shares of General Motors in a research note on Wednesday, July 24th. Morgan Stanley downgraded shares of General Motors from an “overweight” rating to an “equal weight” rating and lifted their target price for the stock from $46.00 to $47.00 in a research note on Wednesday, July 24th. Finally, StockNews.com cut shares of General Motors from a “buy” rating to a “hold” rating in a research report on Wednesday, July 24th. Three research analysts have rated the stock with a sell rating, seven have given a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, General Motors currently has a consensus rating of “Hold” and an average price target of $55.17.

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.