General Motors (NYSE:GM) Shares Sold by New Century Financial Group LLC

New Century Financial Group LLC lowered its holdings in General Motors (NYSE:GM) (TSE:GMM.U) by 51.2% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,649 shares of the auto manufacturer’s stock after selling 11,151 shares during the period. New Century Financial Group LLC’s holdings in General Motors were worth $495,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. LifeSteps Financial Inc. acquired a new position in shares of General Motors in the first quarter worth about $25,000. Wellington Shields Capital Management LLC acquired a new position in shares of General Motors in the second quarter worth about $28,000. Fortitude Family Office LLC boosted its holdings in shares of General Motors by 56.1% in the second quarter. Fortitude Family Office LLC now owns 626 shares of the auto manufacturer’s stock worth $29,000 after buying an additional 225 shares during the period. Montag A & Associates Inc. acquired a new position in shares of General Motors in the first quarter worth about $30,000. Finally, YHB Investment Advisors Inc. acquired a new position in shares of General Motors in the first quarter worth about $32,000. Institutional investors and hedge funds own 92.67% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have commented on GM. Morgan Stanley cut shares of General Motors from an “equal weight” rating to an “underweight” rating and decreased their target price for the stock from $47.00 to $42.00 in a report on Wednesday, September 25th. Royal Bank of Canada decreased their target price on shares of General Motors from $58.00 to $54.00 and set an “outperform” rating for the company in a report on Friday, August 9th. Wedbush restated an “outperform” rating and set a $55.00 price target on shares of General Motors in a report on Wednesday, July 24th. Nomura Securities upgraded shares of General Motors to a “strong sell” rating in a report on Monday, August 5th. Finally, Bank of America restated a “buy” rating and set a $75.00 price target on shares of General Motors in a report on Wednesday, June 12th. Four investment analysts have rated the stock with a sell rating, six have issued a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $55.47.

General Motors Trading Up 0.1 %

NYSE:GM opened at $44.87 on Wednesday. General Motors has a 12 month low of $26.30 and a 12 month high of $50.50. The firm has a market cap of $51.19 billion, a price-to-earnings ratio of 5.49, a P/E/G ratio of 0.56 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. The company’s 50 day moving average is $45.89 and its 200-day moving average is $45.62.

General Motors (NYSE:GM) (TSE:GMM.U) last released 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 net margin of 6.22% and a return on equity of 15.77%. The company had revenue of $47.97 billion for the quarter, compared to analyst estimates of $45.13 billion. During the same quarter last year, the firm posted $1.91 earnings per share. The company’s quarterly revenue was up 7.2% compared to the same quarter last year. Equities analysts anticipate that General Motors will post 9.95 EPS for the current year.

General Motors Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 19th. Stockholders of record on Friday, September 6th were given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.07%. The ex-dividend date of this dividend was Friday, September 6th. General Motors’s dividend payout ratio is 5.87%.

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

Insider Activity

In other news, EVP Rory Harvey sold 12,795 shares of General Motors 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 $417,307.26. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, EVP Rory Harvey sold 12,795 shares of the business’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $49.02, for a total transaction of $627,210.90. Following the transaction, the executive vice president now owns 8,513 shares of the company’s stock, valued at $417,307.26. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Paul A. Jacobson bought 25,000 shares of the company’s stock in a transaction that occurred on 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 transaction, the chief financial officer now directly owns 261,872 shares of the company’s stock, valued at approximately $11,551,173.92. The disclosure for this purchase can be found here. Insiders own 0.72% of the company’s stock.

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.