General Motors (NYSE:GM) Shares Bought by Parallel Advisors LLC

Parallel Advisors LLC lifted its position in shares of General Motors (NYSE:GM) (TSE:GMM.U) by 25.7% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 14,369 shares of the auto manufacturer’s stock after buying an additional 2,934 shares during the period. Parallel Advisors LLC’s holdings in General Motors were worth $668,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in GM. LifeSteps Financial Inc. purchased a new position in shares of General Motors in the 1st quarter worth about $25,000. Wellington Shields Capital Management LLC acquired a new stake in General Motors during the 2nd quarter worth approximately $28,000. Fortitude Family Office LLC raised its holdings in General Motors by 56.1% in the second quarter. Fortitude Family Office LLC now owns 626 shares of the auto manufacturer’s stock valued at $29,000 after buying an additional 225 shares during the period. Cape Investment Advisory Inc. lifted its position in General Motors by 75.9% during the fourth quarter. Cape Investment Advisory Inc. now owns 832 shares of the auto manufacturer’s stock valued at $30,000 after buying an additional 359 shares in the last quarter. Finally, Montag A & Associates Inc. purchased a new stake in General Motors during the first quarter worth approximately $30,000. 92.67% of the stock is owned by hedge funds and other institutional investors.

General Motors Price Performance

Shares of GM opened at $46.87 on Tuesday. The company has a current ratio of 1.18, a quick ratio of 0.99 and a debt-to-equity ratio of 1.23. The stock has a market cap of $53.48 billion, a P/E ratio of 5.73, a price-to-earnings-growth ratio of 0.52 and a beta of 1.43. The stock’s 50-day moving average price is $46.20 and its two-hundred day moving average price is $45.08. 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 released its quarterly earnings data 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 business had revenue of $47.97 billion during the quarter, compared to analysts’ expectations of $45.13 billion. During the same quarter in the prior year, the company earned $1.91 EPS. The firm’s quarterly revenue was up 7.2% on a year-over-year basis. On average, equities analysts predict that General Motors will post 9.95 earnings per share for the current year.

General Motors declared that its board has approved a stock buyback program on Tuesday, June 11th that permits the company to buyback $6.00 billion in outstanding shares. This buyback authorization permits the auto manufacturer to reacquire up to 10.8% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership 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. Shareholders of record on Friday, September 6th will be paid a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 1.02%. The ex-dividend date of this dividend is Friday, September 6th. General Motors’s payout ratio is 5.87%.

Insiders Place Their Bets

In other news, EVP Rory Harvey sold 12,795 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $49.02, for a total value of $627,210.90. Following the completion of the sale, the executive vice president now directly 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 accessible through this link. In related news, EVP Rory Harvey sold 12,795 shares of the company’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $49.02, for a total transaction of $627,210.90. Following the completion of the sale, the executive vice president now directly owns 8,513 shares in the company, valued at approximately $417,307.26. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Paul A. Jacobson purchased 25,000 shares of General Motors stock in a transaction dated Friday, July 26th. The shares were purchased at an average price 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 approximately $11,551,173.92. The disclosure for this purchase can be found here. Insiders own 0.72% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently commented on GM shares. UBS Group raised their target price on General Motors from $61.00 to $64.00 and gave the company a “buy” rating in a report on Wednesday, July 10th. Nomura cut shares of General Motors from a “neutral” rating to a “reduce” rating and set a $34.00 target price on the stock. in a research report on Monday, August 5th. Nomura Securities raised shares of General Motors to a “strong sell” rating in a report on Monday, August 5th. Wedbush reiterated an “outperform” rating and issued a $55.00 price objective on shares of General Motors in a report on Wednesday, July 24th. Finally, Wells Fargo & Company lowered their target price on General Motors from $34.00 to $33.00 and set an “underweight” rating for the company in a research note on Tuesday, September 10th. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $55.27.

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.