Elo Mutual Pension Insurance Co Has $4.62 Million Holdings in General Motors (NYSE:GM)

Elo Mutual Pension Insurance Co lessened its holdings in General Motors (NYSE:GM) (TSE:GMM.U) by 2.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 99,363 shares of the auto manufacturer’s stock after selling 2,015 shares during the period. Elo Mutual Pension Insurance Co’s holdings in General Motors were worth $4,616,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in GM. Gryphon Financial Partners LLC acquired a new stake in shares of General Motors in the 4th quarter worth about $335,000. Quadrant Capital Group LLC raised its holdings in shares of General Motors by 13.1% in the 4th quarter. Quadrant Capital Group LLC now owns 4,610 shares of the auto manufacturer’s stock worth $166,000 after acquiring an additional 535 shares during the last quarter. Gladstone Institutional Advisory LLC bought a new stake in General Motors in the 4th quarter worth about $218,000. Sachetta LLC bought a new stake in General Motors in the 4th quarter worth about $33,000. Finally, Quest Partners LLC bought a new stake in General Motors in the 4th quarter worth about $244,000. Institutional investors and hedge funds own 92.67% of the company’s stock.

General Motors Stock Up 2.4 %

GM opened at $48.67 on Thursday. The company has a 50 day moving average of $46.26 and a 200 day moving average of $45.15. The company has a market cap of $55.53 billion, a PE ratio of 5.95, a price-to-earnings-growth ratio of 0.52 and a beta of 1.43. General Motors has a 12 month low of $26.30 and a 12 month 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 released its quarterly earnings data on Tuesday, July 23rd. The auto manufacturer reported $3.06 EPS for the quarter, topping the consensus estimate of $2.67 by $0.39. The company had revenue of $47.97 billion during the quarter, compared to the consensus estimate of $45.13 billion. General Motors had a net margin of 6.22% and a return on equity of 15.77%. General Motors’s revenue for the quarter was up 7.2% on a year-over-year basis. During the same period last year, the firm earned $1.91 EPS. On average, sell-side analysts expect that General Motors will post 9.95 EPS for the current year.

General Motors Announces Dividend

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 0.99%. The ex-dividend date of this dividend is Friday, September 6th. General Motors’s dividend payout ratio is presently 5.87%.

General Motors announced that its board has authorized a stock buyback plan on Tuesday, June 11th that authorizes the company to buyback $6.00 billion in outstanding shares. This buyback authorization authorizes the auto manufacturer to buy up to 10.8% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its stock is undervalued.

Analysts Set New Price Targets

A number of brokerages have issued reports on GM. Wells Fargo & Company reduced their price objective on shares of General Motors from $34.00 to $33.00 and set an “underweight” rating for the company in a research report on Tuesday, September 10th. Wolfe Research began coverage on shares of General Motors in a research report on Thursday, September 5th. They issued a “peer perform” rating for the company. Bank of America reaffirmed a “buy” rating and issued a $75.00 price objective on shares of General Motors in a research report on Wednesday, June 12th. Royal Bank of Canada reduced their price objective on shares of 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, Wedbush reaffirmed an “outperform” rating and issued a $55.00 price objective on shares of General Motors in a research report on Wednesday, July 24th. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $55.27.

Insiders Place Their Bets

In other General Motors news, EVP Rory Harvey sold 2,302 shares of the stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $47.31, for a total value of $108,907.62. Following the sale, the executive vice president now directly owns 10,356 shares in the company, valued at approximately $489,942.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other General Motors news, EVP Rory Harvey sold 2,302 shares of the stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $47.31, for a total value of $108,907.62. Following the sale, the executive vice president now directly owns 10,356 shares in the company, valued at approximately $489,942.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Paul A. Jacobson bought 25,000 shares of the 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 completion of the purchase, the chief financial officer now directly owns 261,872 shares in the company, valued at $11,551,173.92. The disclosure for this purchase can be found here. Corporate insiders own 0.72% of the company’s stock.

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.