Kentucky Retirement Systems Sells 1,693 Shares of General Motors (NYSE:GM)

Kentucky Retirement Systems lowered its holdings in General Motors (NYSE:GM) (TSE:GMM.U) by 1.9% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 85,978 shares of the auto manufacturer’s stock after selling 1,693 shares during the period. Kentucky Retirement Systems’ holdings in General Motors were worth $3,995,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. LifeSteps Financial Inc. purchased a new position in shares of General Motors in the first quarter valued at $25,000. Wellington Shields Capital Management LLC bought a new position in General Motors in the 2nd quarter worth about $28,000. Fortitude Family Office LLC grew its holdings in General Motors by 56.1% during the 2nd 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 in the last quarter. Cape Investment Advisory Inc. increased its position in shares of 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 during the period. Finally, Montag A & Associates Inc. purchased a new stake in shares of General Motors in the first quarter worth about $30,000. Institutional investors own 92.67% of the company’s stock.

General Motors Trading Down 0.1 %

Shares of GM opened at $48.62 on Friday. The firm has a market cap of $55.47 billion, a price-to-earnings ratio of 5.94, a PEG ratio of 0.52 and a beta of 1.43. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.99 and a current ratio of 1.18. General Motors has a fifty-two week low of $26.30 and a fifty-two week high of $50.50. The firm has a 50 day moving average price of $46.28 and a 200-day moving average price of $45.17.

General Motors (NYSE:GM) (TSE:GMM.U) last announced its quarterly earnings data on Tuesday, July 23rd. The auto manufacturer reported $3.06 earnings per share for the quarter, topping 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 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 business posted $1.91 EPS. The business’s quarterly revenue was up 7.2% on a year-over-year basis. As a group, equities research analysts forecast that General Motors will post 9.95 earnings per share for the current year.

General Motors declared that its Board of Directors has approved a stock buyback program on Tuesday, June 11th that authorizes the company to repurchase $6.00 billion in shares. This repurchase authorization authorizes the auto manufacturer to purchase up to 10.8% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s management believes its shares are undervalued.

General Motors Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, September 19th. Investors of record on Friday, September 6th were issued a dividend of $0.12 per share. The ex-dividend date was Friday, September 6th. This represents a $0.48 dividend on an annualized basis and a yield of 0.99%. General Motors’s dividend payout ratio is currently 5.87%.

Insider Activity at General Motors

In related news, EVP Rory Harvey sold 12,795 shares of the company’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 completion of the sale, the executive vice president now directly owns 8,513 shares in the company, valued at approximately $417,307.26. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, CFO Paul A. Jacobson acquired 25,000 shares of the firm’s stock in a transaction on Friday, July 26th. The stock was acquired at an average cost of $44.11 per share, for a total transaction of $1,102,750.00. Following the acquisition, the chief financial officer now owns 261,872 shares of the company’s stock, valued at $11,551,173.92. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, 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 transaction, the executive vice president now owns 8,513 shares of the company’s stock, valued at $417,307.26. The disclosure for this sale can be found here. 0.72% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $53.00 target price on shares of General Motors in a report on Tuesday, September 10th. StockNews.com downgraded General Motors from a “buy” rating to a “hold” rating in a research report on Wednesday, July 24th. Nomura cut General Motors from a “neutral” rating to a “reduce” rating and set a $34.00 target price for the company. in a research report on Monday, August 5th. Morgan Stanley cut General Motors from an “overweight” rating to an “equal weight” rating and raised their price target for the company from $46.00 to $47.00 in a report on Wednesday, July 24th. Finally, Wedbush reissued an “outperform” rating and set a $55.00 price objective on shares of General Motors in a report on Wednesday, July 24th. Three research analysts have rated the stock with a sell rating, six have given a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $55.27.

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.