Estabrook Capital Management Decreases Stock Holdings in General Motors (NYSE:GM)

Estabrook Capital Management lessened its stake in General Motors (NYSE:GM) (TSE:GMM.U) by 35.3% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,168 shares of the auto manufacturer’s stock after selling 638 shares during the period. Estabrook Capital Management’s holdings in General Motors were worth $54,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also added to or reduced their stakes in the company. LifeSteps Financial Inc. purchased a new position in shares of General Motors in the 1st quarter worth approximately $25,000. Wellington Shields Capital Management LLC acquired a new stake in General Motors in the second quarter valued at approximately $28,000. Fortitude Family Office LLC grew 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 worth $29,000 after purchasing an additional 225 shares during 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 worth $30,000 after purchasing an additional 359 shares in the last quarter. Finally, Montag A & Associates Inc. purchased a new stake in shares of General Motors during the 1st quarter valued at $30,000. 92.67% of the stock is currently owned by institutional investors.

General Motors Trading Up 0.5 %

General Motors stock opened at $48.88 on Friday. The firm has a market cap of $55.77 billion, a PE ratio of 5.98, a P/E/G 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 stock’s 50 day simple moving average is $46.28 and its two-hundred day simple moving average is $45.26. 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 announced its quarterly earnings results on Tuesday, July 23rd. The auto manufacturer reported $3.06 earnings per share (EPS) 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 for the quarter, compared to the consensus estimate of $45.13 billion. During the same period in the prior year, the firm posted $1.91 earnings per share. The firm’s quarterly revenue was up 7.2% compared to the same quarter last year. Analysts anticipate that General Motors will post 9.95 earnings per share for the current year.

General Motors Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 19th. Investors of record on Friday, September 6th were paid a $0.12 dividend. The ex-dividend date was Friday, September 6th. This represents a $0.48 annualized dividend and a dividend yield of 0.98%. General Motors’s dividend payout ratio is presently 5.87%.

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

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on GM shares. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $53.00 target price on shares of General Motors in a research report on Tuesday, September 10th. StockNews.com cut shares of General Motors from a “buy” rating to a “hold” rating in a research note on Wednesday, July 24th. Bank of America restated a “buy” rating and set a $75.00 price target on shares of General Motors in a research note on Wednesday, June 12th. Wells Fargo & Company decreased their price target on shares of General Motors from $34.00 to $33.00 and set an “underweight” rating for the company in a report on Tuesday, September 10th. Finally, Nomura Securities raised shares of General Motors to a “strong sell” rating in a report on Monday, August 5th. Three analysts have rated the stock with a sell rating, six have assigned a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $55.27.

Insider Buying and Selling

In other General Motors 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 sale, the executive vice president now directly owns 8,513 shares of the company’s stock, valued at $417,307.26. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other General Motors news, EVP Rory Harvey sold 12,795 shares of the 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 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 the SEC website. Also, CFO Paul A. Jacobson bought 25,000 shares of the company’s stock in a transaction dated Friday, July 26th. The stock was bought at an average price of $44.11 per share, for a total transaction of $1,102,750.00. Following the transaction, the chief financial officer now owns 261,872 shares of the company’s stock, valued at $11,551,173.92. The disclosure for this purchase can be found here. 0.72% of the stock is currently owned by insiders.

General Motors 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.