Sompo Asset Management Co. Ltd. Sells 3,000 Shares of General Motors (NYSE:GM)

Sompo Asset Management Co. Ltd. cut its position in shares of General Motors (NYSE:GM) (TSE:GMM.U) by 21.9% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 10,720 shares of the auto manufacturer’s stock after selling 3,000 shares during the quarter. Sompo Asset Management Co. Ltd.’s holdings in General Motors were worth $498,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the company. Capital World Investors boosted its position in General Motors by 14.6% during the first quarter. Capital World Investors now owns 48,767,573 shares of the auto manufacturer’s stock valued at $2,211,609,000 after purchasing an additional 6,201,777 shares during the last quarter. Putnam Investments LLC boosted its position in General Motors by 16.8% during the fourth quarter. Putnam Investments LLC now owns 20,237,820 shares of the auto manufacturer’s stock valued at $726,942,000 after purchasing an additional 2,905,689 shares during the last quarter. Hotchkis & Wiley Capital Management LLC boosted its position in General Motors by 21.9% during the fourth quarter. Hotchkis & Wiley Capital Management LLC now owns 18,097,486 shares of the auto manufacturer’s stock valued at $650,062,000 after purchasing an additional 3,247,050 shares during the last quarter. Bank of New York Mellon Corp boosted its position in General Motors by 1.1% during the second quarter. Bank of New York Mellon Corp now owns 12,951,561 shares of the auto manufacturer’s stock valued at $601,730,000 after purchasing an additional 135,717 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in General Motors by 9.2% during the second quarter. Dimensional Fund Advisors LP now owns 12,922,021 shares of the auto manufacturer’s stock valued at $600,291,000 after purchasing an additional 1,091,137 shares during the last quarter. 92.67% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. JPMorgan Chase & Co. raised their price objective on General Motors from $60.00 to $61.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. Bank of America reiterated a “buy” rating and set a $75.00 target price on shares of General Motors in a research note on Wednesday, June 12th. Wedbush reiterated an “outperform” rating and set a $55.00 target price on shares of General Motors in a research note on Wednesday, July 24th. Wolfe Research began coverage on General Motors in a research note on Thursday, September 5th. They set a “peer perform” rating on the stock. Finally, Nomura Securities upgraded General Motors to a “strong sell” rating in a research note on Monday, August 5th. Three research analysts have rated the stock with a sell rating, six have issued a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $55.27.

Insider Activity

In other news, CFO Paul A. Jacobson acquired 25,000 shares of the business’s stock in a transaction that occurred on Friday, July 26th. The shares were bought at an average price of $44.11 per share, with a total value of $1,102,750.00. Following the acquisition, the chief financial officer now directly owns 261,872 shares in the company, valued at approximately $11,551,173.92. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, CFO Paul A. Jacobson acquired 25,000 shares of the business’s stock in a transaction that occurred on Friday, July 26th. The shares were bought at an average price of $44.11 per share, with a total value of $1,102,750.00. Following the acquisition, the chief financial officer now directly owns 261,872 shares in the company, valued at approximately $11,551,173.92. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Rory Harvey sold 2,302 shares of the firm’s stock in a transaction 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 disclosure for this sale can be found here. Corporate insiders own 0.72% of the company’s stock.

General Motors Trading Up 0.5 %

Shares of GM opened at $48.88 on Friday. General Motors has a 52-week low of $26.30 and a 52-week high of $50.50. The business’s fifty day moving average is $46.28 and its 200-day moving average is $45.26. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.99 and a current ratio of 1.18. The firm has a market cap of $55.77 billion, a price-to-earnings ratio of 5.98, a PEG ratio of 0.52 and a beta of 1.43.

General Motors (NYSE:GM) (TSE:GMM.U) last issued its quarterly earnings results on Tuesday, July 23rd. The auto manufacturer reported $3.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.67 by $0.39. General Motors had a return on equity of 15.77% and a net margin of 6.22%. 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 company posted $1.91 EPS. The company’s revenue for the quarter 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 fiscal year.

General Motors Announces Dividend

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

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

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.