State of Tennessee Treasury Department lessened its stake in General Motors (NYSE:GM) (TSE:GMM.U) by 0.2% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 951,809 shares of the auto manufacturer’s stock after selling 2,163 shares during the period. State of Tennessee Treasury Department owned 0.07% of General Motors worth $35,312,000 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. Liberty Wealth Management LLC bought a new position in shares of General Motors during the 4th quarter valued at about $30,000. Massey Quick Simon & CO. LLC purchased a new stake in General Motors during the first quarter valued at about $35,000. Truvestments Capital LLC purchased a new stake in General Motors during the first quarter valued at about $37,000. Bremer Bank National Association purchased a new stake in General Motors during the first quarter valued at about $37,000. Finally, Proficio Capital Partners LLC lifted its stake in General Motors by 57.6% during the fourth quarter. Proficio Capital Partners LLC now owns 1,325 shares of the auto manufacturer’s stock valued at $44,000 after buying an additional 484 shares in the last quarter. Hedge funds and other institutional investors own 76.88% of the company’s stock.
A number of research firms have commented on GM. ValuEngine lowered shares of General Motors from a “hold” rating to a “sell” rating in a research note on Saturday, June 1st. Nomura set a $42.00 price objective on shares of General Motors and gave the company a “hold” rating in a research note on Thursday, May 2nd. Goldman Sachs Group reaffirmed a “neutral” rating and set a $36.00 price objective on shares of General Motors in a research note on Tuesday, March 26th. Zacks Investment Research lowered shares of General Motors from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, April 10th. Finally, Credit Suisse Group started coverage on shares of General Motors in a research note on Wednesday. They set an “outperform” rating and a $48.00 price objective for the company. Six analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $47.47.
General Motors (NYSE:GM) (TSE:GMM.U) last issued its quarterly earnings data on Tuesday, April 30th. The auto manufacturer reported $1.41 earnings per share for the quarter, beating the consensus estimate of $1.09 by $0.32. The firm had revenue of $34.88 billion for the quarter, compared to analyst estimates of $35.56 billion. General Motors had a net margin of 6.26% and a return on equity of 22.67%. The company’s revenue for the quarter was down 3.4% on a year-over-year basis. During the same quarter last year, the firm earned $1.43 earnings per share. On average, equities analysts forecast that General Motors will post 6.64 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, June 21st. Shareholders of record on Friday, June 7th were issued a dividend of $0.38 per share. The ex-dividend date was Thursday, June 6th. This represents a $1.52 annualized dividend and a yield of 3.94%. General Motors’s dividend payout ratio (DPR) is presently 23.24%.
In related news, Director Wesley G. Bush purchased 10,000 shares of the stock in a transaction on Tuesday, May 7th. The shares were bought at an average price of $38.58 per share, for a total transaction of $385,800.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Dhivya Suryadevara sold 34,756 shares of the firm’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $37.40, for a total transaction of $1,299,874.40. Following the completion of the sale, the chief financial officer now owns 10,741 shares in the company, valued at approximately $401,713.40. The disclosure for this sale can be found here. Company insiders own 0.51% of the company’s stock.
General Motors Profile
General Motors Company designs, builds, and sells cars, trucks, crossovers, and automobile parts worldwide. The company operates through GM North America, GM International, GM Cruise, and GM Financial. It markets its vehicles primarily under the Buick, Cadillac, Chevrolet, GMC, Holden, Baojun, Jiefang, and Wuling brand names.
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