Meitav Investment House Ltd. Trims Stock Holdings in General Motors (NYSE:GM)

Meitav Investment House Ltd. lowered its position in General Motors (NYSE:GM) (TSE:GMM.U) by 11.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 7,185 shares of the auto manufacturer’s stock after selling 885 shares during the quarter. Meitav Investment House Ltd.’s holdings in General Motors were worth $334,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Public Employees Retirement Association of Colorado increased its holdings in shares of General Motors by 1,213.0% in the fourth quarter. Public Employees Retirement Association of Colorado now owns 2,203,771 shares of the auto manufacturer’s stock valued at $79,159,000 after purchasing an additional 2,035,925 shares during the period. US Bancorp DE grew its holdings in General Motors by 59.3% during the fourth quarter. US Bancorp DE now owns 86,888 shares of the auto manufacturer’s stock worth $3,121,000 after acquiring an additional 32,331 shares during the period. GSA Capital Partners LLP grew its holdings in General Motors by 317.6% during the fourth quarter. GSA Capital Partners LLP now owns 67,807 shares of the auto manufacturer’s stock worth $2,436,000 after acquiring an additional 51,571 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in General Motors by 5.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 10,327,552 shares of the auto manufacturer’s stock worth $370,966,000 after acquiring an additional 558,765 shares during the period. Finally, ACR Alpine Capital Research LLC grew its holdings in General Motors by 8.4% during the first quarter. ACR Alpine Capital Research LLC now owns 6,337,547 shares of the auto manufacturer’s stock worth $287,408,000 after acquiring an additional 492,693 shares during the period. Hedge funds and other institutional investors own 92.67% of the company’s stock.

General Motors Stock Performance

General Motors stock traded up $0.65 during trading hours on Thursday, hitting $49.70. The stock had a trading volume of 4,773,713 shares, compared to its average volume of 15,474,141. The company has a 50-day moving average of $45.97 and a two-hundred day moving average of $44.27. The company has a quick ratio of 0.99, a current ratio of 1.18 and a debt-to-equity ratio of 1.23. The company has a market cap of $56.71 billion, a PE ratio of 6.00, a price-to-earnings-growth ratio of 0.44 and a beta of 1.43. General Motors has a fifty-two week low of $26.30 and a fifty-two week high of $50.50.

General Motors (NYSE:GM) (TSE:GMM.U) last released its quarterly earnings results on Tuesday, July 23rd. The auto manufacturer reported $3.06 EPS for the quarter, topping analysts’ consensus estimates of $2.67 by $0.39. The business had revenue of $47.97 billion for the quarter, compared to analyst estimates of $45.13 billion. General Motors had a return on equity of 15.77% and a net margin of 6.22%. General Motors’s revenue for the quarter was up 7.2% on a year-over-year basis. During the same period in the prior year, the company earned $1.91 EPS. On average, equities research analysts anticipate that General Motors will post 9.94 EPS for the current fiscal year.

General Motors declared that its board has authorized a share repurchase plan on Tuesday, June 11th that permits the company to buyback $6.00 billion in outstanding shares. This buyback authorization permits the auto manufacturer to purchase up to 10.8% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

General Motors Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 19th. Investors of record on Friday, September 6th will be paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 0.97%. The ex-dividend date of this dividend is Friday, September 6th. General Motors’s payout ratio is presently 5.87%.

Insider Buying and Selling at General Motors

In other news, EVP Rory Harvey sold 12,795 shares of the business’s stock in a transaction dated 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 in the company, valued at approximately $417,307.26. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other General Motors news, President Mark L. Reuss sold 35,142 shares of the company’s stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $46.34, for a total value of $1,628,480.28. Following the completion of the transaction, the president now directly owns 126,907 shares in the company, valued at approximately $5,880,870.38. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Rory Harvey sold 12,795 shares of the 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 sale, 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. Insiders have sold 391,402 shares of company stock valued at $18,818,536 in the last 90 days. 0.72% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of analysts have commented on GM shares. Nomura downgraded General Motors from a “neutral” rating to a “reduce” rating and set a $34.00 target price on the stock. in a research report on Monday, August 5th. UBS Group raised their target price on General Motors from $61.00 to $64.00 and gave the company a “buy” rating in a research note on Wednesday, July 10th. Wedbush reiterated an “outperform” rating and issued a $55.00 price target on shares of General Motors in a research note on Wednesday, July 24th. Royal Bank of Canada lowered their price objective on General Motors from $58.00 to $54.00 and set an “outperform” rating for the company in a research note on Friday, August 9th. Finally, Morgan Stanley lowered shares of General Motors from an “overweight” rating to an “equal weight” rating and raised their price objective for the stock from $46.00 to $47.00 in a report on Wednesday, July 24th. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $55.17.

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.