Ropes Wealth Advisors LLC lifted its stake in General Motors (NYSE:GM) (TSE:GMM.U) by 29.5% in the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 2,720 shares of the auto manufacturer’s stock after purchasing an additional 620 shares during the quarter. Ropes Wealth Advisors LLC’s holdings in General Motors were worth $105,000 at the end of the most recent reporting period.
Several other institutional investors also recently made changes to their positions in GM. Geode Capital Management LLC raised its position in shares of General Motors by 8.1% in the fourth quarter. Geode Capital Management LLC now owns 16,309,521 shares of the auto manufacturer’s stock valued at $544,715,000 after purchasing an additional 1,217,986 shares during the period. Hollencrest Capital Management increased its position in General Motors by 2.0% during the first quarter. Hollencrest Capital Management now owns 25,295 shares of the auto manufacturer’s stock worth $939,000 after acquiring an additional 496 shares during the period. Truvestments Capital LLC bought a new position in General Motors during the first quarter worth about $37,000. Mercer Global Advisors Inc. ADV bought a new position in General Motors during the first quarter worth about $836,000. Finally, Virtu Financial LLC bought a new position in General Motors during the first quarter worth about $401,000. Hedge funds and other institutional investors own 75.92% of the company’s stock.
In other news, President Mark L. Reuss sold 275,944 shares of the firm’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $40.03, for a total value of $11,046,038.32. Following the sale, the president now directly owns 479,413 shares in the company, valued at approximately $19,190,902.39. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 0.51% of the company’s stock.
General Motors (NYSE:GM) (TSE:GMM.U) last posted its quarterly earnings results on Thursday, August 1st. The auto manufacturer reported $1.64 earnings per share for the quarter, beating analysts’ consensus estimates of $1.43 by $0.21. General Motors had a net margin of 6.31% and a return on equity of 21.08%. The company had revenue of $36.06 billion for the quarter, compared to the consensus estimate of $36.03 billion. During the same period last year, the company posted $1.81 EPS. The firm’s quarterly revenue was down 1.9% compared to the same quarter last year. On average, sell-side analysts predict that General Motors will post 6.68 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 20th. Stockholders of record on Friday, September 6th will be paid a $0.38 dividend. The ex-dividend date is Thursday, September 5th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 4.06%. General Motors’s payout ratio is currently 23.24%.
A number of equities analysts recently commented on the stock. Nomura set a $38.00 price target on shares of General Motors and gave the stock a “hold” rating in a research report on Wednesday, August 7th. Citigroup raised their price target on shares of General Motors from $67.00 to $68.00 and gave the stock a “buy” rating in a research report on Friday, August 2nd. Credit Suisse Group assumed coverage on shares of General Motors in a research report on Wednesday, June 26th. They set an “outperform” rating and a $48.00 price target on the stock. Evercore ISI set a $50.00 price target on shares of General Motors and gave the stock a “buy” rating in a research report on Wednesday, August 7th. Finally, ValuEngine raised shares of General Motors from a “sell” rating to a “hold” rating in a research report on Tuesday, July 23rd. Five investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $47.46.
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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