Prospera Financial Services Inc lowered its stake in General Motors (NYSE:GM) (TSE:GMM.U) by 27.9% in the second quarter, Holdings Channel.com reports. The institutional investor owned 7,637 shares of the auto manufacturer’s stock after selling 2,959 shares during the quarter. Prospera Financial Services Inc’s holdings in General Motors were worth $255,000 as of its most recent SEC filing.
Several other large investors also recently made changes to their positions in GM. BlackRock Inc. lifted its position in shares of General Motors by 6.7% in the first quarter. BlackRock Inc. now owns 83,427,385 shares of the auto manufacturer’s stock worth $3,095,158,000 after buying an additional 5,215,771 shares during the last quarter. FMR LLC increased its stake in General Motors by 83.3% during the first quarter. FMR LLC now owns 8,016,745 shares of the auto manufacturer’s stock valued at $297,421,000 after acquiring an additional 3,643,659 shares during the period. Korea Investment CORP increased its stake in General Motors by 321.1% during the second quarter. Korea Investment CORP now owns 4,302,991 shares of the auto manufacturer’s stock valued at $165,794,000 after acquiring an additional 3,281,200 shares during the period. Holocene Advisors LP increased its stake in General Motors by 319.2% during the second quarter. Holocene Advisors LP now owns 3,461,357 shares of the auto manufacturer’s stock valued at $133,366,000 after acquiring an additional 2,635,687 shares during the period. Finally, OppenheimerFunds Inc. increased its stake in General Motors by 30.7% during the first quarter. OppenheimerFunds Inc. now owns 7,612,200 shares of the auto manufacturer’s stock valued at $282,413,000 after acquiring an additional 1,786,037 shares during the period. 76.80% of the stock is owned by institutional investors.
In other General Motors news, President Mark L. Reuss sold 275,944 shares of the company’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $40.03, for a total transaction of $11,046,038.32. Following the transaction, the president now owns 479,413 shares of the company’s stock, valued at approximately $19,190,902.39. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Matthew Tsien sold 83,067 shares of the company’s stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $39.50, for a total value of $3,281,146.50. Following the transaction, the executive vice president now directly owns 84,667 shares in the company, valued at approximately $3,344,346.50. The disclosure for this sale can be found here. Insiders sold a total of 375,944 shares of company stock worth $14,996,038 over the last three months. 0.51% of the stock is owned by company insiders.
General Motors (NYSE:GM) (TSE:GMM.U) last announced its earnings results on Thursday, August 1st. The auto manufacturer reported $1.64 EPS for the quarter, topping the consensus estimate of $1.43 by $0.21. The business had revenue of $36.06 billion for the quarter, compared to the consensus estimate of $36.03 billion. General Motors had a return on equity of 21.08% and a net margin of 6.31%. General Motors’s revenue was down 1.9% compared to the same quarter last year. During the same period in the previous year, the business earned $1.81 EPS. On average, equities analysts forecast that General Motors will post 6.8 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 20th. Stockholders of record on Friday, September 6th will be issued a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 4.00%. The ex-dividend date is Thursday, September 5th. General Motors’s payout ratio is currently 23.24%.
Several equities research analysts have recently weighed in on GM shares. Royal Bank of Canada upped their price objective on General Motors to $52.00 and gave the company an “outperform” rating in a research note on Monday, July 22nd. They noted that the move was a valuation call. ValuEngine lowered General Motors from a “hold” rating to a “sell” rating in a research note on Thursday, August 15th. Citigroup upped their price objective on General Motors from $67.00 to $68.00 and gave the company a “buy” rating in a research note on Friday, August 2nd. Nomura set a $38.00 price objective on General Motors and gave the company a “hold” rating in a research note on Wednesday, August 7th. Finally, Credit Suisse Group started coverage on General Motors in a research note on Wednesday, June 26th. They issued an “outperform” rating and a $48.00 price objective on the stock. One research analyst has rated the stock with a sell rating, four have given a hold rating and ten have given a buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $46.58.
General Motors Company 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.
Read More: What causes a stock to be most active?
Want to see what other hedge funds are holding GM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for General Motors (NYSE:GM) (TSE:GMM.U).
Receive News & Ratings for General Motors Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for General Motors and related companies with MarketBeat.com's FREE daily email newsletter.