Mackay Shields LLC lowered its holdings in shares of General Motors (NYSE:GM) (TSE:GMM.U) by 7.5% in the second quarter, HoldingsChannel reports. The institutional investor owned 532,023 shares of the auto manufacturer’s stock after selling 43,352 shares during the period. Mackay Shields LLC’s holdings in General Motors were worth $20,962,000 at the end of the most recent reporting period.
Several other institutional investors have also bought and sold shares of GM. Old Mutual Global Investors UK Ltd. increased its holdings in General Motors by 327.7% in the 1st quarter. Old Mutual Global Investors UK Ltd. now owns 27,800 shares of the auto manufacturer’s stock worth $1,010,000 after purchasing an additional 21,300 shares in the last quarter. X Square Capital LLC increased its holdings in General Motors by 8.7% in the 1st quarter. X Square Capital LLC now owns 51,098 shares of the auto manufacturer’s stock worth $1,857,000 after purchasing an additional 4,096 shares in the last quarter. Hyman Charles D acquired a new position in General Motors in the 1st quarter worth about $402,000. P.R. Herzig & Co. Inc. increased its holdings in General Motors by 20.9% in the 1st quarter. P.R. Herzig & Co. Inc. now owns 80,600 shares of the auto manufacturer’s stock worth $2,929,000 after purchasing an additional 13,950 shares in the last quarter. Finally, Alps Advisors Inc. acquired a new position in General Motors in the 1st quarter worth about $1,032,000. 73.04% of the stock is owned by institutional investors.
In related news, EVP Alan S. Batey sold 215,685 shares of the company’s stock in a transaction dated Friday, June 1st. The stock was sold at an average price of $43.01, for a total transaction of $9,276,611.85. Following the sale, the executive vice president now owns 84,594 shares in the company, valued at approximately $3,638,387.94. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.39% of the stock is owned by corporate insiders.
General Motors (NYSE:GM) (TSE:GMM.U) last announced its earnings results on Wednesday, July 25th. The auto manufacturer reported $1.81 EPS for the quarter, beating the consensus estimate of $1.78 by $0.03. General Motors had a positive return on equity of 23.39% and a negative net margin of 3.26%. The company had revenue of $36.80 billion for the quarter, compared to analyst estimates of $36.62 billion. During the same quarter in the prior year, the company earned $1.89 EPS. The firm’s revenue for the quarter was down .5% compared to the same quarter last year. equities research analysts expect that General Motors will post 6 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 21st. Investors of record on Friday, September 7th will be given a dividend of $0.38 per share. The ex-dividend date of this dividend is Thursday, September 6th. This represents a $1.52 annualized dividend and a dividend yield of 4.15%. General Motors’s payout ratio is 22.96%.
A number of equities analysts have issued reports on GM shares. Citigroup reaffirmed a “hold” rating and issued a $70.00 target price on shares of General Motors in a report on Friday, April 27th. JPMorgan Chase & Co. reissued an “overweight” rating and issued a $58.00 price target on shares of General Motors in a research note on Friday, June 1st. Evercore ISI raised General Motors from an “in-line” rating to an “outperform” rating and increased their price target for the company from $47.00 to $50.00 in a research note on Thursday, May 31st. Guggenheim reissued a “buy” rating and issued a $52.00 price target on shares of General Motors in a research note on Friday, July 20th. Finally, Piper Jaffray Companies set a $57.00 price target on General Motors and gave the company an “overweight” rating in a research note on Tuesday, May 15th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and fifteen have assigned a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $47.21.
General Motors Profile
General Motors Company, together with its subsidiaries, designs, builds, and sells cars, trucks, crossovers, and automobile parts worldwide. The company operates through GM North America, GM International, and GM Financial segments. It markets its vehicles primarily under the Buick, Cadillac, Chevrolet, GMC, Holden, Baojun, Jiefang, and Wuling brand names.
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