Tufton Capital Management Lowers Stake in General Motors Co. (GM)
Tufton Capital Management lowered its position in General Motors Co. (NYSE:GM) by 6.5% during the second quarter, Holdings Channel reports. The firm owned 134,369 shares of the auto manufacturer’s stock after selling 9,294 shares during the period. Tufton Capital Management’s holdings in General Motors were worth $3,803,000 at the end of the most recent reporting period.
Other hedge funds have also made changes to their positions in the company. Strs Ohio increased its stake in General Motors by 0.7% in the second quarter. Strs Ohio now owns 2,367,253 shares of the auto manufacturer’s stock valued at $66,993,000 after buying an additional 16,976 shares during the last quarter. Atalanta Sosnoff Capital LLC increased its stake in General Motors by 68.1% in the second quarter. Atalanta Sosnoff Capital LLC now owns 88,433 shares of the auto manufacturer’s stock valued at $2,503,000 after buying an additional 35,819 shares during the last quarter. Pitcairn Co. increased its stake in General Motors by 50.8% in the second quarter. Pitcairn Co. now owns 35,726 shares of the auto manufacturer’s stock valued at $1,011,000 after buying an additional 12,036 shares during the last quarter. Butensky & Cohen Financial Security Inc. increased its stake in General Motors by 1.9% in the second quarter. Butensky & Cohen Financial Security Inc. now owns 53,808 shares of the auto manufacturer’s stock valued at $1,523,000 after buying an additional 1,023 shares during the last quarter. Finally, Douglas Lane & Associates LLC increased its stake in General Motors by 1.5% in the second quarter. Douglas Lane & Associates LLC now owns 2,146,977 shares of the auto manufacturer’s stock valued at $60,759,000 after buying an additional 30,734 shares during the last quarter. 70.40% of the stock is owned by institutional investors.
General Motors Co. (NYSE:GM) traded up 1.45% during midday trading on Wednesday, hitting $32.11. The company had a trading volume of 14,468,725 shares. The stock has a market cap of $50.15 billion, a price-to-earnings ratio of 4.11 and a beta of 1.70. General Motors Co. has a 12-month low of $26.69 and a 12-month high of $36.88. The company’s 50 day moving average is $31.47 and its 200 day moving average is $30.81.
General Motors (NYSE:GM) last issued its earnings results on Thursday, July 21st. The auto manufacturer reported $1.86 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.51 by $0.35. General Motors had a net margin of 7.90% and a return on equity of 23.96%. The firm had revenue of $42.40 billion for the quarter, compared to analysts’ expectations of $38.81 billion. During the same quarter last year, the company posted $1.29 earnings per share. General Motors’s revenue was up 11.0% on a year-over-year basis. On average, equities analysts anticipate that General Motors Co. will post $5.83 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 23rd. Shareholders of record on Friday, September 9th will be issued a $0.38 dividend. The ex-dividend date is Wednesday, September 7th. This represents a $1.52 dividend on an annualized basis and a yield of 4.73%. General Motors’s dividend payout ratio is currently 19.46%.
Several analysts have recently weighed in on GM shares. Vetr downgraded General Motors from a “strong-buy” rating to a “buy” rating and set a $33.03 target price for the company. in a report on Monday, June 27th. Morgan Stanley raised General Motors from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $29.00 to $37.00 in a research note on Monday. Royal Bank Of Canada reaffirmed a “sector perform” rating and set a $41.00 price objective (down from $43.50) on shares of General Motors in a research note on Thursday, June 30th. Argus reaffirmed a “hold” rating on shares of General Motors in a research note on Thursday, July 28th. Finally, Goldman Sachs Group Inc. set a $36.00 price objective on General Motors and gave the company a “neutral” rating in a research note on Thursday, July 7th. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and ten have given a buy rating to the company. The company has an average rating of “Hold” and an average target price of $35.62.
In other General Motors news, Director Jane L. Mendillo bought 1,600 shares of the business’s stock in a transaction on Tuesday, August 2nd. The shares were purchased at an average price of $31.01 per share, with a total value of $49,616.00. Following the completion of the acquisition, the director now directly owns 1,600 shares of the company’s stock, valued at approximately $49,616. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Thomas S. Timko sold 6,250 shares of the firm’s stock in a transaction dated Tuesday, August 23rd. The stock was sold at an average price of $31.94, for a total transaction of $199,625.00. Following the completion of the transaction, the vice president now directly owns 27,477 shares in the company, valued at approximately $877,615.38. The disclosure for this sale can be found here. 0.04% of the stock is currently owned by company insiders.
About General Motors
General Motors Company (General Motors) designs, builds and sells cars, trucks and automobile parts across the world. The Company also provides automotive financing services through General Motors Financial Company, Inc (GM Financial). The Company’s four automotive segments include GM North America (GMNA), GM Europe (GME), GM International Operations (GMIO) and GM South America (GMSA).
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