Gofen & Glossberg LLC IL Buys New Stake in General Motors (GM)
Gofen & Glossberg LLC IL bought a new stake in General Motors (NYSE:GM) (TSE:GMM.U) in the 3rd quarter, according to its most recent disclosure with the SEC. The fund bought 10,858 shares of the auto manufacturer’s stock, valued at approximately $438,000.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Global X Management Co. LLC grew its position in shares of General Motors by 23.0% during the second quarter. Global X Management Co. LLC now owns 9,654 shares of the auto manufacturer’s stock worth $337,000 after buying an additional 1,805 shares in the last quarter. Convergence Investment Partners LLC lifted its stake in General Motors by 6.0% during the second quarter. Convergence Investment Partners LLC now owns 7,339 shares of the auto manufacturer’s stock worth $256,000 after purchasing an additional 417 shares during the last quarter. SG Americas Securities LLC lifted its stake in General Motors by 31.1% during the second quarter. SG Americas Securities LLC now owns 116,017 shares of the auto manufacturer’s stock worth $4,052,000 after purchasing an additional 27,517 shares during the last quarter. Legal & General Group Plc lifted its stake in General Motors by 2.0% during the second quarter. Legal & General Group Plc now owns 7,772,671 shares of the auto manufacturer’s stock worth $271,505,000 after purchasing an additional 154,230 shares during the last quarter. Finally, Comerica Bank lifted its stake in General Motors by 0.6% during the second quarter. Comerica Bank now owns 398,589 shares of the auto manufacturer’s stock worth $14,277,000 after purchasing an additional 2,280 shares during the last quarter. 73.06% of the stock is owned by institutional investors.
In related news, insider Alicia S. Boler-Davis sold 10,000 shares of the company’s stock in a transaction on Friday, October 6th. The stock was sold at an average price of $45.00, for a total transaction of $450,000.00. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CAO Thomas S. Timko sold 44,791 shares of the company’s stock in a transaction on Friday, October 27th. The stock was sold at an average price of $44.46, for a total value of $1,991,407.86. Following the transaction, the chief accounting officer now directly owns 66,838 shares in the company, valued at approximately $2,971,617.48. The disclosure for this sale can be found here. In the last three months, insiders sold 775,252 shares of company stock worth $33,616,642. Corporate insiders own 0.04% of the company’s stock.
Several research firms recently weighed in on GM. BidaskClub upgraded General Motors from a “hold” rating to a “buy” rating in a research note on Thursday, August 17th. Jefferies Group boosted their target price on General Motors from $36.00 to $40.00 and gave the stock a “hold” rating in a research note on Monday, October 30th. Standpoint Research cut General Motors from a “buy” rating to a “hold” rating in a research note on Thursday, September 14th. Citigroup restated a “buy” rating and set a $53.00 target price on shares of General Motors in a research note on Monday, October 2nd. Finally, Goldman Sachs Group cut General Motors from a “neutral” rating to a “sell” rating and decreased their target price for the stock from $43.16 to $32.00 in a research note on Monday, October 30th. Three equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $43.70.
General Motors (NYSE GM) opened at $40.81 on Friday. The stock has a market capitalization of $58,804.90, a P/E ratio of 6.69, a PEG ratio of 0.72 and a beta of 1.54. The company has a quick ratio of 0.79, a current ratio of 0.94 and a debt-to-equity ratio of 1.54. General Motors has a twelve month low of $31.92 and a twelve month high of $46.76.
General Motors (NYSE:GM) (TSE:GMM.U) last released its earnings results on Tuesday, October 24th. The auto manufacturer reported $1.32 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.07 by $0.25. The business had revenue of $30.48 billion for the quarter, compared to analyst estimates of $29.93 billion. General Motors had a return on equity of 20.95% and a net margin of 2.00%. The company’s revenue for the quarter was down 16.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.72 earnings per share. sell-side analysts forecast that General Motors will post 6.24 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, December 21st. Stockholders of record on Friday, December 8th will be issued a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.72%. The ex-dividend date is Thursday, December 7th. General Motors’s payout ratio is currently 77.95%.
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General Motors Profile
General Motors Company designs, builds and sells cars, trucks, crossovers and automobile parts. The Company’s segments include GM North America (GMNA), GM Europe (GME), GM International Operations (GMIO), GM South America (GMSA) and General Motors Financial Company, Inc (GM Financial). The Company provides automotive financing services through General Motors Financial Company, Inc The Company develops, manufactures and/or markets vehicles in North America under the brands, including Buick, Cadillac, Chevrolet and GMC.
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