Traders Buy Shares of General Motors Company (GM) on Weakness After Insider Selling
Traders purchased shares of General Motors Company (NYSE:GM) (TSE:GMM.U) on weakness during trading hours on Monday after an insider sold shares in the company. $166.06 million flowed into the stock on the tick-up and $51.04 million flowed out of the stock on the tick-down, for a money net flow of $115.02 million into the stock. Of all equities tracked, General Motors had the 6th highest net in-flow for the day. General Motors traded down ($0.29) for the day and closed at $38.59Specifically, insider Alan S. Batey sold 234,274 shares of the business’s stock in a transaction dated Wednesday, September 13th. The stock was sold at an average price of $38.04, for a total value of $8,911,782.96. Following the sale, the insider now directly owns 67,548 shares in the company, valued at approximately $2,569,525.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, President Daniel Ammann sold 50,000 shares of the business’s stock in a transaction dated Wednesday, September 13th. The shares were sold at an average price of $38.00, for a total value of $1,900,000.00. Following the completion of the sale, the president now owns 185,953 shares in the company, valued at $7,066,214. The disclosure for this sale can be found here. Insiders have sold a total of 614,947 shares of company stock worth $22,402,528 over the last quarter. Company insiders own 0.04% of the company’s stock.
A number of equities research analysts recently issued reports on the company. Berenberg Bank set a $31.00 price objective on General Motors and gave the company a “sell” rating in a research note on Monday, August 14th. BidaskClub upgraded General Motors from a “hold” rating to a “buy” rating in a research note on Thursday, August 17th. Zacks Investment Research upgraded General Motors from a “sell” rating to a “hold” rating in a research note on Friday, August 4th. Vetr upgraded General Motors to a “strong-buy” rating in a research note on Friday, June 9th. Finally, Standpoint Research cut General Motors from a “buy” rating to a “hold” rating in a research note on Thursday, September 14th. Two investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, ten have issued a buy rating and three have assigned a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $38.97.
The firm has a 50 day moving average price of $36.19 and a 200-day moving average price of $35.09. The stock has a market capitalization of $56.39 billion, a P/E ratio of 6.73 and a beta of 1.44.
General Motors (NYSE:GM) (TSE:GMM.U) last released its earnings results on Tuesday, July 25th. The auto manufacturer reported $1.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.72 by $0.17. The firm had revenue of $36.98 billion during the quarter, compared to analysts’ expectations of $37.67 billion. General Motors had a return on equity of 22.45% and a net margin of 5.38%. The firm’s revenue was down 1.1% on a year-over-year basis. During the same quarter last year, the business posted $1.86 earnings per share. Analysts expect that General Motors Company will post $6.13 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 22nd. Shareholders of record on Friday, September 8th will be issued a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 3.93%. The ex-dividend date of this dividend is Thursday, September 7th. General Motors’s dividend payout ratio is presently 26.48%.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. YorkBridge Wealth Partners LLC grew its holdings in General Motors by 43.5% during the 2nd quarter. YorkBridge Wealth Partners LLC now owns 2,838 shares of the auto manufacturer’s stock valued at $101,000 after buying an additional 860 shares in the last quarter. Franklin Parlapiano Turner & Welch LLC purchased a new position in General Motors during the 1st quarter valued at approximately $106,000. FNY Managed Accounts LLC purchased a new position in General Motors during the 1st quarter valued at approximately $107,000. State of Alaska Department of Revenue grew its holdings in General Motors by 10.5% during the 2nd quarter. State of Alaska Department of Revenue now owns 3,249 shares of the auto manufacturer’s stock valued at $113,000 after buying an additional 310 shares in the last quarter. Finally, Ffcm LLC grew its holdings in General Motors by 2,008.1% during the 2nd quarter. Ffcm LLC now owns 3,373 shares of the auto manufacturer’s stock valued at $120,000 after buying an additional 3,213 shares in the last quarter. Institutional investors and hedge funds own 72.21% of the company’s stock.
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General Motors Company 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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