Pitcairn Co. Sells 9,904 Shares of General Motors (NYSE:GM)

Pitcairn Co. decreased its position in General Motors (NYSE:GM) (TSE:GMM.U) by 62.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,872 shares of the auto manufacturer’s stock after selling 9,904 shares during the quarter. Pitcairn Co.’s holdings in General Motors were worth $266,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. LifeSteps Financial Inc. bought a new stake in General Motors in the 1st quarter worth about $25,000. Montag A & Associates Inc. bought a new position in shares of General Motors in the first quarter valued at approximately $30,000. YHB Investment Advisors Inc. purchased a new stake in shares of General Motors during the first quarter valued at approximately $32,000. Highlander Capital Management LLC bought a new stake in General Motors during the fourth quarter worth $27,000. Finally, Riverview Trust Co purchased a new position in General Motors in the first quarter worth $38,000. Hedge funds and other institutional investors own 92.67% of the company’s stock.

Insider Buying and Selling

In other General Motors news, President Mark L. Reuss sold 150,000 shares of General Motors stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $43.44, for a total transaction of $6,516,000.00. Following the completion of the sale, the president now directly owns 176,907 shares of the company’s stock, valued at approximately $7,684,840.08. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, President Mark L. Reuss sold 150,000 shares of General Motors stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $43.44, for a total value of $6,516,000.00. Following the transaction, the president now directly owns 176,907 shares in the company, valued at approximately $7,684,840.08. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Mary T. Barra sold 626,316 shares of General Motors stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $43.46, for a total value of $27,219,693.36. Following the completion of the transaction, the chief executive officer now owns 1,198,648 shares in the company, valued at $52,093,242.08. The disclosure for this sale can be found here. In the last three months, insiders sold 1,152,621 shares of company stock valued at $51,818,111. Insiders own 0.72% of the company’s stock.

General Motors Stock Performance

General Motors stock opened at $44.13 on Friday. The firm’s fifty day moving average price is $46.52 and its 200-day moving average price is $42.91. The stock has a market cap of $49.60 billion, a P/E ratio of 5.39, a price-to-earnings-growth ratio of 0.49 and a beta of 1.43. General Motors has a fifty-two week low of $26.30 and a fifty-two week high of $50.50. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.97 and a current ratio of 1.18.

General Motors (NYSE:GM) (TSE:GMM.U) last posted its earnings results on Tuesday, July 23rd. The auto manufacturer reported $3.06 earnings per share for the quarter, topping analysts’ consensus estimates of $2.67 by $0.39. General Motors had a net margin of 6.22% and a return on equity of 15.77%. The firm had revenue of $47.97 billion for the quarter, compared to the consensus estimate of $45.13 billion. During the same period in the previous year, the firm posted $1.91 EPS. The business’s quarterly revenue was up 7.2% on a year-over-year basis. On average, equities research analysts expect that General Motors will post 9.58 earnings per share for the current fiscal year.

General Motors declared that its Board of Directors has authorized a stock buyback program on Tuesday, June 11th that allows the company to buyback $6.00 billion in outstanding shares. This buyback authorization allows the auto manufacturer to purchase up to 10.8% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

General Motors Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 19th. Investors of record on Friday, September 6th will be paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.09%. The ex-dividend date is Friday, September 6th. General Motors’s dividend payout ratio is currently 5.87%.

Analysts Set New Price Targets

Several brokerages have recently issued reports on GM. UBS Group raised their target price on General Motors from $61.00 to $64.00 and gave the company a “buy” rating in a research report on Wednesday, July 10th. Wells Fargo & Company raised their price objective on shares of General Motors from $32.00 to $34.00 and gave the stock an “underweight” rating in a report on Wednesday. Citigroup increased their target price on shares of General Motors from $95.00 to $96.00 and gave the company a “buy” rating in a research report on Wednesday, April 24th. JPMorgan Chase & Co. lifted their price target on shares of General Motors from $60.00 to $61.00 and gave the stock an “overweight” rating in a report on Wednesday. Finally, Royal Bank of Canada increased their price objective on General Motors from $54.00 to $56.00 and gave the company an “overweight” rating in a report on Tuesday, April 23rd. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $56.38.

About General Motors

General Motors Company designs, builds, and sells trucks, crossovers, cars, and automobile parts; and provide software-enabled services and subscriptions worldwide. The company operates through GM North America, GM International, Cruise, and GM Financial segments. It markets its vehicles primarily under the Buick, Cadillac, Chevrolet, GMC, Baojun, and Wuling brand names.