Artemis Investment Management LLP Increases Stock Position in General Motors (NYSE:GM)

Artemis Investment Management LLP raised its holdings in General Motors (NYSE:GM) (TSE:GMM.U) by 11.2% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 235,088 shares of the auto manufacturer’s stock after purchasing an additional 23,711 shares during the period. Artemis Investment Management LLP’s holdings in General Motors were worth $10,922,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Norges Bank purchased a new position in General Motors during the fourth quarter worth approximately $602,280,000. Capital World Investors raised its stake in General Motors by 14.6% during the first quarter. Capital World Investors now owns 48,767,573 shares of the auto manufacturer’s stock worth $2,211,609,000 after purchasing an additional 6,201,777 shares during the period. Swedbank AB purchased a new position in General Motors during the first quarter worth approximately $159,750,000. Hotchkis & Wiley Capital Management LLC raised its stake in General Motors by 21.9% during the fourth quarter. Hotchkis & Wiley Capital Management LLC now owns 18,097,486 shares of the auto manufacturer’s stock worth $650,062,000 after purchasing an additional 3,247,050 shares during the period. Finally, Putnam Investments LLC increased its position in shares of General Motors by 16.8% in the fourth quarter. Putnam Investments LLC now owns 20,237,820 shares of the auto manufacturer’s stock worth $726,942,000 after acquiring an additional 2,905,689 shares in the last quarter. Hedge funds and other institutional investors own 92.67% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. Deutsche Bank Aktiengesellschaft increased their price objective on shares of General Motors from $44.00 to $50.00 and gave the stock a “hold” rating in a research report on Tuesday, April 23rd. JPMorgan Chase & Co. increased their price objective on shares of General Motors from $60.00 to $61.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 24th. Citigroup increased their price objective on shares of General Motors from $95.00 to $96.00 and gave the stock a “buy” rating in a research report on Wednesday, April 24th. Mizuho increased their price objective on shares of General Motors from $48.00 to $52.00 and gave the stock a “buy” rating in a research report on Wednesday, April 24th. Finally, Bank of America reissued a “buy” rating and issued a $75.00 price objective on shares of General Motors in a research report on Wednesday, June 12th. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $55.17.

General Motors Stock Performance

General Motors stock traded down $0.39 on Monday, hitting $43.09. The company’s stock had a trading volume of 4,197,804 shares, compared to its average volume of 15,929,909. The firm has a market cap of $49.16 billion, a P/E ratio of 5.24, a price-to-earnings-growth ratio of 0.44 and a beta of 1.43. The company has a quick ratio of 0.99, a current ratio of 1.18 and a debt-to-equity ratio of 1.23. The company has a fifty day moving average price of $46.18 and a 200-day moving average price of $43.57. General Motors has a one year low of $26.30 and a one year high of $50.50.

General Motors (NYSE:GM) (TSE:GMM.U) last announced its quarterly earnings results on Tuesday, July 23rd. The auto manufacturer reported $3.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.67 by $0.39. The firm had revenue of $47.97 billion for the quarter, compared to analyst estimates of $45.13 billion. General Motors had a net margin of 6.22% and a return on equity of 15.77%. The business’s revenue for the quarter was up 7.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.91 EPS. On average, equities analysts anticipate that General Motors will post 9.94 earnings per share for the current year.

General Motors Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 19th. Stockholders of record on Friday, September 6th will be paid a $0.12 dividend. The ex-dividend date of this dividend is Friday, September 6th. This represents a $0.48 annualized dividend and a dividend yield of 1.11%. General Motors’s dividend payout ratio is presently 5.87%.

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

Insider Activity

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

General Motors Profile

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.