Texas Yale Capital Corp. cut its stake in General Motors (NYSE:GM) (TSE:GMM.U) by 50.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 19,725 shares of the auto manufacturer’s stock after selling 19,725 shares during the quarter. Texas Yale Capital Corp.’s holdings in General Motors were worth $760,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors also recently bought and sold shares of GM. Arden Trust Co bought a new stake in General Motors during the second quarter valued at about $273,000. First Midwest Bank Trust Division boosted its holdings in General Motors by 67.6% during the second quarter. First Midwest Bank Trust Division now owns 38,031 shares of the auto manufacturer’s stock valued at $1,465,000 after acquiring an additional 15,334 shares during the period. World Asset Management Inc boosted its holdings in General Motors by 4.8% during the second quarter. World Asset Management Inc now owns 120,976 shares of the auto manufacturer’s stock valued at $4,661,000 after acquiring an additional 5,527 shares during the period. State of Alaska Department of Revenue boosted its holdings in General Motors by 3.5% during the second quarter. State of Alaska Department of Revenue now owns 208,526 shares of the auto manufacturer’s stock valued at $8,031,000 after acquiring an additional 7,037 shares during the period. Finally, Hamlin Capital Management LLC boosted its holdings in General Motors by 7.5% during the second quarter. Hamlin Capital Management LLC now owns 2,204,616 shares of the auto manufacturer’s stock valued at $84,944,000 after acquiring an additional 152,885 shares during the period. 76.62% of the stock is currently owned by institutional investors and hedge funds.
GM has been the subject of a number of recent analyst reports. Credit Suisse Group initiated coverage on shares of General Motors in a report on Wednesday, June 26th. They set an “outperform” rating and a $48.00 price target for the company. Zacks Investment Research cut shares of General Motors from a “strong-buy” rating to a “hold” rating in a report on Wednesday, April 10th. Nomura set a $42.00 price target on shares of General Motors and gave the company a “hold” rating in a report on Thursday, May 2nd. Royal Bank of Canada upped their price target on shares of General Motors to $52.00 and gave the company an “outperform” rating in a report on Monday, July 22nd. They noted that the move was a valuation call. Finally, Citigroup upped their price target on shares of General Motors from $67.00 to $68.00 and gave the company a “buy” rating in a report on Friday, August 2nd. Five research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $47.58.
General Motors (NYSE:GM) (TSE:GMM.U) last released its earnings results on Thursday, August 1st. The auto manufacturer reported $1.64 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.43 by $0.21. General Motors had a net margin of 6.31% and a return on equity of 21.08%. The business had revenue of $36.06 billion during the quarter, compared to analysts’ expectations of $36.03 billion. During the same quarter last year, the company earned $1.81 earnings per share. The firm’s revenue was down 1.9% on a year-over-year basis. Analysts anticipate that General Motors will post 6.67 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 20th. Investors of record on Friday, September 6th will be paid a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 3.91%. The ex-dividend date is Thursday, September 5th. General Motors’s payout ratio is presently 23.24%.
In related news, President Mark L. Reuss sold 275,944 shares of the stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $40.03, for a total value of $11,046,038.32. Following the completion of the sale, the president now owns 479,413 shares in the company, valued at $19,190,902.39. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 0.51% of the stock is currently owned by company insiders.
About General Motors
General Motors Company designs, builds, and sells cars, trucks, crossovers, and automobile parts worldwide. The company operates through GM North America, GM International, GM Cruise, and GM Financial. It markets its vehicles primarily under the Buick, Cadillac, Chevrolet, GMC, Holden, Baojun, Jiefang, and Wuling brand names.
See Also: What is a Tariff?
Want to see what other hedge funds are holding GM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for General Motors (NYSE:GM) (TSE:GMM.U).
Receive News & Ratings for General Motors Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for General Motors and related companies with MarketBeat.com's FREE daily email newsletter.