Angeles Wealth Management LLC Acquires Shares of 4,953 General Motors (NYSE:GM)

Angeles Wealth Management LLC bought a new stake in General Motors (NYSE:GM) (TSE:GMM.U) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm bought 4,953 shares of the auto manufacturer’s stock, valued at approximately $230,000.

Several other hedge funds and other institutional investors also recently modified their holdings of GM. LifeSteps Financial Inc. bought a new position in General Motors in the first quarter valued at about $25,000. Wellington Shields Capital Management LLC acquired a new stake in shares of General Motors in the 2nd quarter valued at approximately $28,000. Fortitude Family Office LLC grew its holdings in shares of General Motors by 56.1% during the 2nd quarter. Fortitude Family Office LLC now owns 626 shares of the auto manufacturer’s stock valued at $29,000 after purchasing an additional 225 shares during the last quarter. Cape Investment Advisory Inc. increased its position in General Motors by 75.9% during the 4th quarter. Cape Investment Advisory Inc. now owns 832 shares of the auto manufacturer’s stock worth $30,000 after purchasing an additional 359 shares in the last quarter. Finally, Montag A & Associates Inc. bought a new position in General Motors in the 1st quarter valued at approximately $30,000. Institutional investors own 92.67% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on GM. Bank of America reiterated a “buy” rating and set a $75.00 price target on shares of General Motors in a report on Wednesday, June 12th. Morgan Stanley lowered General Motors from an “overweight” rating to an “equal weight” rating and lifted their price target for the company from $46.00 to $47.00 in a research note on Wednesday, July 24th. Wolfe Research started coverage on General Motors in a report on Thursday, September 5th. They set a “peer perform” rating on the stock. Royal Bank of Canada dropped their price objective on shares of General Motors from $58.00 to $54.00 and set an “outperform” rating for the company in a report on Friday, August 9th. Finally, Nomura lowered shares of General Motors from a “neutral” rating to a “reduce” rating and set a $34.00 target price on the stock. in a report on Monday, August 5th. Three analysts have rated the stock with a sell rating, six have issued a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, General Motors has an average rating of “Moderate Buy” and a consensus price target of $55.27.

General Motors Trading Down 0.3 %

Shares of GM stock opened at $44.67 on Thursday. 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 0.99 and a current ratio of 1.18. The stock has a 50 day simple moving average of $46.21 and a two-hundred day simple moving average of $44.92. The company has a market cap of $50.97 billion, a P/E ratio of 5.46, a PEG ratio of 0.47 and a beta of 1.43.

General Motors (NYSE:GM) (TSE:GMM.U) last released its quarterly earnings data on Tuesday, July 23rd. The auto manufacturer reported $3.06 earnings per share for the quarter, beating the consensus estimate of $2.67 by $0.39. The company had revenue of $47.97 billion during 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%. General Motors’s revenue for the quarter was up 7.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.91 EPS. Research analysts forecast 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 1.07%. General Motors’s dividend payout ratio is presently 5.87%.

General Motors declared that its Board of Directors has initiated a stock buyback plan 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 shares through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

Insider Activity at General Motors

In other news, CFO Paul A. Jacobson purchased 25,000 shares of the business’s stock in a transaction on Friday, July 26th. The shares were acquired at an average price of $44.11 per share, for a total transaction of $1,102,750.00. Following the completion of the acquisition, the chief financial officer now owns 261,872 shares in the company, valued at $11,551,173.92. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other General Motors news, CFO Paul A. Jacobson acquired 25,000 shares of the stock in a transaction on Friday, July 26th. The shares were purchased at an average price of $44.11 per share, for a total transaction of $1,102,750.00. Following the completion of the acquisition, the chief financial officer now owns 261,872 shares in the company, valued at approximately $11,551,173.92. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Rory Harvey sold 12,795 shares of the business’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $49.02, for a total transaction of $627,210.90. Following the sale, the executive vice president now directly owns 8,513 shares of the company’s stock, valued at $417,307.26. The disclosure for this sale can be found here. 0.72% of the stock is currently owned by corporate insiders.

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.