CoreCap Advisors LLC Invests $383,000 in General Motors (NYSE:GM)

CoreCap Advisors LLC acquired a new stake in General Motors (NYSE:GM) (TSE:GMM.U) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 8,246 shares of the auto manufacturer’s stock, valued at approximately $383,000.

Several other hedge funds have also recently added to or reduced their stakes in the business. SJS Investment Consulting Inc. increased its position in General Motors by 34.5% during the second quarter. SJS Investment Consulting Inc. now owns 792 shares of the auto manufacturer’s stock worth $37,000 after buying an additional 203 shares in the last quarter. Fortitude Family Office LLC increased its position in General Motors by 56.1% during the 2nd quarter. Fortitude Family Office LLC now owns 626 shares of the auto manufacturer’s stock worth $29,000 after purchasing an additional 225 shares in the last quarter. SeaCrest Wealth Management LLC raised its stake in General Motors by 3.5% in the 2nd quarter. SeaCrest Wealth Management LLC now owns 6,804 shares of the auto manufacturer’s stock valued at $316,000 after purchasing an additional 227 shares during the last quarter. Institute for Wealth Management LLC. lifted its holdings in General Motors by 0.6% in the 2nd quarter. Institute for Wealth Management LLC. now owns 36,624 shares of the auto manufacturer’s stock valued at $1,702,000 after purchasing an additional 230 shares in the last quarter. Finally, Beech Hill Advisors Inc. boosted its stake in shares of General Motors by 1.6% during the 2nd quarter. Beech Hill Advisors Inc. now owns 15,233 shares of the auto manufacturer’s stock worth $708,000 after purchasing an additional 233 shares during the last quarter. 92.67% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on GM. StockNews.com lowered shares of General Motors from a “buy” rating to a “hold” rating in a research report on Wednesday, July 24th. Nomura lowered General Motors from a “neutral” rating to a “reduce” rating and set a $34.00 price target on the stock. in a research note on Monday, August 5th. Wedbush restated an “outperform” rating and set a $55.00 price objective on shares of General Motors in a report on Wednesday, July 24th. Royal Bank of Canada dropped their target price on General Motors from $58.00 to $54.00 and set an “outperform” rating for the company in a research note on Friday, August 9th. Finally, JPMorgan Chase & Co. raised their price target on General Motors from $60.00 to $61.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 24th. Three research analysts have rated the stock with a sell rating, six have given a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $55.27.

Insider Transactions at General Motors

In related news, EVP Rory Harvey sold 12,795 shares of the firm’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $49.02, for a total transaction of $627,210.90. Following the completion of the sale, the executive vice president now directly owns 8,513 shares of the company’s stock, valued at approximately $417,307.26. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, EVP Rory Harvey sold 12,795 shares of the stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $49.02, for a total value of $627,210.90. Following the completion of the transaction, the executive vice president now owns 8,513 shares of the company’s stock, valued at $417,307.26. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Paul A. Jacobson acquired 25,000 shares of the company’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 directly owns 261,872 shares in the company, valued at $11,551,173.92. The disclosure for this purchase can be found here. Corporate insiders own 0.72% of the company’s stock.

General Motors Stock Up 0.4 %

Shares of General Motors stock opened at $46.30 on Friday. General Motors has a twelve month low of $26.30 and a twelve month high of $50.50. The stock has a market cap of $52.83 billion, a price-to-earnings ratio of 5.66, a price-to-earnings-growth ratio of 0.52 and a beta of 1.43. The company has a current ratio of 1.18, a quick ratio of 0.99 and a debt-to-equity ratio of 1.23. The company has a fifty day moving average price of $46.19 and a 200 day moving average price of $45.00.

General Motors (NYSE:GM) (TSE:GMM.U) last issued its earnings results on Tuesday, July 23rd. The auto manufacturer reported $3.06 earnings per share for the quarter, topping the consensus estimate of $2.67 by $0.39. The company had revenue of $47.97 billion during the quarter, compared to the consensus estimate of $45.13 billion. General Motors had a return on equity of 15.77% and a net margin of 6.22%. The company’s revenue was up 7.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.91 earnings per share. Equities research analysts forecast that General Motors will post 9.95 earnings per share for the current fiscal year.

General Motors Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 19th. Stockholders of record on Friday, September 6th will be paid a dividend of $0.12 per share. The ex-dividend date of this dividend is Friday, September 6th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.04%. General Motors’s dividend payout ratio is currently 5.87%.

General Motors announced that its board has authorized a stock buyback program on Tuesday, June 11th that authorizes the company to repurchase $6.00 billion in shares. This repurchase authorization authorizes the auto manufacturer to reacquire up to 10.8% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.

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.