Meeder Asset Management Inc. Sells 5,815 Shares of General Motors (NYSE:GM)

Meeder Asset Management Inc. cut its holdings in General Motors (NYSE:GM) (TSE:GMM.U) by 85.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,019 shares of the auto manufacturer’s stock after selling 5,815 shares during the period. Meeder Asset Management Inc.’s holdings in General Motors were worth $47,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. LifeSteps Financial Inc. bought a new position in General Motors in the 1st quarter valued at $25,000. Wellington Shields Capital Management LLC bought a new position in General Motors during the second quarter valued at about $28,000. Fortitude Family Office LLC increased its holdings in General Motors by 56.1% during the second quarter. Fortitude Family Office LLC now owns 626 shares of the auto manufacturer’s stock worth $29,000 after buying an additional 225 shares during the last quarter. Cape Investment Advisory Inc. raised its position in General Motors by 75.9% in the fourth quarter. Cape Investment Advisory Inc. now owns 832 shares of the auto manufacturer’s stock worth $30,000 after acquiring an additional 359 shares during the period. Finally, Montag A & Associates Inc. purchased a new position in General Motors in the first quarter valued at about $30,000. 92.67% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at General Motors

In other news, CFO Paul A. Jacobson acquired 25,000 shares of the firm’s 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 transaction, the chief financial officer now owns 261,872 shares of the company’s stock, valued at $11,551,173.92. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other General Motors news, CFO Paul A. Jacobson bought 25,000 shares of the business’s stock in a transaction that occurred on Friday, July 26th. The shares were bought at an average cost of $44.11 per share, with a total value of $1,102,750.00. Following the completion of the purchase, the chief financial officer now directly owns 261,872 shares of the company’s stock, valued at $11,551,173.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Rory Harvey sold 2,302 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $47.31, for a total value of $108,907.62. Following the transaction, the executive vice president now directly owns 10,356 shares of the company’s stock, valued at approximately $489,942.36. The disclosure for this sale can be found here. 0.72% of the stock is currently owned by corporate insiders.

General Motors Price Performance

Shares of NYSE:GM opened at $46.30 on Friday. The company’s fifty day moving average is $46.19 and its 200 day moving average is $45.00. The company has a quick ratio of 0.99, a current ratio of 1.18 and a debt-to-equity ratio of 1.23. General Motors has a 52 week low of $26.30 and a 52 week high of $50.50. The stock has a market cap of $52.83 billion, a PE ratio of 5.66, a PEG ratio of 0.52 and a beta of 1.43.

General Motors (NYSE:GM) (TSE:GMM.U) last released its earnings results on Tuesday, July 23rd. The auto manufacturer reported $3.06 earnings per share for the quarter, beating analysts’ consensus estimates 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 return on equity of 15.77% and a net margin of 6.22%. General Motors’s revenue for the quarter was up 7.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.91 EPS. Research analysts anticipate that General Motors will post 9.95 earnings per share for the current year.

General Motors declared that its Board of Directors has approved 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 purchase up to 10.8% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s management believes its shares are undervalued.

General Motors Announces Dividend

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

Analysts Set New Price Targets

A number of research firms recently commented on GM. Bank of America reaffirmed a “buy” rating and issued a $75.00 price target on shares of General Motors in a report on Wednesday, June 12th. Wells Fargo & Company lowered their target price on General Motors from $34.00 to $33.00 and set an “underweight” rating on the stock in a research note on Tuesday, September 10th. Nomura downgraded General Motors from a “neutral” rating to a “reduce” rating and set a $34.00 price target for the company. in a research note on Monday, August 5th. Wedbush restated an “outperform” rating and issued a $55.00 price objective on shares of General Motors in a research note on Wednesday, July 24th. Finally, Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $53.00 target price on shares of General Motors in a research report on Tuesday, September 10th. Three investment analysts have rated the stock with a sell rating, six have given a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $55.27.

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.