Estabrook Capital Management Reduces Stock Position in General Motors (NYSE:GM)

Estabrook Capital Management decreased its stake in shares of General Motors (NYSE:GM) (TSE:GMM.U) by 35.3% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 1,168 shares of the auto manufacturer’s stock after selling 638 shares during the quarter. Estabrook Capital Management’s holdings in General Motors were worth $54,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. LifeSteps Financial Inc. purchased a new position in shares of General Motors during the 1st quarter worth $25,000. Wellington Shields Capital Management LLC purchased a new position in General Motors during the second quarter worth about $28,000. Fortitude Family Office LLC boosted its holdings in General Motors by 56.1% in 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. Montag A & Associates Inc. purchased a new stake in shares of General Motors in the 1st quarter valued at approximately $30,000. Finally, YHB Investment Advisors Inc. acquired a new stake in shares of General Motors during the 1st quarter worth approximately $32,000. Institutional investors and hedge funds own 92.67% of the company’s stock.

General Motors Trading Up 0.5 %

NYSE:GM opened at $48.88 on Friday. General Motors has a 12-month low of $26.30 and a 12-month high of $50.50. The firm has a market cap of $55.77 billion, a PE ratio of 5.98, 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 stock has a fifty day moving average price of $46.28 and a 200 day moving average price of $45.26.

General Motors (NYSE:GM) (TSE:GMM.U) last announced its quarterly earnings data 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. General Motors had a return on equity of 15.77% and a net margin of 6.22%. The business had revenue of $47.97 billion during the quarter, compared to analysts’ expectations of $45.13 billion. During the same quarter last year, the business posted $1.91 EPS. The business’s quarterly revenue was up 7.2% compared to the same quarter last year. Sell-side analysts anticipate that General Motors will post 9.95 earnings per share for the current fiscal year.

General Motors announced that its Board of Directors has authorized a share repurchase plan 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 shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board of directors believes its shares are undervalued.

General Motors Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, September 19th. Shareholders of record on Friday, September 6th were issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 0.98%. The ex-dividend date of this dividend was Friday, September 6th. General Motors’s dividend payout ratio (DPR) is presently 5.87%.

Insider Buying and Selling at General Motors

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

Wall Street Analysts Forecast Growth

GM has been the topic of a number of recent analyst reports. Bank of America reiterated a “buy” rating and issued a $75.00 price objective on shares of General Motors in a report on Wednesday, June 12th. Wedbush reiterated an “outperform” rating and set a $55.00 price target on shares of General Motors in a report on Wednesday, July 24th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $53.00 price objective on shares of General Motors in a research report on Tuesday, September 10th. Wolfe Research assumed coverage on shares of General Motors in a research report on Thursday, September 5th. They issued a “peer perform” rating on the stock. Finally, Wells Fargo & Company dropped their price target on shares of General Motors from $34.00 to $33.00 and set an “underweight” rating for the company in a research report on Tuesday, September 10th. Three equities 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. According to data from MarketBeat, General Motors presently has an average rating of “Moderate Buy” and an average target price of $55.27.

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.