Thrivent Financial for Lutherans Sells 6,036 Shares of General Motors (NYSE:GM)

Thrivent Financial for Lutherans lessened its holdings in General Motors (NYSE:GM) (TSE:GMM.U) by 10.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 51,654 shares of the auto manufacturer’s stock after selling 6,036 shares during the quarter. Thrivent Financial for Lutherans’ holdings in General Motors were worth $2,400,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the business. LifeSteps Financial Inc. acquired a new position in shares of General Motors in the 1st quarter worth approximately $25,000. Wellington Shields Capital Management LLC acquired a new position in General Motors during the second quarter worth $28,000. Fortitude Family Office LLC lifted its holdings in shares of General Motors by 56.1% during the second quarter. Fortitude Family Office LLC now owns 626 shares of the auto manufacturer’s stock valued at $29,000 after acquiring an additional 225 shares during the period. Montag A & Associates Inc. acquired a new stake in shares of General Motors in the 1st quarter valued at $30,000. Finally, YHB Investment Advisors Inc. bought a new stake in shares of General Motors in the 1st quarter worth about $32,000. Institutional investors and hedge funds own 92.67% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on GM shares. Nomura downgraded shares of General Motors from a “neutral” rating to a “reduce” rating and set a $34.00 price target for the company. in a report on Monday, August 5th. JPMorgan Chase & Co. lifted their target price on shares of General Motors from $60.00 to $61.00 and gave the company an “overweight” rating in a research note on Wednesday, July 24th. Wedbush restated an “outperform” rating and set a $55.00 price target on shares of General Motors in a research report on Wednesday, July 24th. Sanford C. Bernstein cut General Motors from an “outperform” rating to a “market perform” rating and set a $53.00 price target for the company. in a report on Monday, September 23rd. Finally, Wells Fargo & Company reduced their price objective 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. Four equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $54.92.

General Motors Stock Performance

GM stock opened at $44.83 on Tuesday. General Motors has a twelve month low of $26.30 and a twelve month high of $50.50. The company has a quick ratio of 0.99, a current ratio of 1.18 and a debt-to-equity ratio of 1.23. The company has a market cap of $51.15 billion, a P/E ratio of 5.48, a price-to-earnings-growth ratio of 0.56 and a beta of 1.43. The business’s fifty day moving average is $45.92 and its 200-day moving average is $45.59.

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 the consensus estimate of $2.67 by $0.39. The firm had revenue of $47.97 billion for 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%. The company’s quarterly revenue was up 7.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.91 earnings per share. Equities research analysts forecast that General Motors will post 9.95 EPS for the current year.

General Motors Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, September 19th. Shareholders of record on Friday, September 6th were paid a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 1.07%. The ex-dividend date of this dividend was Friday, September 6th. General Motors’s payout ratio is presently 5.87%.

General Motors declared that its Board of Directors has authorized a share 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 shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its shares are undervalued.

Insiders Place Their Bets

In other news, EVP Rory Harvey sold 2,302 shares of the business’s stock in a transaction 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 completion of the transaction, 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 document filed with the Securities & Exchange Commission, which is available through this link. In other news, EVP Rory Harvey sold 2,302 shares of General Motors 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 transaction, the executive vice president now owns 10,356 shares in the company, valued at approximately $489,942.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Paul A. Jacobson bought 25,000 shares of the stock in a transaction that occurred on Friday, July 26th. The shares were acquired 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 owns 261,872 shares in the company, valued at approximately $11,551,173.92. The disclosure for this purchase can be found here. Company insiders own 0.72% of the company’s stock.

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.