New York State Teachers Retirement System Has $57.38 Million Stock Position in General Motors (NYSE:GM)

New York State Teachers Retirement System reduced its position in shares of General Motors (NYSE:GM) (TSE:GMM.U) by 4.2% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,235,073 shares of the auto manufacturer’s stock after selling 54,750 shares during the period. New York State Teachers Retirement System owned 0.11% of General Motors worth $57,381,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. SJS Investment Consulting Inc. boosted its holdings in General Motors by 34.5% during the second quarter. SJS Investment Consulting Inc. now owns 792 shares of the auto manufacturer’s stock valued at $37,000 after acquiring an additional 203 shares during the period. Fortitude Family Office LLC boosted its stake in 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 period. SeaCrest Wealth Management LLC grew its holdings 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 buying an additional 227 shares during the last quarter. Beech Hill Advisors Inc. increased its position in General Motors by 1.6% in the 2nd quarter. Beech Hill Advisors Inc. now owns 15,233 shares of the auto manufacturer’s stock worth $708,000 after buying an additional 233 shares during the period. Finally, Unison Advisors LLC lifted its holdings in shares of General Motors by 0.4% during the first quarter. Unison Advisors LLC now owns 67,196 shares of the auto manufacturer’s stock worth $3,047,000 after buying an additional 246 shares during the last quarter. 92.67% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. StockNews.com cut shares of General Motors from a “buy” rating to a “hold” rating in a research note on Wednesday, July 24th. JPMorgan Chase & Co. lifted their price objective on General Motors from $60.00 to $61.00 and gave the stock an “overweight” rating in a report on Wednesday, July 24th. Barclays boosted their price objective on General Motors from $55.00 to $60.00 and gave the company an “overweight” rating in a research report on Friday, April 26th. Wells Fargo & Company lifted their price target on shares of General Motors from $32.00 to $34.00 and gave the stock an “underweight” rating in a research note on Wednesday, July 24th. Finally, Morgan Stanley cut shares of General Motors from an “overweight” rating to an “equal weight” rating and increased their price objective for the company from $46.00 to $47.00 in a research note on Wednesday, July 24th. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $55.17.

Insider Activity

In other news, President Mark L. Reuss sold 150,000 shares of General Motors stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $43.44, for a total transaction of $6,516,000.00. Following the transaction, the president now directly owns 176,907 shares of the company’s stock, valued at $7,684,840.08. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other General Motors news, President Mark L. Reuss sold 150,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $43.44, for a total transaction of $6,516,000.00. Following the sale, the president now directly owns 176,907 shares in the company, valued at approximately $7,684,840.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Paul A. Jacobson purchased 25,000 shares of General Motors stock in a transaction dated Friday, July 26th. The stock was bought at an average price of $44.11 per share, with a total value of $1,102,750.00. Following the acquisition, the chief financial officer now directly 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 sold a total of 1,152,621 shares of company stock valued at $51,818,111 in the last ninety days. 0.72% of the stock is owned by insiders.

General Motors Trading Up 3.7 %

NYSE GM traded up $1.71 during trading hours on Friday, hitting $48.17. The company’s stock had a trading volume of 6,335,208 shares, compared to its average volume of 15,623,162. General Motors has a twelve month low of $26.30 and a twelve month high of $50.50. The firm has a market capitalization of $54.96 billion, a P/E ratio of 5.68, a PEG ratio of 0.44 and a beta of 1.43. 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 stock has a fifty day moving average of $45.87 and a 200 day moving average of $43.97.

General Motors (NYSE:GM) (TSE:GMM.U) last posted its quarterly earnings results on Tuesday, July 23rd. The auto manufacturer reported $3.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.67 by $0.39. The business 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 firm’s revenue was up 7.2% on a year-over-year basis. During the same period last year, the company earned $1.91 EPS. Equities research analysts forecast that General Motors will post 9.94 earnings per share for the current fiscal year.

General Motors Dividend Announcement

The business also recently declared 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 is Friday, September 6th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.00%. General Motors’s dividend payout ratio (DPR) is presently 5.87%.

General Motors declared that its Board of Directors has approved a stock buyback program on Tuesday, June 11th that allows the company to buyback $6.00 billion in shares. This buyback authorization allows the auto manufacturer to reacquire up to 10.8% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is 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.