Convergence Investment Partners LLC Acquires 24,208 Shares of General Motors (NYSE:GM)

Convergence Investment Partners LLC lifted its position in General Motors (NYSE:GM) (TSE:GMM.U) by 397.5% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 30,298 shares of the auto manufacturer’s stock after buying an additional 24,208 shares during the quarter. Convergence Investment Partners LLC’s holdings in General Motors were worth $1,408,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. LifeSteps Financial Inc. purchased a new stake in shares of General Motors in the first quarter worth about $25,000. Fortitude Family Office LLC lifted its holdings in shares of General Motors by 56.1% in 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 in the last quarter. Cape Investment Advisory Inc. lifted its holdings in shares of 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 buying an additional 359 shares in the last quarter. Montag A & Associates Inc. purchased a new stake in shares of General Motors in the first quarter worth about $30,000. Finally, YHB Investment Advisors Inc. purchased a new stake in shares of General Motors in the first quarter worth about $32,000. 92.67% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, EVP Rory Harvey sold 12,795 shares of General Motors 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 approximately $417,307.26. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other General Motors news, President Mark L. Reuss sold 14,858 shares of the stock in a transaction on Friday, June 7th. The stock was sold at an average price of $46.01, for a total transaction of $683,616.58. Following the sale, the president now directly owns 162,049 shares in the company, valued at approximately $7,455,874.49. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Rory Harvey sold 12,795 shares of General Motors stock in a transaction on 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 sale, the executive vice president now directly owns 8,513 shares of the company’s stock, valued at approximately $417,307.26. The disclosure for this sale can be found here. Insiders have sold 391,402 shares of company stock worth $18,818,536 in the last 90 days. Insiders own 0.72% of the company’s stock.

General Motors Trading Up 0.6 %

NYSE:GM traded up $0.31 during trading hours on Monday, hitting $49.78. The company had a trading volume of 15,736,800 shares, compared to its average volume of 15,498,797. The company has a market capitalization of $55.95 billion, a PE ratio of 6.09, a price-to-earnings-growth ratio of 0.50 and a beta of 1.43. The stock has a 50-day moving average price of $46.08 and a 200 day moving average price of $44.49. General Motors has a 52 week low of $26.30 and a 52 week high of $50.50. The company has a debt-to-equity ratio of 1.23, a current ratio of 1.18 and a quick ratio of 0.99.

General Motors (NYSE:GM) (TSE:GMM.U) last released its quarterly 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 business had revenue of $47.97 billion for the quarter, compared to analysts’ expectations of $45.13 billion. General Motors had a net margin of 6.22% and a return on equity of 15.77%. The firm’s revenue for the quarter was up 7.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.91 earnings per share. On average, equities research analysts predict that General Motors will post 9.94 EPS for the current fiscal year.

General Motors announced that its board has approved a stock repurchase program on Tuesday, June 11th that allows the company to repurchase $6.00 billion in shares. This repurchase authorization allows 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 board believes its shares are undervalued.

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 given a $0.12 dividend. 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 0.96%. General Motors’s dividend payout ratio is currently 5.87%.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Morgan Stanley downgraded shares of General Motors from an “overweight” rating to an “equal weight” rating and increased their price target for the stock from $46.00 to $47.00 in a report on Wednesday, July 24th. Wedbush reaffirmed an “outperform” rating and issued a $55.00 target price on shares of General Motors in a research note on Wednesday, July 24th. Royal Bank of Canada lowered their target price on shares of General Motors from $58.00 to $54.00 and set an “outperform” rating on the stock in a research note on Friday, August 9th. Nomura Securities raised shares of General Motors to a “strong sell” rating in a research note on Monday, August 5th. Finally, StockNews.com downgraded shares of General Motors from a “buy” rating to a “hold” rating in a research note on Wednesday, July 24th. Three research analysts have rated the stock with a sell rating, five have given a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, General Motors has a consensus rating of “Moderate Buy” and an average price target of $55.17.

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.