Range Financial Group LLC Has $1.15 Million Stock Holdings in General Motors (NYSE:GM)

Range Financial Group LLC increased its holdings in shares of General Motors (NYSE:GM) (TSE:GMM.U) by 134.6% during the 2nd quarter, Holdings Channel.com reports. The fund owned 24,653 shares of the auto manufacturer’s stock after acquiring an additional 14,144 shares during the period. Range Financial Group LLC’s holdings in General Motors were worth $1,145,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the business. Capital World Investors boosted its position in General Motors by 14.6% in the first quarter. Capital World Investors now owns 48,767,573 shares of the auto manufacturer’s stock valued at $2,211,609,000 after buying an additional 6,201,777 shares in the last quarter. Putnam Investments LLC boosted its holdings in shares of General Motors by 16.8% in the 4th quarter. Putnam Investments LLC now owns 20,237,820 shares of the auto manufacturer’s stock worth $726,942,000 after acquiring an additional 2,905,689 shares in the last quarter. Hotchkis & Wiley Capital Management LLC increased its holdings in General Motors by 21.9% during the 4th quarter. Hotchkis & Wiley Capital Management LLC now owns 18,097,486 shares of the auto manufacturer’s stock valued at $650,062,000 after purchasing an additional 3,247,050 shares in the last quarter. Norges Bank acquired a new position in General Motors in the fourth quarter worth $602,280,000. Finally, Franklin Resources Inc. grew its holdings in shares of General Motors by 12.0% during the fourth quarter. Franklin Resources Inc. now owns 13,731,249 shares of the auto manufacturer’s stock worth $493,226,000 after purchasing an additional 1,472,297 shares during the last quarter. Institutional investors and hedge funds own 92.67% of the company’s stock.

General Motors Price Performance

NYSE:GM opened at $48.36 on Thursday. General Motors has a 12-month low of $26.30 and a 12-month high of $50.50. The firm has a market capitalization of $55.18 billion, a price-to-earnings ratio of 5.92, a P/E/G ratio of 0.50 and a beta of 1.43. The stock’s 50 day moving average price is $46.21 and its two-hundred day moving average price is $44.67. 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 (NYSE:GM) (TSE:GMM.U) last announced its quarterly earnings results 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. The business had revenue of $47.97 billion during the quarter, compared to the consensus estimate 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 last year, the firm posted $1.91 EPS. On average, analysts anticipate that General Motors will post 9.94 earnings per share for the current year.

General Motors announced that its board has initiated a stock repurchase program on Tuesday, June 11th that authorizes the company to buyback $6.00 billion in outstanding shares. This buyback authorization authorizes the auto manufacturer to repurchase up to 10.8% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board believes its stock is undervalued.

General Motors Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 19th. Shareholders of record on Friday, September 6th will be given a dividend of $0.12 per share. The ex-dividend date of this dividend is Friday, September 6th. This represents a $0.48 annualized dividend and a yield of 0.99%. General Motors’s dividend payout ratio (DPR) is presently 5.87%.

Insider Transactions at General Motors

In related news, EVP Rory Harvey sold 2,302 shares of General Motors stock in a transaction that occurred on Friday, August 23rd. The stock was 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 legal filing with the SEC, which is accessible through the SEC website. In other General Motors news, EVP Rory Harvey sold 2,302 shares of General Motors stock in a transaction dated 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 sale, the executive vice president now owns 10,356 shares in the company, valued at approximately $489,942.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Paul A. Jacobson bought 25,000 shares of the firm’s stock in a transaction on Friday, July 26th. The shares were acquired at an average price of $44.11 per share, for a total transaction of $1,102,750.00. Following the transaction, the chief financial officer now owns 261,872 shares in the company, valued at $11,551,173.92. The disclosure for this purchase can be found here. Insiders sold a total of 391,402 shares of company stock worth $18,818,536 over the last quarter. Company insiders own 0.72% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on GM. StockNews.com cut General Motors from a “buy” rating to a “hold” rating in a report on Wednesday, July 24th. Royal Bank of Canada reduced 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 report on Friday, August 9th. Wedbush reissued an “outperform” rating and issued a $55.00 price target on shares of General Motors in a report on Wednesday, July 24th. JPMorgan Chase & Co. raised their price target on General Motors from $60.00 to $61.00 and gave the company an “overweight” rating in a report on Wednesday, July 24th. Finally, UBS Group boosted their price objective on General Motors from $61.00 to $64.00 and gave the stock a “buy” rating in a report on Wednesday, July 10th. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus 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.