Pallas Capital Advisors LLC Buys 5,642 Shares of General Motors (NYSE:GM)

Pallas Capital Advisors LLC raised its stake in shares of General Motors (NYSE:GM) (TSE:GMM.U) by 75.5% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 13,114 shares of the auto manufacturer’s stock after acquiring an additional 5,642 shares during the quarter. Pallas Capital Advisors LLC’s holdings in General Motors were worth $651,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. LifeSteps Financial Inc. bought a new position in shares of General Motors in the first quarter valued at about $25,000. Fortitude Family Office LLC raised 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 valued at $29,000 after buying an additional 225 shares during the last quarter. Montag A & Associates Inc. bought a new position in shares of General Motors in the first quarter valued at about $30,000. YHB Investment Advisors Inc. bought a new position in shares of General Motors in the first quarter valued at about $32,000. Finally, LRI Investments LLC bought a new position in shares of General Motors in the first quarter valued at about $34,000. 92.67% of the stock is owned by institutional investors.

General Motors Stock Performance

Shares of GM stock traded up $0.67 during trading on Wednesday, reaching $46.65. 3,267,475 shares of the company’s stock were exchanged, compared to its average volume of 15,683,114. 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 market capitalization of $53.23 billion, a PE ratio of 5.69, a PEG ratio of 0.44 and a beta of 1.43. General Motors has a twelve month low of $26.30 and a twelve month high of $50.50. The firm’s fifty day moving average price is $45.94 and its 200-day moving average price is $43.93.

General Motors (NYSE:GM) (TSE:GMM.U) last posted its earnings results on Tuesday, July 23rd. The auto manufacturer reported $3.06 earnings per share for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $45.13 billion. During the same period in the previous year, the firm earned $1.91 EPS. The firm’s revenue was up 7.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that General Motors will post 9.94 EPS for the current year.

General Motors Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 19th. Shareholders of record on Friday, September 6th will be issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 1.03%. The ex-dividend date is Friday, September 6th. General Motors’s dividend payout ratio is 5.87%.

General Motors announced that its Board of Directors has authorized a stock repurchase program on Tuesday, June 11th that allows the company to buyback $6.00 billion in shares. This buyback authorization allows the auto manufacturer to purchase up to 10.8% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of analysts recently commented on GM shares. Nomura Securities upgraded General Motors to a “strong sell” rating in a research report on Monday, August 5th. Sanford C. Bernstein started coverage on General Motors in a report on Thursday, April 25th. They set an “outperform” rating and a $55.00 price objective on the stock. Royal Bank of Canada cut their price objective on General Motors from $58.00 to $54.00 and set an “outperform” rating on the stock in a report on Friday, August 9th. JPMorgan Chase & Co. lifted their price objective on General Motors from $60.00 to $61.00 and gave the company an “overweight” rating in a report on Wednesday, July 24th. Finally, Mizuho lifted their price objective on General Motors from $48.00 to $52.00 and gave the company a “buy” rating in a report on Wednesday, April 24th. Three investment analysts have rated the stock with a sell rating, five have given a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, General Motors currently has a consensus rating of “Moderate Buy” and a consensus price target of $55.17.

Insider Buying and Selling at General Motors

In other news, CEO Mary T. Barra sold 626,316 shares of the stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $43.46, for a total transaction of $27,219,693.36. Following the sale, the chief executive officer now directly owns 1,198,648 shares of the company’s stock, valued at approximately $52,093,242.08. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, CEO Mary T. Barra sold 626,316 shares of the stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $43.46, for a total transaction of $27,219,693.36. Following the sale, the chief executive officer now directly owns 1,198,648 shares of the company’s stock, valued at approximately $52,093,242.08. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Mary T. Barra sold 326,305 shares of the stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $48.33, for a total value of $15,770,320.65. Following the sale, the chief executive officer now directly owns 898,648 shares in the company, valued at $43,431,657.84. The disclosure for this sale can be found here. Insiders have 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 currently owned by corporate insiders.

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.