Meitav Investment House Ltd. Sells 885 Shares of General Motors (NYSE:GM)

Meitav Investment House Ltd. cut its position in General Motors (NYSE:GM) (TSE:GMM.U) by 11.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 7,185 shares of the auto manufacturer’s stock after selling 885 shares during the quarter. Meitav Investment House Ltd.’s holdings in General Motors were worth $334,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of the company. LifeSteps Financial Inc. acquired a new stake in General Motors during the first quarter worth about $25,000. Fortitude Family Office LLC increased its position 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 purchasing an additional 225 shares during the period. Montag A & Associates Inc. acquired a new position in shares of General Motors in the first quarter valued at $30,000. YHB Investment Advisors Inc. bought a new position in General Motors in the first quarter worth $32,000. Finally, EdgeRock Capital LLC bought a new stake in General Motors in the 2nd quarter valued at $33,000. Institutional investors own 92.67% of the company’s stock.

General Motors Stock Up 1.3 %

Shares of NYSE:GM traded up $0.65 during trading on Thursday, hitting $49.70. 4,773,713 shares of the company’s stock traded hands, compared to its average volume of 15,474,141. The company has a market cap of $56.71 billion, a price-to-earnings ratio of 6.00, a price-to-earnings-growth ratio of 0.44 and a beta of 1.43. General Motors has a 52 week low of $26.30 and a 52 week high of $50.50. The company has a current ratio of 1.18, a quick ratio of 0.99 and a debt-to-equity ratio of 1.23. The company has a 50-day moving average price of $45.97 and a 200-day moving average price of $44.27.

General Motors (NYSE:GM) (TSE:GMM.U) last posted its quarterly earnings data on Tuesday, July 23rd. The auto manufacturer reported $3.06 earnings per share (EPS) 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 during the quarter, compared to the consensus estimate of $45.13 billion. During the same period last year, the company earned $1.91 earnings per share. General Motors’s quarterly revenue was up 7.2% on a year-over-year basis. As a group, research analysts forecast that General Motors will post 9.94 EPS for the current fiscal year.

General Motors declared that its Board of Directors has initiated a share repurchase plan on Tuesday, June 11th that allows the company to repurchase $6.00 billion in shares. This repurchase authorization allows the auto manufacturer to buy up to 10.8% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

General Motors Announces Dividend

The company also recently declared 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. This represents a $0.48 annualized dividend and a yield of 0.97%. The ex-dividend date is Friday, September 6th. General Motors’s dividend payout ratio (DPR) is currently 5.87%.

Insider Activity

In related news, CEO Mary T. Barra sold 326,305 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the chief executive officer now directly owns 898,648 shares in the company, valued at $43,431,657.84. The sale was disclosed in a filing with the SEC, which is available at this link. In related news, EVP Rory Harvey sold 2,302 shares of the company’s 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 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 SEC, which can be accessed through the SEC website. Also, CEO Mary T. Barra sold 326,305 shares of General Motors stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $48.33, for a total transaction of $15,770,320.65. Following the completion of the sale, the chief executive officer now directly owns 898,648 shares of the company’s stock, valued at $43,431,657.84. The disclosure for this sale can be found here. Insiders sold a total of 391,402 shares of company stock valued at $18,818,536 in the last quarter. Company insiders own 0.72% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently weighed in on GM shares. StockNews.com lowered shares of General Motors from a “buy” rating to a “hold” rating in a research report on Wednesday, July 24th. JPMorgan Chase & Co. raised their target price on General Motors from $60.00 to $61.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 24th. Wedbush reiterated an “outperform” rating and issued a $55.00 price target on shares of General Motors in a research report on Wednesday, July 24th. Nomura cut General Motors from a “neutral” rating to a “reduce” rating and set a $34.00 price objective for the company. in a report on Monday, August 5th. Finally, Nomura Securities raised shares of General Motors to a “strong sell” rating in a report on Monday, August 5th. Three research analysts have rated the stock with a sell rating, five have issued a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $55.17.

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.