ABC Arbitrage SA Buys New Shares in General Motors Company (NYSE:GM)

Key Points

• ABC Arbitrage SA acquired 50,118 shares of General Motors, valued at approximately $2.36 million, marking a significant new stake in the company during the first quarter.
• General Motors reported a quarterly revenue of $47.12 billion, exceeding expectations, but saw a year-over-year decline in revenue by 1.8%.
• The company declared a quarterly dividend of $0.15 per share, with a yield of 1.1%, highlighting its commitment to returning capital to shareholders.

ABC Arbitrage SA bought a new stake in shares of General Motors Company (NYSE:GM - Free Report) TSE: GMM.U in the 1st quarter, according to its most recent filing with the SEC. The institutional investor bought 50,118 shares of the auto manufacturer's stock, valued at approximately $2,357,000.

Other large investors have also recently bought and sold shares of the company. Operose Advisors LLC raised its stake in shares of General Motors by 18.7% in the 4th quarter. Operose Advisors LLC now owns 1,413 shares of the auto manufacturer's stock valued at $75,000 after buying an additional 223 shares in the last quarter. Bessemer Group Inc. raised its stake in shares of General Motors by 0.4% in the 4th quarter. Bessemer Group Inc. now owns 53,619 shares of the auto manufacturer's stock valued at $2,856,000 after buying an additional 226 shares in the last quarter. Hohimer Wealth Management LLC raised its stake in shares of General Motors by 0.3% in the 1st quarter. Hohimer Wealth Management LLC now owns 70,377 shares of the auto manufacturer's stock valued at $3,310,000 after buying an additional 230 shares in the last quarter. HHM Wealth Advisors LLC raised its stake in shares of General Motors by 14.4% in the 1st quarter. HHM Wealth Advisors LLC now owns 1,838 shares of the auto manufacturer's stock valued at $86,000 after buying an additional 232 shares in the last quarter. Finally, Aaron Wealth Advisors LLC raised its stake in shares of General Motors by 3.6% in the 1st quarter. Aaron Wealth Advisors LLC now owns 6,709 shares of the auto manufacturer's stock valued at $316,000 after buying an additional 235 shares in the last quarter. 92.67% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at General Motors

In other news, EVP Rory Harvey sold 23,977 shares of the firm's stock in a transaction that occurred on Tuesday, August 5th. The shares were sold at an average price of $53.01, for a total transaction of $1,271,020.77. Following the completion of the transaction, the executive vice president directly owned 8,513 shares of the company's stock, valued at $451,274.13. This trade represents a 73.80% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.54% of the stock is owned by corporate insiders.

General Motors Stock Up 1.1%

GM stock traded up $0.57 during mid-day trading on Friday, hitting $53.52. 4,125,133 shares of the company were exchanged, compared to its average volume of 10,305,823. The company has a debt-to-equity ratio of 1.42, a quick ratio of 1.05 and a current ratio of 1.22. The firm has a market cap of $50.96 billion, a P/E ratio of 8.50, a P/E/G ratio of 1.12 and a beta of 1.36. The firm's 50 day simple moving average is $50.95 and its 200 day simple moving average is $48.84. General Motors Company has a 1-year low of $41.60 and a 1-year high of $61.24.

General Motors (NYSE:GM - Get Free Report) TSE: GMM.U last announced its earnings results on Tuesday, July 22nd. The auto manufacturer reported $2.53 EPS for the quarter, topping the consensus estimate of $2.52 by $0.01. The firm had revenue of $47.12 billion for the quarter, compared to the consensus estimate of $45.87 billion. General Motors had a net margin of 2.54% and a return on equity of 12.98%. The business's quarterly revenue was down 1.8% on a year-over-year basis. During the same period last year, the company posted $3.06 EPS. On average, sell-side analysts predict that General Motors Company will post 11.44 EPS for the current fiscal year.

General Motors Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 18th. Stockholders of record on Friday, September 5th will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 1.1%. The ex-dividend date of this dividend is Friday, September 5th. General Motors's dividend payout ratio (DPR) is currently 9.52%.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the stock. Royal Bank Of Canada restated an "outperform" rating on shares of General Motors in a research note on Thursday, July 24th. UBS Group increased their price objective on shares of General Motors from $50.00 to $56.00 and gave the stock a "neutral" rating in a report on Monday, July 14th. JPMorgan Chase & Co. upped their target price on shares of General Motors from $56.00 to $60.00 and gave the company an "overweight" rating in a research report on Monday, July 21st. Barclays upped their target price on shares of General Motors from $45.00 to $55.00 and gave the company an "equal weight" rating in a research report on Wednesday, July 16th. Finally, Benchmark started coverage on shares of General Motors in a research report on Monday, July 21st. They set a "buy" rating and a $65.00 target price on the stock. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $57.53.

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.