ABC Arbitrage SA Acquires 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 acquired a new position in shares of General Motors Company (NYSE:GM - Free Report) TSE: GMM.U during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 50,118 shares of the auto manufacturer's stock, valued at approximately $2,357,000.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Measured Risk Portfolios Inc. acquired a new stake in General Motors in the fourth quarter worth about $27,000. Costello Asset Management INC acquired a new stake in shares of General Motors during the 1st quarter worth approximately $32,000. Transce3nd LLC acquired a new position in General Motors in the fourth quarter valued at approximately $34,000. North Capital Inc. bought a new position in General Motors in the first quarter valued at approximately $40,000. Finally, Ossiam acquired a new stake in General Motors during the 4th quarter worth $44,000. Institutional investors own 92.67% of the company's stock.

General Motors Price Performance

Shares of GM stock traded up $0.46 during trading on Thursday, hitting $52.93. The company had a trading volume of 5,860,576 shares, compared to its average volume of 10,324,473. The stock's 50-day moving average price is $50.87 and its 200 day moving average price is $48.85. General Motors Company has a one year low of $41.09 and a one year high of $61.24. 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 capitalization of $50.39 billion, a P/E ratio of 8.40, a price-to-earnings-growth ratio of 1.11 and a beta of 1.36.

General Motors (NYSE:GM - Get Free Report) TSE: GMM.U last released its earnings results on Tuesday, July 22nd. The auto manufacturer reported $2.53 earnings per share for the quarter, beating analysts' consensus estimates of $2.52 by $0.01. The firm had revenue of $47.12 billion during the quarter, compared to the consensus estimate of $45.87 billion. General Motors had a return on equity of 12.98% and a net margin of 2.54%. The company's revenue was down 1.8% compared to the same quarter last year. During the same period in the prior year, the company posted $3.06 EPS. Equities analysts expect that General Motors Company will post 11.44 EPS for the current fiscal year.

General Motors Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 18th. Shareholders of record on Friday, September 5th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a 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%.

Insider Buying and Selling

In other news, EVP Rory Harvey sold 23,977 shares of the company'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 sale, the executive vice president owned 8,513 shares of the company's stock, valued at approximately $451,274.13. This represents a 73.80% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.54% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. BNP Paribas raised General Motors to a "strong-buy" rating in a research note on Monday, May 5th. Benchmark began coverage on General Motors in a research note on Monday, July 21st. They issued a "buy" rating and a $65.00 target price on the stock. Bank of America lowered their target price on shares of General Motors from $65.00 to $62.00 and set a "buy" rating for the company in a research note on Wednesday, July 23rd. Industrial Alliance Securities set a $70.00 price target on shares of General Motors in a research report on Friday, July 11th. Finally, Citigroup upped their price target on shares of General Motors from $59.00 to $61.00 and gave the company a "buy" rating in a report on Wednesday, July 23rd. Two analysts have rated the stock with a sell rating, ten have given a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $57.53.

General Motors Company 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.