Maryland State Retirement & Pension System Sells 12,064 Shares of General Motors Company (NYSE:GM)

Key Points

• The Maryland State Retirement & Pension System reduced its holdings in General Motors by 20.7%, selling 12,064 shares and ending the quarter with 46,335 shares valued at approximately $2.18 million.
• Several hedge funds increased their positions in General Motors, with notable increases from Deutsche Bank AG (2.3%) and Chicago Partners Investment Group LLC (25.2%), while institutional investors and hedge funds collectively own 92.67% of the company's stock.
• General Motors declared a quarterly dividend of $0.15 per share, with an annualized yield of 1.1%, and the ex-dividend date is set for September 5th.

Maryland State Retirement & Pension System decreased its holdings in General Motors Company (NYSE:GM - Free Report) TSE: GMM.U by 20.7% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 46,335 shares of the auto manufacturer's stock after selling 12,064 shares during the quarter. Maryland State Retirement & Pension System's holdings in General Motors were worth $2,179,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Vanguard Group Inc. raised its stake in General Motors by 6.9% during the first quarter. Vanguard Group Inc. now owns 99,341,336 shares of the auto manufacturer's stock valued at $4,672,023,000 after buying an additional 6,395,375 shares in the last quarter. Assenagon Asset Management S.A. grew its holdings in General Motors by 305.6% in the 1st quarter. Assenagon Asset Management S.A. now owns 2,858,959 shares of the auto manufacturer's stock worth $134,457,000 after buying an additional 2,154,037 shares in the last quarter. Jupiter Asset Management Ltd. bought a new position in General Motors in the 1st quarter worth approximately $86,900,000. AustralianSuper Pty Ltd grew its holdings in General Motors by 38.9% in the 1st quarter. AustralianSuper Pty Ltd now owns 6,111,582 shares of the auto manufacturer's stock worth $287,428,000 after buying an additional 1,712,033 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new position in General Motors in the 4th quarter worth approximately $60,198,000. Institutional investors and hedge funds own 92.67% of the company's stock.

General Motors Stock Up 2.6%

Shares of NYSE:GM traded up $1.40 during midday trading on Wednesday, hitting $55.56. 3,784,971 shares of the stock were exchanged, compared to its average volume of 11,954,248. The company has a debt-to-equity ratio of 1.42, a quick ratio of 1.05 and a current ratio of 1.22. General Motors Company has a 52-week low of $41.60 and a 52-week high of $61.24. The business's fifty day simple moving average is $51.18 and its two-hundred day simple moving average is $48.82. The company has a market capitalization of $52.90 billion, a PE ratio of 8.85, a P/E/G ratio of 1.14 and a beta of 1.36.

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

General Motors Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 18th. Shareholders of record on Friday, September 5th will be given a dividend of $0.15 per share. 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 is presently 9.52%.

Analyst Ratings Changes

A number of brokerages recently issued reports on GM. Wedbush reissued an "outperform" rating and issued a $55.00 price objective on shares of General Motors in a report on Wednesday, July 23rd. Citigroup increased their price target on General Motors from $59.00 to $61.00 and gave the company a "buy" rating in a research note on Wednesday, July 23rd. JPMorgan Chase & Co. increased their price target on General Motors from $56.00 to $60.00 and gave the company an "overweight" rating in a research note on Monday, July 21st. Industrial Alliance Securities set a $70.00 price target on General Motors in a research note on Friday, July 11th. Finally, UBS Group increased their price target on General Motors from $50.00 to $56.00 and gave the company a "neutral" rating in a research note on Monday, July 14th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, General Motors has an average rating of "Hold" and a consensus price target of $57.53.

Insider Buying and Selling

In other General Motors news, EVP Rory Harvey sold 23,977 shares of the stock in a transaction 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 transaction, the executive vice president directly owned 8,513 shares of the company's stock, valued at $451,274.13. This represents a 73.80% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.54% of the stock is owned by insiders.

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.