General Motors Company (NYSE:GM) Shares Sold by State of New Jersey Common Pension Fund D

Key Points

• The State of New Jersey Common Pension Fund D sold 40,136 shares of General Motors, reducing its holdings by 9.8% in the first quarter, leaving it with 371,387 shares valued at approximately $17.47 million.
• General Motors reported a quarterly revenue of $47.12 billion, exceeding estimates, despite a 1.8% decline compared to the previous year, with earnings per share of $2.53.
• The company declared a quarterly dividend of $0.15 per share, with a dividend yield of 1.1%, set to be paid on September 18th to stockholders of record.

State of New Jersey Common Pension Fund D reduced its holdings in General Motors Company (NYSE:GM - Free Report) TSE: GMM.U by 9.8% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 371,387 shares of the auto manufacturer's stock after selling 40,136 shares during the quarter. State of New Jersey Common Pension Fund D's holdings in General Motors were worth $17,466,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Measured Risk Portfolios Inc. acquired a new stake in shares of General Motors during the 4th quarter worth $27,000. Costello Asset Management INC acquired a new stake in shares of General Motors during the 1st quarter worth $32,000. Transce3nd LLC acquired a new stake in shares of General Motors during the 4th quarter worth $34,000. North Capital Inc. acquired a new stake in shares of General Motors during the 1st quarter worth $40,000. Finally, Ossiam acquired a new stake in shares of General Motors during the 4th quarter worth $44,000. 92.67% of the stock is currently owned by institutional investors and hedge funds.

General Motors Stock Down 0.2%

Shares of General Motors stock opened at $56.31 on Friday. The business has a 50-day moving average of $51.70 and a 200-day moving average of $48.92. The company has a debt-to-equity ratio of 1.42, a current ratio of 1.22 and a quick ratio of 1.05. The company has a market capitalization of $53.61 billion, a PE ratio of 8.94, a P/E/G ratio of 1.19 and a beta of 1.36. 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 issued its quarterly 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. General Motors had a net margin of 2.54% and a return on equity of 12.98%. The business had revenue of $47.12 billion for the quarter, compared to analysts' expectations of $45.87 billion. During the same quarter last year, the company posted $3.06 earnings per share. The company's quarterly revenue was down 1.8% compared to the same quarter last year. As a group, equities analysts forecast that General Motors Company will post 11.44 EPS for the current fiscal year.

General Motors Announces Dividend

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

Insider Activity

In other news, CAO Christopher Hatto sold 36,804 shares of the stock in a transaction dated Wednesday, August 13th. The shares were sold at an average price of $55.10, for a total transaction of $2,027,900.40. Following the transaction, the chief accounting officer owned 12,007 shares of the company's stock, valued at approximately $661,585.70. This trade represents a 75.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Rory Harvey sold 23,977 shares of the stock in a transaction dated Tuesday, August 5th. The stock was 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 in the company, valued at $451,274.13. The trade was a 73.80% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.54% of the company's stock.

Analyst Upgrades and Downgrades

GM has been the subject of a number of research analyst reports. CLSA upgraded General Motors to a "moderate buy" rating in a report on Monday, July 7th. The Goldman Sachs Group restated a "buy" rating on shares of General Motors in a report on Friday, July 11th. BNP Paribas upgraded General Motors to a "strong-buy" rating in a report on Monday, May 5th. Piper Sandler reiterated a "neutral" rating and issued a $48.00 price target (up from $43.00) on shares of General Motors in a report on Thursday, May 22nd. Finally, Wells Fargo & Company increased their price target on General Motors from $34.00 to $38.00 and gave the company an "underweight" 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 given a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus 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.

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