Levin Capital Strategies L.P. Sells 151,096 Shares of General Motors Company (NYSE:GM)

Key Points

• Levin Capital Strategies L.P. has reduced its stake in General Motors by 39.6%, leaving it with 230,367 shares worth approximately $10.83 million.
• General Motors reported a quarterly earnings per share (EPS) of $2.53, surpassing expectations with a revenue of $47.12 billion, though revenue was down 1.8% year-over-year.
• The company has declared a quarterly dividend of $0.15 per share, representing an annual yield of 1.1% based on the current payout ratio of 9.52%.

Levin Capital Strategies L.P. cut its holdings in General Motors Company (NYSE:GM - Free Report) TSE: GMM.U by 39.6% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 230,367 shares of the auto manufacturer's stock after selling 151,096 shares during the quarter. Levin Capital Strategies L.P.'s holdings in General Motors were worth $10,834,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of GM. Costello Asset Management INC acquired a new stake in General Motors in the 1st quarter valued at $32,000. Thoroughbred Financial Services LLC increased its position in shares of General Motors by 4.3% in the first quarter. Thoroughbred Financial Services LLC now owns 29,811 shares of the auto manufacturer's stock valued at $1,402,000 after acquiring an additional 1,231 shares during the last quarter. Plan Group Financial LLC raised its holdings in General Motors by 52.4% during the first quarter. Plan Group Financial LLC now owns 12,492 shares of the auto manufacturer's stock worth $588,000 after acquiring an additional 4,293 shares in the last quarter. Ruffer LLP boosted its position in General Motors by 50.8% during the first quarter. Ruffer LLP now owns 91,281 shares of the auto manufacturer's stock valued at $4,293,000 after purchasing an additional 30,766 shares during the last quarter. Finally, Earned Wealth Advisors LLC acquired a new position in General Motors during the first quarter valued at approximately $554,000. 92.67% of the stock is owned by institutional investors.

Insider Transactions at General Motors

In other news, 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 value 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.54% of the stock is currently owned by corporate insiders.

General Motors Price Performance

GM traded up $0.46 during trading on Thursday, hitting $52.93. 5,860,576 shares of the stock traded hands, compared to its average volume of 10,324,473. The business has a 50 day moving average price of $50.87 and a 200 day moving average price of $48.85. The company has a market cap of $50.39 billion, a price-to-earnings ratio of 8.40, a PEG ratio of 1.11 and a beta of 1.36. General Motors Company has a twelve month low of $41.09 and a twelve month high of $61.24. The company has a debt-to-equity ratio of 1.42, a current ratio of 1.22 and a quick ratio of 1.05.

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

General Motors Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 18th. Investors 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 (DPR) is currently 9.52%.

Analyst Upgrades and Downgrades

Several analysts have issued reports on GM shares. Bank of America dropped their price target on shares of General Motors from $65.00 to $62.00 and set a "buy" rating on the stock in a research report on Wednesday, July 23rd. CLSA upgraded shares of General Motors to a "moderate buy" rating in a research note on Monday, July 7th. Wedbush reiterated an "outperform" rating and set a $55.00 price target on shares of General Motors in a report on Wednesday, July 23rd. Barclays upped their price objective on General Motors from $45.00 to $55.00 and gave the company an "equal weight" rating in a research note on Wednesday, July 16th. Finally, Wells Fargo & Company lifted their target price on General Motors from $34.00 to $38.00 and gave the stock an "underweight" rating in a research note on Wednesday, July 23rd. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has an average 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.