MMCAP International Inc. SPC Cuts Stock Holdings in General Motors Company (NYSE:GM)

Key Points

• MMCAP International Inc. SPC has reduced its stake in General Motors by 11.1%, now owning 80,000 shares worth approximately $3.76 million after selling 10,000 shares.
• General Motors recently reported earnings of $2.53 per share for the last quarter, surpassing analyst expectations, though revenue declined by 1.8% compared to the previous year.
• The company announced a quarterly dividend of $0.15 per share, representing an annualized dividend of $0.60 and a yield of 1.1%, with the ex-dividend date set for September 5th.

MMCAP International Inc. SPC decreased its stake in shares of General Motors Company (NYSE:GM - Free Report) TSE: GMM.U by 11.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 80,000 shares of the auto manufacturer's stock after selling 10,000 shares during the period. MMCAP International Inc. SPC's holdings in General Motors were worth $3,762,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Susquehanna Fundamental Investments LLC purchased a new stake in shares of General Motors during the 4th quarter valued at approximately $25,404,000. Cassia Capital Partners LLC lifted its holdings in General Motors by 63.0% during the 1st quarter. Cassia Capital Partners LLC now owns 18,683 shares of the auto manufacturer's stock worth $879,000 after purchasing an additional 7,221 shares in the last quarter. AustralianSuper Pty Ltd lifted its holdings in General Motors by 38.9% during the 1st quarter. AustralianSuper Pty Ltd now owns 6,111,582 shares of the auto manufacturer's stock worth $287,428,000 after purchasing an additional 1,712,033 shares in the last quarter. Sowell Financial Services LLC purchased a new stake in General Motors during the 1st quarter worth about $312,000. Finally, Malaga Cove Capital LLC purchased a new stake in General Motors in the 1st quarter worth approximately $292,000. Hedge funds and other institutional investors own 92.67% of the company's stock.

Insider Activity at General Motors

In other news, EVP Rory Harvey sold 23,977 shares of the stock in a transaction on 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 sale, the executive vice president directly 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.54% of the company's stock.

General Motors Price Performance

Shares of GM stock opened at $53.52 on Friday. The stock has a market cap of $50.96 billion, a price-to-earnings ratio of 8.50, a PEG ratio of 1.13 and a beta of 1.36. The business's fifty day moving average is $50.95 and its 200 day moving average is $48.82. General Motors Company has a twelve month low of $41.60 and a twelve month high of $61.24. The company has a quick ratio of 1.05, a current ratio of 1.22 and a debt-to-equity ratio of 1.42.

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 for the quarter, topping analysts' consensus estimates of $2.52 by $0.01. The business had revenue of $47.12 billion for 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 business's revenue was down 1.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $3.06 earnings per share. Research analysts expect that General Motors Company will post 11.44 EPS for the current fiscal year.

General Motors Dividend Announcement

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

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on GM. Bank of America lowered their price objective 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. Wedbush reissued an "outperform" rating and set a $55.00 price objective on shares of General Motors in a report on Wednesday, July 23rd. Barclays lifted their target price on shares of General Motors from $45.00 to $55.00 and gave the stock an "equal weight" rating in a research report on Wednesday, July 16th. Deutsche Bank Aktiengesellschaft cut shares of General Motors from a "buy" rating to a "hold" rating and set a $43.00 target price on the stock. in a research report on Monday, April 14th. Finally, Sanford C. Bernstein set a $36.00 target price on shares of General Motors in a research report on Monday, May 5th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $57.53.

General Motors 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.