MMCAP International Inc. SPC Cuts Position 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 cut its holdings in shares of General Motors Company (NYSE:GM - Free Report) TSE: GMM.U by 11.1% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). 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.

A number of other large investors have also recently modified their holdings of GM. Vanguard Group Inc. lifted its position in shares of General Motors by 6.9% in the 1st quarter. Vanguard Group Inc. now owns 99,341,336 shares of the auto manufacturer's stock worth $4,672,023,000 after purchasing an additional 6,395,375 shares during the period. Assenagon Asset Management S.A. raised its stake in General Motors by 305.6% during the first 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 during the last quarter. Jupiter Asset Management Ltd. bought a new stake in General Motors during the first quarter valued at $86,900,000. AustralianSuper Pty Ltd grew 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 acquiring an additional 1,712,033 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new position in shares of General Motors in the 4th quarter worth about $60,198,000. Institutional investors and hedge funds own 92.67% of the company's stock.

Insider Buying and Selling at General Motors

In other news, EVP Rory Harvey sold 23,977 shares of the stock in a transaction that occurred on 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 completion of the transaction, the executive vice president directly owned 8,513 shares in the company, valued at approximately $451,274.13. This represents a 73.80% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.54% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the company. Mizuho upped their price target on General Motors from $53.00 to $58.00 and gave the stock an "outperform" rating in a research note on Friday, May 16th. The Goldman Sachs Group reaffirmed a "buy" rating on shares of General Motors in a research report on Friday, July 11th. Citigroup lifted their price target on shares of General Motors from $59.00 to $61.00 and gave the company a "buy" rating in a research report on Wednesday, July 23rd. Industrial Alliance Securities set a $70.00 price objective on shares of General Motors in a report on Friday, July 11th. Finally, Sanford C. Bernstein set a $36.00 target price on shares of General Motors in a report on Monday, May 5th. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $57.53.

General Motors Stock Up 1.2%

Shares of GM traded up $0.69 on Thursday, reaching $56.27. The stock had a trading volume of 4,231,838 shares, compared to its average volume of 11,924,905. 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 12-month low of $41.60 and a 12-month high of $61.24. The firm has a market capitalization of $53.57 billion, a price-to-earnings ratio of 8.94, a price-to-earnings-growth ratio of 1.15 and a beta of 1.36. The company has a 50-day simple moving average of $51.34 and a 200-day simple moving average of $48.86.

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 analysts' consensus estimates of $2.52 by $0.01. The firm had revenue of $47.12 billion for the quarter, compared to analysts' expectations of $45.87 billion. General Motors had a return on equity of 12.98% and a net margin of 2.54%. The business's revenue for the quarter was down 1.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $3.06 EPS. Sell-side analysts predict that General Motors Company will post 11.44 EPS for the current year.

General Motors Dividend Announcement

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

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.