Vanguard Group Inc. Acquires 6,395,375 Shares of General Motors Company (NYSE:GM)

Key Points

• Vanguard Group Inc. increased its stake in General Motors by 6.9%, owning approximately 10.33% of the company after purchasing an additional 6,395,375 shares, valued at about $4.67 billion.
• General Motors reported $2.53 earnings per share for its latest quarter, beating expectations and generating $47.12 billion in revenue, which is down 1.8% year-over-year.
• The company also announced a quarterly dividend of $0.15 per share, which will be paid on September 18th, representing a 1.1% yield.

Vanguard Group Inc. raised its stake in General Motors Company (NYSE:GM - Free Report) TSE: GMM.U by 6.9% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 99,341,336 shares of the auto manufacturer's stock after buying an additional 6,395,375 shares during the period. Vanguard Group Inc. owned approximately 10.33% of General Motors worth $4,672,023,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. Goldman Sachs Group Inc. raised its stake in General Motors by 12.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 9,447,099 shares of the auto manufacturer's stock valued at $444,297,000 after purchasing an additional 1,020,386 shares during the period. Intrust Bank NA raised its stake in General Motors by 19.0% during the 1st quarter. Intrust Bank NA now owns 21,953 shares of the auto manufacturer's stock valued at $1,032,000 after purchasing an additional 3,503 shares during the period. ABC Arbitrage SA acquired a new stake in General Motors during the 1st quarter valued at $2,357,000. Costello Asset Management INC acquired a new stake in General Motors during the 1st quarter valued at $32,000. Finally, Thoroughbred Financial Services LLC raised its stake in General Motors by 4.3% during the 1st quarter. Thoroughbred Financial Services LLC now owns 29,811 shares of the auto manufacturer's stock valued at $1,402,000 after purchasing an additional 1,231 shares during the period. Institutional investors own 92.67% of the company's stock.

Insider Activity at General Motors

In other General Motors news, EVP Rory Harvey sold 23,977 shares of the firm's stock in a transaction that occurred on Tuesday, August 5th. The shares were sold at an average price of $53.01, for a total value of $1,271,020.77. Following the transaction, the executive vice president directly owned 8,513 shares of the company's stock, valued at approximately $451,274.13. This trade represents a 73.80% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.54% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on GM shares. Sanford C. Bernstein set a $36.00 price target on shares of General Motors in a report on Monday, May 5th. Industrial Alliance Securities set a $70.00 price objective on shares of General Motors in a report on Friday, July 11th. Benchmark began coverage on shares of General Motors in a report on Monday, July 21st. They issued a "buy" rating and a $65.00 price objective for the company. Piper Sandler reiterated a "neutral" rating and issued a $48.00 price objective (up from $43.00) on shares of General Motors in a report on Thursday, May 22nd. Finally, Mizuho upped their price objective on shares of General Motors from $53.00 to $58.00 and gave the stock an "outperform" rating in a report on Friday, May 16th. Two 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 stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus price target of $57.53.

General Motors Price Performance

Shares of GM traded up $0.57 during mid-day trading on Friday, hitting $53.52. 4,125,133 shares of the company traded hands, compared to its average volume of 10,305,823. General Motors Company has a one year low of $41.60 and a one year high of $61.24. The company has a current ratio of 1.22, a quick ratio of 1.05 and a debt-to-equity ratio of 1.42. The business has a 50-day moving average of $50.95 and a 200 day moving average of $48.82. The stock has a market capitalization of $50.96 billion, a price-to-earnings ratio of 8.50, a PEG ratio of 1.13 and a beta of 1.36.

General Motors (NYSE:GM - Get Free Report) TSE: GMM.U last released its quarterly earnings results on Tuesday, July 22nd. The auto manufacturer reported $2.53 EPS for the quarter, beating 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 period in the prior year, the firm earned $3.06 earnings per share. General Motors's revenue was down 1.8% compared to the same quarter last year. As a group, equities analysts expect that General Motors Company will post 11.44 earnings per share 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 paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend 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 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.