Vanguard Group Inc. Purchases 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 holdings in shares of General Motors Company (NYSE:GM - Free Report) TSE: GMM.U by 6.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 99,341,336 shares of the auto manufacturer's stock after purchasing an additional 6,395,375 shares during the period. Vanguard Group Inc. owned about 10.33% of General Motors worth $4,672,023,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Goldman Sachs Group Inc. lifted its stake in General Motors by 12.1% during the first quarter. Goldman Sachs Group Inc. now owns 9,447,099 shares of the auto manufacturer's stock valued at $444,297,000 after buying an additional 1,020,386 shares in the last quarter. Intrust Bank NA raised its position in General Motors by 19.0% during the first quarter. Intrust Bank NA now owns 21,953 shares of the auto manufacturer's stock valued at $1,032,000 after acquiring an additional 3,503 shares in the last quarter. ABC Arbitrage SA bought a new position in General Motors during the first quarter valued at approximately $2,357,000. Costello Asset Management INC bought a new position in General Motors during the first quarter valued at approximately $32,000. Finally, Thoroughbred Financial Services LLC grew its holdings in General Motors by 4.3% during the first 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 last quarter. Institutional investors own 92.67% of the company's stock.

General Motors Stock Up 0.1%

NYSE:GM traded up $0.08 during trading hours on Tuesday, reaching $54.09. 2,806,560 shares of the stock were exchanged, compared to its average volume of 11,981,252. The firm has a 50 day moving average of $51.08 and a 200 day moving average of $48.78. General Motors Company has a twelve month low of $41.60 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. The stock has a market cap of $51.50 billion, a PE ratio of 8.59, a PEG ratio of 1.13 and a beta of 1.36.

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 (EPS) for the quarter, topping analysts' consensus estimates of $2.52 by $0.01. General Motors had a return on equity of 12.98% and a net margin of 2.54%. The company had revenue of $47.12 billion for the quarter, compared to analysts' expectations of $45.87 billion. During the same quarter in the prior year, the business posted $3.06 EPS. The business's revenue was down 1.8% compared to the same quarter last year. On average, equities analysts expect that General Motors Company will post 11.44 earnings per share for the current 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 issued 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 payout ratio is presently 9.52%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. BNP Paribas upgraded shares of General Motors to a "strong-buy" rating in a research note on Monday, May 5th. JPMorgan Chase & Co. raised their target price on General Motors from $56.00 to $60.00 and gave the stock an "overweight" rating in a research report on Monday, July 21st. Mizuho lifted their price objective on General Motors from $53.00 to $58.00 and gave the company an "outperform" rating in a report on Friday, May 16th. Royal Bank Of Canada reaffirmed an "outperform" rating on shares of General Motors in a report on Thursday, July 24th. Finally, CLSA upgraded General Motors to a "moderate buy" rating in a research report on Monday, July 7th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $57.53.

Insider Activity at General Motors

In related news, EVP Rory Harvey sold 23,977 shares of General Motors stock in a transaction dated Tuesday, August 5th. The shares were sold at an average price of $53.01, for a total transaction 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. The trade was a 73.80% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.54% of the company's stock.

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.