General Motors Company (NYSE:GM) EVP Rory Harvey Sells 23,977 Shares

Key Points

• Rory Harvey, the EVP of General Motors, sold 23,977 shares for a total value of $1,271,020.77, resulting in a significant decrease of 73.80% in his position, now owning 8,513 shares valued at approximately $451,274.13.
• General Motors reported quarterly earnings of $2.53 EPS, exceeding expectations, with total revenue of $47.12 billion, although revenue was down 1.8% compared to the same quarter last year.
• The company announced a quarterly dividend of $0.15 per share, representing an annualized dividend of $0.60 with a dividend yield of 1.1%, to be paid on September 18th.

General Motors Company (NYSE:GM - Get Free Report) TSE: GMM.U EVP Rory Harvey sold 23,977 shares of General Motors 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 transaction, the executive vice president owned 8,513 shares in the company, valued at $451,274.13. The trade was a 73.80% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

General Motors Stock Up 0.5%

Shares of GM traded up $0.25 during mid-day trading on Monday, reaching $53.78. 922,754 shares of the stock traded hands, compared to its average volume of 12,003,073. The firm has a market cap of $51.20 billion, a price-to-earnings ratio of 8.55, a P/E/G ratio of 1.13 and a beta of 1.36. The stock has a fifty day simple moving average of $50.95 and a 200 day simple moving average of $48.78. 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 Company has a 12-month low of $41.60 and a 12-month high of $61.24.

General Motors (NYSE:GM - Get Free Report) TSE: GMM.U last posted its quarterly earnings data on Tuesday, July 22nd. The auto manufacturer reported $2.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.52 by $0.01. The firm had revenue of $47.12 billion for the quarter, compared to the consensus estimate 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 quarter in the previous year, the company earned $3.06 EPS. Sell-side analysts expect that General Motors Company will post 11.44 EPS for the current fiscal year.

General Motors Announces Dividend

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

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Benchmark started coverage on General Motors in a report on Monday, July 21st. They set a "buy" rating and a $65.00 target price on the stock. CLSA raised General Motors to a "moderate buy" rating in a research report on Monday, July 7th. JPMorgan Chase & Co. upped their target price on General Motors from $56.00 to $60.00 and gave the stock an "overweight" rating in a research note on Monday, July 21st. Industrial Alliance Securities set a $70.00 price target on General Motors in a research note on Friday, July 11th. Finally, Royal Bank Of Canada reaffirmed an "outperform" rating on shares of General Motors in a research report on Thursday, July 24th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, General Motors has an average rating of "Hold" and a consensus price target of $57.53.

Hedge Funds Weigh In On General Motors

Several hedge funds have recently added to or reduced their stakes in the company. AQR Capital Management LLC boosted its stake in General Motors by 146.8% in the 1st quarter. AQR Capital Management LLC now owns 13,470,258 shares of the auto manufacturer's stock valued at $629,196,000 after purchasing an additional 8,012,743 shares during the period. Vanguard Group Inc. increased its holdings in 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 in the last quarter. Nuveen LLC acquired a new stake in shares of General Motors in the first quarter valued at about $175,889,000. Kingstone Capital Partners Texas LLC acquired a new stake in shares of General Motors in the second quarter valued at about $125,583,000. Finally, Assenagon Asset Management S.A. increased its stake in shares of General Motors by 305.6% in the first quarter. Assenagon Asset Management S.A. now owns 2,858,959 shares of the auto manufacturer's stock valued at $134,457,000 after buying an additional 2,154,037 shares during the period. Institutional investors own 92.67% 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.