Sound Shore Management Inc. CT Lowers Position in General Motors (NYSE:GM)

Sound Shore Management Inc. CT lessened its position in General Motors (NYSE:GM) (TSE:GMM.U) by 49.5% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,081,595 shares of the auto manufacturer’s stock after selling 1,059,744 shares during the quarter. Sound Shore Management Inc. CT owned approximately 0.11% of General Motors worth $57,617,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Geode Capital Management LLC increased its holdings in shares of General Motors by 0.5% in the 3rd quarter. Geode Capital Management LLC now owns 23,620,533 shares of the auto manufacturer’s stock worth $1,055,395,000 after purchasing an additional 106,878 shares in the last quarter. Hotchkis & Wiley Capital Management LLC lifted its position in shares of General Motors by 6.1% in the third quarter. Hotchkis & Wiley Capital Management LLC now owns 17,278,448 shares of the auto manufacturer’s stock valued at $774,766,000 after acquiring an additional 989,750 shares in the last quarter. ACR Alpine Capital Research LLC lifted its position in shares of General Motors by 39.8% in the fourth quarter. ACR Alpine Capital Research LLC now owns 7,397,404 shares of the auto manufacturer’s stock valued at $394,060,000 after acquiring an additional 2,104,528 shares in the last quarter. Jacobs Levy Equity Management Inc. increased its holdings in shares of General Motors by 6.6% in the third quarter. Jacobs Levy Equity Management Inc. now owns 5,798,131 shares of the auto manufacturer’s stock worth $259,988,000 after purchasing an additional 358,507 shares during the last quarter. Finally, Amundi increased its holdings in shares of General Motors by 75.5% in the fourth quarter. Amundi now owns 4,914,256 shares of the auto manufacturer’s stock worth $250,627,000 after purchasing an additional 2,113,973 shares during the last quarter. Institutional investors own 92.67% of the company’s stock.

Insider Buying and Selling at General Motors

In related news, Director Alfred F. Kelly, Jr. purchased 12,000 shares of the company’s stock in a transaction on Thursday, January 30th. The shares were bought at an average cost of $50.66 per share, for a total transaction of $607,920.00. Following the transaction, the director now owns 13,714 shares of the company’s stock, valued at $694,751.24. This represents a 700.12 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this link. 0.72% of the stock is currently owned by company insiders.

General Motors Stock Performance

General Motors stock opened at $49.77 on Monday. General Motors has a 12-month low of $38.96 and a 12-month high of $61.24. The company has a market capitalization of $49.53 billion, a price-to-earnings ratio of 8.09, a price-to-earnings-growth ratio of 0.67 and a beta of 1.42. The company has a debt-to-equity ratio of 1.38, a current ratio of 1.13 and a quick ratio of 0.98. The firm’s fifty day moving average price is $49.02 and its 200 day moving average price is $50.49.

General Motors (NYSE:GM) (TSE:GMM.U) last announced its quarterly earnings data on Tuesday, January 28th. The auto manufacturer reported $1.92 earnings per share for the quarter, topping the consensus estimate of $1.75 by $0.17. General Motors had a net margin of 3.21% and a return on equity of 15.29%. On average, research analysts forecast that General Motors will post 11.44 EPS for the current fiscal year.

General Motors announced that its board has initiated a share buyback plan on Wednesday, February 26th that permits the company to buyback $6.00 billion in outstanding shares. This buyback authorization permits the auto manufacturer to reacquire up to 12.5% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

General Motors Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 20th. Shareholders of record on Friday, March 7th were paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 0.96%. The ex-dividend date of this dividend was Friday, March 7th. General Motors’s payout ratio is 7.80%.

Analyst Ratings Changes

A number of research firms have recently commented on GM. Mizuho upped their target price on General Motors from $59.00 to $62.00 and gave the company an “outperform” rating in a research note on Monday, December 9th. The Goldman Sachs Group set a $73.00 price target on General Motors in a report on Saturday, March 1st. Morgan Stanley upgraded General Motors from an “underweight” rating to an “equal weight” rating and upped their target price for the stock from $46.00 to $54.00 in a report on Tuesday, December 10th. StockNews.com downgraded General Motors from a “buy” rating to a “hold” rating in a research report on Wednesday, February 5th. Finally, UBS Group reaffirmed a “buy” rating on shares of General Motors in a research report on Monday, February 3rd. Three research analysts have rated the stock with a sell rating, eight have given a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $63.06.

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.