General Motors Company (GM) Sees Large Increase in Short Interest
General Motors Company (NYSE:GM) (TSE:GMM.U) was the recipient of a large increase in short interest in the month of August. As of August 31st, there was short interest totalling 44,059,103 shares, an increase of 14.7% from the August 15th total of 38,426,459 shares. Based on an average daily volume of 7,306,892 shares, the short-interest ratio is presently 6.0 days. Approximately 3.3% of the company’s shares are sold short.
In other news, insider John J. Quattrone sold 15,000 shares of the firm’s stock in a transaction dated Friday, June 30th. The shares were sold at an average price of $35.00, for a total value of $525,000.00. Following the completion of the sale, the insider now directly owns 42,623 shares of the company’s stock, valued at approximately $1,491,805. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, President Daniel Ammann sold 50,000 shares of the firm’s stock in a transaction dated Wednesday, September 13th. The stock was sold at an average price of $38.00, for a total transaction of $1,900,000.00. Following the completion of the sale, the president now directly owns 185,953 shares of the company’s stock, valued at $7,066,214. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 614,947 shares of company stock valued at $22,402,528. Corporate insiders own 0.04% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. grew its stake in shares of General Motors by 4.0% during the 2nd quarter. Vanguard Group Inc. now owns 93,414,041 shares of the auto manufacturer’s stock worth $3,262,952,000 after purchasing an additional 3,560,717 shares during the period. BlackRock Inc. grew its stake in shares of General Motors by 1.1% during the 2nd quarter. BlackRock Inc. now owns 78,753,259 shares of the auto manufacturer’s stock worth $2,750,849,000 after purchasing an additional 850,211 shares during the period. State Street Corp grew its stake in shares of General Motors by 3.9% during the 1st quarter. State Street Corp now owns 60,423,820 shares of the auto manufacturer’s stock worth $2,136,563,000 after purchasing an additional 2,252,866 shares during the period. Berkshire Hathaway Inc. grew its stake in shares of General Motors by 20.0% during the 2nd quarter. Berkshire Hathaway Inc. now owns 60,000,000 shares of the auto manufacturer’s stock worth $2,095,800,000 after purchasing an additional 10,000,000 shares during the period. Finally, Capital World Investors grew its stake in shares of General Motors by 5.0% during the 2nd quarter. Capital World Investors now owns 31,327,192 shares of the auto manufacturer’s stock worth $1,094,259,000 after purchasing an additional 1,500,500 shares during the period. 72.21% of the stock is currently owned by institutional investors and hedge funds.
Several research analysts recently issued reports on the stock. Berenberg Bank set a $31.00 price target on shares of General Motors and gave the stock a “sell” rating in a research note on Monday, August 14th. Buckingham Research reiterated a “neutral” rating and issued a $33.00 price target on shares of General Motors in a research note on Friday, September 8th. BidaskClub upgraded shares of General Motors from a “hold” rating to a “buy” rating in a research note on Thursday, August 17th. Zacks Investment Research upgraded shares of General Motors from a “sell” rating to a “hold” rating in a research note on Friday, August 4th. Finally, Piper Jaffray Companies reiterated a “buy” rating and issued a $44.00 price target on shares of General Motors in a research note on Tuesday, September 12th. Two analysts have rated the stock with a sell rating, thirteen have given a hold rating, ten have given a buy rating and three have issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $38.97.
General Motors (NYSE GM) opened at 38.88 on Friday. The stock has a market cap of $56.66 billion, a P/E ratio of 6.76 and a beta of 1.44. The company has a 50 day moving average of $36.04 and a 200-day moving average of $35.11. General Motors has a 12-month low of $30.21 and a 12-month high of $39.18.
General Motors (NYSE:GM) (TSE:GMM.U) last issued its quarterly earnings results on Tuesday, July 25th. The auto manufacturer reported $1.89 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.72 by $0.17. The company had revenue of $36.98 billion for the quarter, compared to the consensus estimate of $37.67 billion. General Motors had a net margin of 5.38% and a return on equity of 22.45%. General Motors’s quarterly revenue was down 1.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.86 EPS. Equities analysts forecast that General Motors will post $6.13 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 22nd. Stockholders of record on Friday, September 8th will be paid a dividend of $0.38 per share. The ex-dividend date is Thursday, September 7th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.91%. General Motors’s payout ratio is 26.48%.
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About General Motors
General Motors Company designs, builds and sells cars, trucks, crossovers and automobile parts. The Company’s segments include GM North America (GMNA), GM Europe (GME), GM International Operations (GMIO), GM South America (GMSA) and General Motors Financial Company, Inc (GM Financial). The Company provides automotive financing services through General Motors Financial Company, Inc The Company develops, manufactures and/or markets vehicles in North America under the brands, including Buick, Cadillac, Chevrolet and GMC.
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