Allspring Global Investments Holdings LLC Reduces Holdings in General Motors (NYSE:GM)

Allspring Global Investments Holdings LLC reduced its holdings in shares of General Motors (NYSE:GM) (TSE:GMM.U) by 6.9% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,429,694 shares of the auto manufacturer’s stock after selling 106,734 shares during the period. Allspring Global Investments Holdings LLC owned about 0.13% of General Motors worth $66,424,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Norges Bank purchased a new position in shares of General Motors during the 4th quarter valued at about $602,280,000. Capital World Investors boosted its position in shares of General Motors by 14.6% in the first quarter. Capital World Investors now owns 48,767,573 shares of the auto manufacturer’s stock worth $2,211,609,000 after purchasing an additional 6,201,777 shares during the period. Swedbank AB purchased a new stake in shares of General Motors in the first quarter worth $159,750,000. Hotchkis & Wiley Capital Management LLC raised its position in shares of General Motors by 21.9% during the 4th quarter. Hotchkis & Wiley Capital Management LLC now owns 18,097,486 shares of the auto manufacturer’s stock valued at $650,062,000 after purchasing an additional 3,247,050 shares during the period. Finally, Putnam Investments LLC lifted its stake in shares of General Motors by 16.8% during the 4th quarter. Putnam Investments LLC now owns 20,237,820 shares of the auto manufacturer’s stock valued at $726,942,000 after buying an additional 2,905,689 shares in the last quarter. 92.67% of the stock is currently owned by institutional investors.

Insider Activity

In other General Motors news, EVP Rory Harvey sold 12,795 shares of the stock in a transaction on Monday, August 26th. The stock was sold at an average price of $49.02, for a total value of $627,210.90. Following the sale, the executive vice president now owns 8,513 shares in the company, valued at $417,307.26. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other General Motors news, EVP Rory Harvey sold 12,795 shares of the company’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $49.02, for a total value of $627,210.90. Following the transaction, the executive vice president now directly owns 8,513 shares in the company, valued at approximately $417,307.26. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Paul A. Jacobson purchased 25,000 shares of the firm’s stock in a transaction dated Friday, July 26th. The shares were bought at an average cost of $44.11 per share, with a total value of $1,102,750.00. Following the purchase, the chief financial officer now directly owns 261,872 shares of the company’s stock, valued at approximately $11,551,173.92. The disclosure for this purchase can be found here. Over the last 90 days, insiders have sold 391,402 shares of company stock valued at $18,818,536. 0.72% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of equities research analysts have issued reports on GM shares. Wells Fargo & Company increased their price target on General Motors from $32.00 to $34.00 and gave the stock an “underweight” rating in a research note on Wednesday, July 24th. StockNews.com downgraded General Motors from a “buy” rating to a “hold” rating in a research note on Wednesday, July 24th. Royal Bank of Canada dropped their price target on General Motors from $58.00 to $54.00 and set an “outperform” rating for the company in a research note on Friday, August 9th. JPMorgan Chase & Co. lifted their price objective on shares of General Motors from $60.00 to $61.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. Finally, Nomura Securities upgraded shares of General Motors to a “strong sell” rating in a research report on Monday, August 5th. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $55.17.

General Motors Stock Performance

NYSE:GM opened at $49.25 on Wednesday. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.99 and a current ratio of 1.18. The stock’s fifty day moving average is $45.94 and its 200 day moving average is $44.19. The firm has a market capitalization of $56.19 billion, a PE ratio of 6.02, a PEG ratio of 0.44 and a beta of 1.43. General Motors has a fifty-two week low of $26.30 and a fifty-two week high of $50.50.

General Motors (NYSE:GM) (TSE:GMM.U) last announced its earnings results on Tuesday, July 23rd. The auto manufacturer reported $3.06 earnings per share for the quarter, beating the consensus estimate of $2.67 by $0.39. General Motors had a net margin of 6.22% and a return on equity of 15.77%. The business had revenue of $47.97 billion for the quarter, compared to the consensus estimate of $45.13 billion. During the same quarter in the prior year, the firm posted $1.91 earnings per share. The business’s revenue for the quarter was up 7.2% on a year-over-year basis. On average, sell-side analysts anticipate that General Motors will post 9.94 earnings per share for the current year.

General Motors announced that its Board of Directors has authorized a share repurchase program on Tuesday, June 11th that authorizes the company to buyback $6.00 billion in shares. This buyback authorization authorizes the auto manufacturer to repurchase up to 10.8% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

General Motors Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 19th. Shareholders of record on Friday, September 6th will be given a dividend of $0.12 per share. The ex-dividend date of this dividend is Friday, September 6th. This represents a $0.48 annualized dividend and a dividend yield of 0.97%. General Motors’s dividend payout ratio (DPR) is presently 5.87%.

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.