The Strs Ohio Reduces Stake in General Motors Company (GM)

by Luis Castro October 25, 2017, 0:30
The Strs Ohio Reduces Stake in General Motors Company (GM)

According to GM's third-quarter report, the huge Opel/Vauxhall-related loss included approximately 4.3 billion United States dollars of unrealizable deferred tax assets, 1.5 billion related to pensions and other net charges for working capital adjustments and costs to support the separation of operations. General Motors accounts for 2.2% of Douglas Lane & Associates LLC's investment portfolio, making the stock its 2nd biggest holding.

Other hedge funds have also recently modified their holdings of the company.

Sterneck Capital Management Llc increased General Mtrs Co (GM) stake by 66.36% reported in 2017Q2 SEC filing. The dividend payment was $0.380 per share for the quarter or $1.52 annualized. Summit X LLC acquired a new position in General Motors in the 3rd quarter valued at about $209,000.

GM, facing a slowdown in North America after a multi-year boom, beefed up incentives in the third quarter to unload vehicles in the region, cutting into profit margins but lifting overall sales. The stock rose 2.48% or $1.12 reaching $46.27 per share.

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The stock is trading at $45.15 marginally over $41.53, the 50 day moving average and which is significantly above the 200 day moving average of $36.38. As per Tuesday, July 11, the company rating was maintained by RBC Capital Markets.

General Motors Co posted stronger-than-expected pre-tax profit for the third quarter before charges related to the sale of its European operations, and shares jumped as GM reaffirmed its full-year earnings outlook and a promise to slash stocks of unsold vehicles.

General Motors (NYSE:GM) (TSE:GMM.U) last released its quarterly earnings results on Tuesday, October 24th. The auto manufacturer reported $1.32 EPS for the quarter, topping the Zacks' consensus estimate of $1.11 by $0.21. Horrell Capital Mgmt Incorporated reported 1,000 shares or 0.01% of all its holdings. The business's revenue for the quarter was down 16.6% compared to the same quarter past year. But Detroit's automaker nonetheless managed to beat expectations, delivering per share earnings of $1.32 after factoring for one-time charges.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 1st.

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On 9/13/2017 Daniel Ammann, President, sold 50,000 with an average share price of $38.00 per share and the total transaction amounting to $1,900,000.00. Stratos Wealth Partners Ltd reported 0.12% in General Motors Company (NYSE:GM).

A number of equities research analysts have issued reports on GM shares. General Motors Company (NYSE:GM) has risen 7.92% since October 24, 2016 and is uptrending. On Wednesday, February 24 the stock rating was initiated by Morgan Stanley with "Underweight". The rating was downgraded by Bank of America on Wednesday, October 26 to "Neutral". After posting $0.56 EPS for the previous quarter, Ford Motor Company's analysts now forecast -44.64 % negative EPS growth. The stock of General Motors Company (NYSE:GM) has "Outperform" rating given on Monday, January 11 by Credit Suisse. The stock has a consensus rating of "Buy" and a consensus price target of $42.50. If you are viewing this piece of content on another publication, it was copied illegally and republished in violation of United States & worldwide trademark and copyright law. RBC Capital Markets maintained General Motors Company (NYSE:GM) on Friday, July 22 with "Sector Perform" rating.

Now insiders hold 2,492,271 shares in the business which makes up 0.17% of shares. Discounts as a percentage of the average transaction price totaled 13.7 percent, slightly above the industry average, according to Reuters. Also, insider Charles K. Stevens III sold 16,000 shares of the stock in a transaction on Friday, July 28th. Buckingham Research reissued a "hold" rating on shares of General Motors in a research note on Thursday, August 24th. Following the sale, the insider now owns 77,052 shares in the company, valued at approximately $2,758,461.60.

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