Economy

GM workers to receive profit-sharing payment

GM workers to receive profit-sharing payment

The legal version of this piece can be viewed at https://www.fairfieldcurrent.com/news/2019/02/06/general-motors-gm-shares-bought-by-providence-capital-advisors-llc.html. MML Investors Services LLC boosted its holdings in General Motors by 67.4% during the 3rd quarter. After buying 275,166 shares in the last quarter, the firm now controls 7,193,288 shares of Square, Inc. which are valued at $403,471,524.

According to CNBC, Barra used today's fourth quarter and year-end earnings call to reveal the company's electric vehicles won't return a profit until "early next decade". Finally, Gradient Investments LLC lifted its holdings in shares of General Motors by 89.7% during the fourth quarter. The fund owned 29,821 shares of the auto manufacturer's stock after purchasing an additional 743 shares during the quarter. Institutional investors own 75.55% of the company's stock.

A number of institutional investors have recently made changes to their positions in GM. General Motors presently has a consensus rating of "Buy" and an average price target of $45.68. Finally, Buckingham Research set a $34.00 price objective on shares of General Motors and gave the stock a "hold" rating in a research note on Friday, January 11th. They issued a "buy" rating for the company. The stock has a consensus rating of "Buy" and an average target price of $45.68.

General Motors stock traded down $1.34 during mid-day trading on Thursday, reaching $38.57. On the whole, the company's goal is to get rid of at least 15 percent of its workforce which is equivalent to 8,000 people. The company has a debt-to-equity ratio of 1.75, a current ratio of 0.89 and a quick ratio of 0.76.

Shortly after General Motors confirmed the layoffs of thousands of workers at several plants across the country, the automaker announced it's bringing a thousand new jobs to a MI assembly plant. Excluding restructuring charges, the company's per-share earnings were $1.43, breezing past Wall Street expectations of $1.24.

EBIT-adjusted margin of 8.0% was down 0.8 percentage points. The firm had revenue of $38.40 billion for the quarter, compared to analyst estimates of $36.31 billion.

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The stronger-than-expected fourth-quarter profit, driven by strong USA results, stood in contrast to the job cuts GM has begun to make in its salaried and hourly workforces. A year ago the company's sales were $37720000 while its sales growth yearly estimates for the current quarter are -3.3%.

CFO 's Dhivya Suryadevara said higher commodity costs in 2018, which partly stemmed from the effect of tariffs on steel and aluminum, hurt the company's bottom line past year by more than $1 billion.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 22nd. The ex-dividend date is Thursday, March 7th. This represents a $1.52 annualized dividend and a yield of 3.80%. To be more specific, the job cuts will affect staff in General Motors' information technology center located in Arizona, Texas, Michigan and Georgia.

ILLEGAL ACTIVITY NOTICE: This piece was originally posted by PressOracle and is owned by of PressOracle.

COPYRIGHT VIOLATION NOTICE: "Wilsey Asset Management Inc".