General Motors (GM) CEO Mary Barra sold a significant amount of company stock at the end of August.
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Barra, who is also chair of GM’s board of directors, sold 372,024 shares of company stock on Aug. 28, according to a regulatory filing with the U.S. Securities and Exchange Commission (SEC). The sale netted Barra $21.67 million based on the current share price.
The sale comes with GM stock up 10% this year. However, it also comes as shares of the Detroit automaker fell after the company was forced to issue a recall notice for 23,500 Corvette vehicles over a fuel leak that can cause fires.
Inside Moves
Barra’s latest sale represented 40% of her holdings of GM stock. She continues to own 552,238 shares of General Motors stock valued at $32.36 million. However, Barra isn’t the only GM executive to sell company stock in recent weeks and months.
SEC filings show that insiders at GM have sold stock on the open market 10 times in the past six months. Barra herself has sold GM stock four times over the last six months for total proceeds of $57.93 million. Chris Hatto, GM’s chief administrative officer, has sold $2.89 million of stock. And Rory Harvey, the company’s executive vice president, has sold $1.27 million of stock this year.
Is GM Stock a Buy?
The stock of General Motors has a consensus Moderate Buy rating among 19 Wall Street analysts. That rating is based on 13 Buy, four Hold, and two Sell recommendations issued in the last three months. The average GM price target of $59.37 implies 1.33% upside from current levels.
