General Motors‘ (NYSE:GM) Australian manufacturing unit responds to difficult market conditions by cutting about 12 percent of its workforce, a move that comes on the heels of Japanese competitor Toyota Motor’s (NYSE:TM) reduction of its Australian staff by 7 percent last year. Brutal competition, difficult exports due to a strong Australian dollar, and cheap competing imports for the same reason have created a tough situation for Australian automakers. The government, on its part, made soothing noises: “We will work with the industry to ensure it is sustainable in a period where the Australian dollar is very strong,” said Gary Gray, acting minister for climate change, industry and innovation, and reported by MarketWatch.
These institutional firms indicated owning shares of General Motors in Q1 2013. They reported owning a total of 420,508 shares on 03/31/2013. The shares closed at $27.82 on 03/31/2013.
Here are the ten largest positions in General Motors at the end of March 31, 2013.
Shell Asset Management held 235,158 shares on 03/31/2013 worth $4,815,000.
First CitizensBank & Trust held 74,642 shares on 03/31/2013 worth $2,077,000.
Abner Herrman & Brock LLC held 44,104 shares on 03/31/2013 worth $1,227,000.
River & Mercantile Asset Management LLP held 36,170 shares on 03/31/2013 worth $1,006,000.
BB&T Corp held 20,251 shares on 03/31/2013 worth $563,000.
Fulton Bank held 7,839 shares on 03/31/2013 worth $218,000.
Tower Research Capital held 1,800 shares on 03/31/2013 worth $50,000.
Central Bank & Trust Co held 300 shares on 03/31/2013 worth $8,000.
TNB Financial held 244 shares on 03/31/2013 worth $7,000.
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