Capital Research and Management Co. is the second-largest shareholder of General Motors. At the end of June, they held over 60 million shares of the General's stock, or almost 11-percent. Yesterday, they filed a reduction of that stock with the SEC, which stated that they've reduced their GM ownership to 8.4-percent or about 48 million shares.
The spokesman for the company, Chuck Freadhoff, said that they won't comment on the reason for the sale, but analysts insist that there's no real rhyme or reason to it, just another day at the office.
This does spell a trend for the mutual fund managing firm, as they've unloaded another 33.6 million shares of the automaker earlier this year.
[Source: Detroit News]