General Motors Corp.'s second-largest stockholder sold 13.4 million of the firm's shares since the end of June.
Capital Research and Management Co., a Los Angeles-based company that manages the American Funds mutual funds, held 60.9 million shares of GM common stock as of June 30, about 10.8 percent of GM's outstanding shares, according to the LionShares.com Web site.
In federal Securities and Exchange Commission filing on Monday, Capital Research said it now owns about 47.6 million shares, or 8.4 percent.
Capital Research spokesman Chuck Freadhoff would not comment on the sale, saying the firm does not publicly discuss its holdings. Burnham Securities analyst David Healy said the move is not surprising.
“These kinds of things happen all the time. I'd be hard-put to give any great meaning to it,” said Healy, adding that it may simply be a diversification move.
Capital Research has sold 33.6 million GM shares since March 31. At that time it owned 14.3 percent of GM stock.
The reduced stake makes Capital Research GM's fourth-largest shareholder, behind State Street Bank and Trust Co. of Boston at 15.4 percent, Brandes Investment Partners LP of San Diego at 10.5 percent and billionaire investor Kirk Kerkorian's Tracinda Corp. at 9.9 percent.
