State Of Michigan Retirement System Sells Some Ford Stock

July 14, 2024 3:03 am

Ford stock has certainly experienced its fair share of ups and downs over the past few years, which is to be expected given the impacts of the pandemic on the company’s business, coupled with macroeconomic events, soaring inflation, record-setting new and used vehicle pricing, and a tough labor market. Regardless, after pivoting away from EVs somewhat and focusing on offering an array of powertrain options, Ford stock has begun to show some promising results, prompting many to buy. However, one notable entity recently did precisely the opposite.

That entity is the State of Michigan Retirement System, according to Defense World, which sold 7,200 shares of Ford stock in the first quarter of the year. This only represents 0.5 percent of its holdings in that company, however, and still leaves it with 1,454,179 shares, which were worth a total of $19,311,000 at the time of its most recent filing with the Securities and Exchange Commission (SEC).

Though this sale may raise certain eyebrows, it certainly isn’t indicative of the entire market, either. In fact, FoMoCo board member John L. Thornton recently purchased 24,790 shares of Ford stock following years of inactivity, and in fact, he was the first Ford insider to buy stock on the open market this year. The last time this happened was December 2023, when the automaker’s chief electric vehicle, digital, and design officer, Doug Field, paid just over $2 million for 182,000 shares at an average price of $11.05 each.

Additionally, Ford stock recently landed on the most searched list at Zacks Equity Research. Over the past month, Ford stock has enjoyed a strong return of 5.7 percent versus the Zacks S&P 500 composite’s 4.1 percent jump, while the Zacks Automotive – Domestic industry that Ford is also a part of has enjoyed a 32.7 percent increase as well. The investment firm expects FoMoCo to outperform the broader market in the short term, too.

We’ll have more on Ford stock soon, so be sure and subscribe to Ford Authority for ongoing Ford stock news and around-the-clock Ford news coverage.

By Brett Foote

Brett's lost track of all the Fords he's owned over the years and how much he's spent modifying them, but his current money pits include an S550 Mustang and 13th gen F-150.