BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Sells 103,227 Shares of General Motors (GM)
BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lowered its stake in General Motors (NYSE:GM) (TSE:GMM.U) by 25.2% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 306,840 shares of the auto manufacturer’s stock after selling 103,227 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in General Motors were worth $10,331,000 as of its most recent filing with the SEC.
Several other hedge funds also recently bought and sold shares of GM. TRUE Private Wealth Advisors acquired a new stake in shares of General Motors in the third quarter valued at about $106,000. Qube Research & Technologies Ltd purchased a new position in General Motors in the second quarter valued at about $115,000. MUFG Americas Holdings Corp purchased a new position in General Motors in the second quarter valued at about $123,000. Patriot Financial Group Insurance Agency LLC boosted its holdings in General Motors by 365.4% in the third quarter. Patriot Financial Group Insurance Agency LLC now owns 3,672 shares of the auto manufacturer’s stock valued at $124,000 after purchasing an additional 2,883 shares during the last quarter. Finally, Camarda Financial Advisors LLC boosted its holdings in General Motors by 543.8% in the third quarter. Camarda Financial Advisors LLC now owns 4,088 shares of the auto manufacturer’s stock valued at $138,000 after purchasing an additional 3,453 shares during the last quarter. Institutional investors and hedge funds own 74.31% of the company’s stock.
NYSE:GM opened at $35.70 on Friday. The company has a debt-to-equity ratio of 1.75, a quick ratio of 0.76 and a current ratio of 0.89. General Motors has a 52 week low of $30.56 and a 52 week high of $45.52. The company has a market cap of $51.54 billion, a price-to-earnings ratio of 5.40, a PEG ratio of 0.69 and a beta of 1.25.
The company also recently announced a quarterly dividend, which will be paid on Thursday, December 20th. Shareholders of record on Friday, December 7th will be issued a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 4.26%. The ex-dividend date of this dividend is Thursday, December 6th. General Motors’s dividend payout ratio is presently 22.96%.
GM has been the subject of a number of analyst reports. Zacks Investment Research downgraded General Motors from a “hold” rating to a “strong sell” rating in a report on Wednesday, September 5th. Morgan Stanley reduced their price target on General Motors from $50.00 to $46.00 and set an “overweight” rating for the company in a report on Friday, August 17th. Goldman Sachs Group set a $36.00 price target on General Motors and gave the company a “neutral” rating in a report on Tuesday, September 11th. Bank of America reissued a “buy” rating and issued a $60.00 price target on shares of General Motors in a report on Wednesday, September 12th. Finally, Citigroup reduced their price target on General Motors from $60.00 to $57.00 and set a “buy” rating for the company in a report on Thursday, October 4th. One analyst has rated the stock with a sell rating, six have given a hold rating and eleven have issued a buy rating to the stock. General Motors presently has a consensus rating of “Buy” and an average target price of $45.74.
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General Motors Company Profile
General Motors Company, together with its subsidiaries, designs, builds, and sells cars, trucks, crossovers, and automobile parts worldwide. The company operates through GM North America, GM International, and GM Financial segments. It markets its vehicles primarily under the Buick, Cadillac, Chevrolet, GMC, Holden, Baojun, Jiefang, and Wuling brand names.
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