Handelsbanken Fonder AB grew its holdings in shares of General Motors (NYSE:GM – Free Report) (TSE:GMM.U) by 2.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 206,264 shares of the auto manufacturer’s stock after buying an additional 4,210 shares during the period. Handelsbanken Fonder AB’s holdings in General Motors were worth $9,701,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Curated Wealth Partners LLC raised its stake in shares of General Motors by 17.4% during the first quarter. Curated Wealth Partners LLC now owns 25,354 shares of the auto manufacturer’s stock valued at $1,192,000 after purchasing an additional 3,758 shares in the last quarter. Accurate Wealth Management LLC increased its stake in General Motors by 5.7% during the 1st quarter. Accurate Wealth Management LLC now owns 17,074 shares of the auto manufacturer’s stock valued at $745,000 after buying an additional 915 shares during the period. GAMMA Investing LLC raised its position in shares of General Motors by 10.6% during the 1st quarter. GAMMA Investing LLC now owns 20,133 shares of the auto manufacturer’s stock worth $947,000 after buying an additional 1,933 shares in the last quarter. Olstein Capital Management L.P. lifted its stake in shares of General Motors by 18.0% in the 1st quarter. Olstein Capital Management L.P. now owns 144,000 shares of the auto manufacturer’s stock worth $6,772,000 after acquiring an additional 22,000 shares during the period. Finally, Pallas Capital Advisors LLC boosted its holdings in shares of General Motors by 285.4% in the first quarter. Pallas Capital Advisors LLC now owns 65,454 shares of the auto manufacturer’s stock valued at $3,078,000 after acquiring an additional 48,471 shares in the last quarter. 92.67% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
A number of research firms have weighed in on GM. Citigroup started coverage on General Motors in a research report on Wednesday, April 23rd. They issued a “buy” rating and a $62.00 target price for the company. BNP Paribas upgraded General Motors to a “strong-buy” rating in a report on Monday, May 5th. Mizuho raised their target price on General Motors from $53.00 to $58.00 and gave the company an “outperform” rating in a research note on Friday, May 16th. Royal Bank of Canada boosted their price target on shares of General Motors from $55.00 to $57.00 and gave the stock an “outperform” rating in a research report on Friday, May 2nd. Finally, UBS Group cut their price target on shares of General Motors from $51.00 to $50.00 and set a “neutral” rating for the company in a report on Friday, May 2nd. Four equities research analysts have rated the stock with a sell rating, ten have issued a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $53.35.
General Motors Trading Down 1.2%
Shares of NYSE GM opened at $49.28 on Friday. The firm has a market capitalization of $47.38 billion, a PE ratio of 8.01, a PEG ratio of 0.67 and a beta of 1.34. General Motors has a one year low of $38.96 and a one year high of $61.24. The company has a current ratio of 1.13, a quick ratio of 0.98 and a debt-to-equity ratio of 1.38. The business has a 50-day moving average price of $47.09 and a two-hundred day moving average price of $49.15.
General Motors (NYSE:GM – Get Free Report) (TSE:GMM.U) last posted its quarterly earnings results on Tuesday, April 29th. The auto manufacturer reported $2.78 EPS for the quarter, topping the consensus estimate of $2.63 by $0.15. The business had revenue of $44.02 billion during the quarter, compared to analysts’ expectations of $42.64 billion. General Motors had a net margin of 3.21% and a return on equity of 15.29%. The firm’s quarterly revenue was up 2.3% compared to the same quarter last year. During the same period last year, the company posted $2.62 earnings per share. As a group, analysts predict that General Motors will post 11.44 earnings per share for the current fiscal year.
General Motors Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 19th. Investors of record on Friday, June 6th will be issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 1.22%. This is a positive change from General Motors’s previous quarterly dividend of $0.12. The ex-dividend date of this dividend is Friday, June 6th. General Motors’s dividend payout ratio (DPR) is currently 8.65%.
General Motors announced that its Board of Directors has approved a stock buyback plan on Wednesday, February 26th that permits the company to repurchase $6.00 billion in shares. This repurchase authorization permits the auto manufacturer to buy up to 12.5% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its stock is undervalued.
General Motors Profile
General Motors Company designs, builds, and sells trucks, crossovers, cars, and automobile parts; and provide software-enabled services and subscriptions worldwide. The company operates through GM North America, GM International, Cruise, and GM Financial segments. It markets its vehicles primarily under the Buick, Cadillac, Chevrolet, GMC, Baojun, and Wuling brand names.
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