BI Asset Management Fondsmaeglerselskab A S Lowers Position in General Motors (NYSE:GM)

BI Asset Management Fondsmaeglerselskab A S reduced its holdings in shares of General Motors (NYSE:GM) (TSE:GMM.U) by 49.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 78,462 shares of the auto manufacturer’s stock after selling 76,658 shares during the quarter. BI Asset Management Fondsmaeglerselskab A S’s holdings in General Motors were worth $3,558,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of GM. LifeSteps Financial Inc. purchased a new stake in General Motors during the first quarter worth approximately $25,000. Highlander Capital Management LLC purchased a new stake in General Motors during the fourth quarter worth approximately $27,000. Cape Investment Advisory Inc. grew its stake in General Motors by 75.9% during the fourth quarter. Cape Investment Advisory Inc. now owns 832 shares of the auto manufacturer’s stock worth $30,000 after buying an additional 359 shares during the period. YHB Investment Advisors Inc. purchased a new stake in General Motors during the first quarter worth approximately $32,000. Finally, Sachetta LLC purchased a new stake in General Motors during the fourth quarter worth approximately $33,000. 92.67% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. Morgan Stanley upped their target price on shares of General Motors from $43.00 to $46.00 and gave the company an “overweight” rating in a research note on Wednesday, April 10th. StockNews.com upgraded shares of General Motors from a “hold” rating to a “buy” rating in a research note on Saturday, June 1st. Piper Sandler upped their target price on shares of General Motors from $44.00 to $45.00 and gave the company a “neutral” rating in a research note on Wednesday, April 24th. Wedbush upped their target price on shares of General Motors from $45.00 to $55.00 and gave the company an “outperform” rating in a research note on Wednesday, April 24th. Finally, Sanford C. Bernstein assumed coverage on shares of General Motors in a research note on Thursday, April 25th. They issued an “outperform” rating and a $55.00 target price for the company. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $55.96.

General Motors Stock Performance

Shares of NYSE:GM traded up $0.41 on Wednesday, reaching $46.67. 1,402,973 shares of the company’s stock were exchanged, compared to its average volume of 15,786,994. The firm has a market capitalization of $53.25 billion, a price-to-earnings ratio of 5.68, a PEG ratio of 0.49 and a beta of 1.43. General Motors has a fifty-two week low of $26.30 and a fifty-two week high of $49.35. The business’s 50-day moving average is $45.82 and its two-hundred day moving average is $41.98. The company has a quick ratio of 0.97, a current ratio of 1.16 and a debt-to-equity ratio of 1.22.

General Motors (NYSE:GM) (TSE:GMM.U) last issued its earnings results on Tuesday, April 23rd. The auto manufacturer reported $2.62 earnings per share for the quarter, topping analysts’ consensus estimates of $2.02 by $0.60. The company had revenue of $43.01 billion for the quarter, compared to analysts’ expectations of $41.09 billion. General Motors had a net margin of 6.13% and a return on equity of 14.40%. The firm’s revenue was up 7.6% compared to the same quarter last year. During the same period in the prior year, the company earned $2.21 earnings per share. As a group, equities research analysts forecast that General Motors will post 9.43 EPS for the current year.

General Motors Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 20th. Shareholders of record on Friday, June 7th were issued a dividend of $0.12 per share. The ex-dividend date was Friday, June 7th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.03%. General Motors’s dividend payout ratio (DPR) is 5.87%.

General Motors declared that its Board of Directors has initiated a share buyback plan on Tuesday, June 11th that authorizes the company to repurchase $6.00 billion in shares. This repurchase authorization authorizes the auto manufacturer to reacquire up to 10.8% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.

Insiders Place Their Bets

In related news, President Mark L. Reuss sold 150,000 shares of the stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $43.44, for a total value of $6,516,000.00. Following the sale, the president now owns 176,907 shares of the company’s stock, valued at approximately $7,684,840.08. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, CEO Mary T. Barra sold 626,316 shares of the stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $43.46, for a total value of $27,219,693.36. Following the completion of the transaction, the chief executive officer now owns 1,198,648 shares in the company, valued at approximately $52,093,242.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, President Mark L. Reuss sold 150,000 shares of the stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $43.44, for a total transaction of $6,516,000.00. Following the completion of the transaction, the president now owns 176,907 shares of the company’s stock, valued at approximately $7,684,840.08. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,152,621 shares of company stock valued at $51,818,111. Company insiders own 0.72% of the company’s stock.

About General Motors

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.