iA Global Asset Management Inc. Purchases Shares of 87,463 General Motors (NYSE:GM)

iA Global Asset Management Inc. acquired a new position in shares of General Motors (NYSE:GM) (TSE:GMM.U) in the 4th quarter, Holdings Channel reports. The fund acquired 87,463 shares of the auto manufacturer’s stock, valued at approximately $4,659,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Amundi lifted its position in General Motors by 75.5% during the fourth quarter. Amundi now owns 4,914,256 shares of the auto manufacturer’s stock valued at $250,627,000 after purchasing an additional 2,113,973 shares during the last quarter. ACR Alpine Capital Research LLC raised its position in shares of General Motors by 39.8% during the 4th quarter. ACR Alpine Capital Research LLC now owns 7,397,404 shares of the auto manufacturer’s stock valued at $394,060,000 after buying an additional 2,104,528 shares in the last quarter. Raymond James Financial Inc. bought a new stake in shares of General Motors during the 4th quarter worth $108,366,000. Caisse DE Depot ET Placement DU Quebec grew its position in General Motors by 972.6% in the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 2,103,036 shares of the auto manufacturer’s stock worth $94,300,000 after acquiring an additional 1,906,964 shares in the last quarter. Finally, National Bank of Canada FI increased its stake in General Motors by 158.8% in the third quarter. National Bank of Canada FI now owns 2,171,587 shares of the auto manufacturer’s stock valued at $97,374,000 after acquiring an additional 1,332,450 shares during the last quarter. Hedge funds and other institutional investors own 92.67% of the company’s stock.

Insider Transactions at General Motors

In other General Motors news, Director Alfred F. Kelly, Jr. bought 12,000 shares of General Motors stock in a transaction dated Thursday, January 30th. The shares were purchased at an average cost of $50.66 per share, with a total value of $607,920.00. Following the transaction, the director now directly owns 13,714 shares of the company’s stock, valued at $694,751.24. This represents a 700.12 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.72% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on GM shares. Morgan Stanley raised General Motors from an “underweight” rating to an “equal weight” rating and lifted their price target for the stock from $46.00 to $54.00 in a research note on Tuesday, December 10th. Mizuho upped their target price on General Motors from $59.00 to $62.00 and gave the stock an “outperform” rating in a research note on Monday, December 9th. TD Cowen started coverage on shares of General Motors in a research note on Friday, March 7th. They set a “buy” rating and a $105.00 price target on the stock. The Goldman Sachs Group set a $73.00 price objective on shares of General Motors in a research note on Saturday, March 1st. Finally, Piper Sandler lifted their target price on shares of General Motors from $45.00 to $48.00 and gave the stock a “neutral” rating in a research report on Thursday. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $63.06.

General Motors Price Performance

Shares of General Motors stock opened at $49.46 on Friday. The company has a market cap of $49.21 billion, a PE ratio of 8.04, a P/E/G ratio of 0.67 and a beta of 1.42. The business has a 50 day moving average of $49.02 and a 200 day moving average of $50.46. General Motors has a 52 week low of $38.96 and a 52 week high of $61.24. The company has a quick ratio of 0.98, a current ratio of 1.13 and a debt-to-equity ratio of 1.38.

General Motors (NYSE:GM) (TSE:GMM.U) last posted its earnings results on Tuesday, January 28th. The auto manufacturer reported $1.92 EPS for the quarter, topping the consensus estimate of $1.75 by $0.17. General Motors had a net margin of 3.21% and a return on equity of 15.29%. As a group, equities research analysts forecast that General Motors will post 11.44 earnings per share for the current year.

General Motors declared that its Board of Directors has authorized a share buyback plan on Wednesday, February 26th that allows the company to buyback $6.00 billion in shares. This buyback authorization allows the auto manufacturer to buy up to 12.5% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its shares are undervalued.

General Motors Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, March 20th. Shareholders of record on Friday, March 7th were issued a dividend of $0.12 per share. The ex-dividend date was Friday, March 7th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.97%. General Motors’s dividend payout ratio (DPR) is 7.80%.

General Motors Company 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.