OneAscent Financial Services LLC Lowers Position in General Motors (NYSE:GM)

OneAscent Financial Services LLC cut its holdings in shares of General Motors (NYSE:GM) (TSE:GMM.U) by 4.0% in the first quarter, HoldingsChannel.com reports. The firm owned 11,134 shares of the auto manufacturer’s stock after selling 461 shares during the quarter. OneAscent Financial Services LLC’s holdings in General Motors were worth $505,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of GM. LPL Financial LLC grew its holdings in shares of General Motors by 9.7% during the 3rd quarter. LPL Financial LLC now owns 557,585 shares of the auto manufacturer’s stock worth $18,384,000 after purchasing an additional 49,419 shares during the period. O Shaughnessy Asset Management LLC boosted its holdings in General Motors by 8.2% during the 3rd quarter. O Shaughnessy Asset Management LLC now owns 26,676 shares of the auto manufacturer’s stock valued at $880,000 after acquiring an additional 2,033 shares during the period. Tower Research Capital LLC TRC boosted its holdings in General Motors by 248.6% during the 3rd quarter. Tower Research Capital LLC TRC now owns 87,885 shares of the auto manufacturer’s stock valued at $2,898,000 after acquiring an additional 62,675 shares during the period. Gotham Asset Management LLC boosted its holdings in General Motors by 0.6% during the 3rd quarter. Gotham Asset Management LLC now owns 281,496 shares of the auto manufacturer’s stock valued at $9,281,000 after acquiring an additional 1,695 shares during the period. Finally, United Services Automobile Association boosted its holdings in General Motors by 18.1% during the 3rd quarter. United Services Automobile Association now owns 38,348 shares of the auto manufacturer’s stock valued at $1,264,000 after acquiring an additional 5,874 shares during the period. 92.67% of the stock is currently owned by hedge funds and other institutional investors.

General Motors Price Performance

Shares of NYSE GM opened at $46.46 on Friday. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.97 and a current ratio of 1.16. General Motors has a fifty-two week low of $26.30 and a fifty-two week high of $49.35. The firm has a market capitalization of $53.01 billion, a PE ratio of 5.68, a price-to-earnings-growth ratio of 0.49 and a beta of 1.46. The stock’s 50-day simple moving average is $45.60 and its 200-day simple moving average is $41.40.

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

General Motors announced that its board has authorized a share buyback plan on Tuesday, June 11th that allows the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization allows the auto manufacturer to repurchase up to 10.8% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its shares are undervalued.

General Motors Announces Dividend

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

Insider Activity

In other news, CEO Mary T. Barra sold 326,305 shares of the business’s stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $48.33, for a total value of $15,770,320.65. Following the transaction, the chief executive officer now owns 898,648 shares of the company’s stock, valued at $43,431,657.84. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CEO Mary T. Barra sold 626,316 shares of the business’s stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $43.46, for a total value of $27,219,693.36. Following the transaction, the chief executive officer now owns 1,198,648 shares of the company’s stock, valued at $52,093,242.08. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Mary T. Barra sold 326,305 shares of the business’s stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $48.33, for a total value of $15,770,320.65. Following the completion of the transaction, the chief executive officer now directly owns 898,648 shares in the company, valued at approximately $43,431,657.84. The disclosure for this sale can be found here. Over the last 90 days, 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.

Analysts Set New Price Targets

A number of brokerages recently commented on GM. UBS Group raised their target price on General Motors from $58.00 to $61.00 and gave the company a “buy” rating in a report on Thursday, June 20th. StockNews.com upgraded General Motors from a “hold” rating to a “buy” rating in a research note on Saturday, June 1st. Deutsche Bank Aktiengesellschaft lifted their price objective on General Motors from $44.00 to $50.00 and gave the company a “hold” rating in a research note on Tuesday, April 23rd. Citigroup lifted their price objective on General Motors from $95.00 to $96.00 and gave the company a “buy” rating in a research note on Wednesday, April 24th. Finally, Wells Fargo & Company lifted their price objective on General Motors from $30.00 to $32.00 and gave the company an “underweight” rating in a research note on Tuesday, June 25th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, General Motors presently has a consensus rating of “Moderate Buy” and an average price target of $54.91.

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.