Summit Global Investments Grows Stock Holdings in General Motors (NYSE:GM)

Summit Global Investments lifted its position in shares of General Motors (NYSE:GM) (TSE:GMM.U) by 54.8% in the fourth quarter, Holdings Channel reports. The institutional investor owned 14,448 shares of the auto manufacturer’s stock after acquiring an additional 5,112 shares during the quarter. Summit Global Investments’ holdings in General Motors were worth $770,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in GM. Amundi increased its holdings in shares of General Motors by 75.5% during the 4th quarter. Amundi now owns 4,914,256 shares of the auto manufacturer’s stock worth $250,627,000 after buying an additional 2,113,973 shares during the last quarter. ACR Alpine Capital Research LLC increased its holdings 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 worth $394,060,000 after buying an additional 2,104,528 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in General Motors in the 4th quarter valued at approximately $108,366,000. Caisse DE Depot ET Placement DU Quebec increased its holdings in General Motors by 972.6% in the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 2,103,036 shares of the auto manufacturer’s stock valued at $94,300,000 after purchasing an additional 1,906,964 shares during the last quarter. Finally, National Bank of Canada FI increased its holdings in General Motors by 158.8% in the 3rd quarter. National Bank of Canada FI now owns 2,171,587 shares of the auto manufacturer’s stock valued at $97,374,000 after purchasing an additional 1,332,450 shares during the last quarter. Institutional investors and hedge funds own 92.67% of the company’s stock.

General Motors Price Performance

General Motors stock opened at $49.77 on Monday. The stock has a market cap of $49.53 billion, a P/E ratio of 8.09, a price-to-earnings-growth ratio of 0.67 and a beta of 1.42. The company has a fifty day simple moving average of $49.02 and a 200-day simple moving average of $50.49. General Motors has a 12-month low of $38.96 and a 12-month 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.

General Motors (NYSE:GM) (TSE:GMM.U) last released its quarterly earnings data on Tuesday, January 28th. The auto manufacturer reported $1.92 earnings per share (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%. Equities analysts expect that General Motors will post 11.44 EPS for the current fiscal year.

General Motors Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 20th. Investors of record on Friday, March 7th were given a $0.12 dividend. The ex-dividend date of this dividend was Friday, March 7th. This represents a $0.48 dividend on an annualized basis and a yield of 0.96%. General Motors’s dividend payout ratio (DPR) is presently 7.80%.

General Motors announced that its Board of Directors has authorized a share repurchase plan on Wednesday, February 26th that authorizes the company to repurchase $6.00 billion in shares. This repurchase authorization authorizes the auto manufacturer to purchase up to 12.5% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the stock. Hsbc Global Res downgraded shares of General Motors from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 11th. Piper Sandler lifted their target price on shares of General Motors from $45.00 to $48.00 and gave the company a “neutral” rating in a report on Thursday. TD Cowen assumed coverage on shares of General Motors in a report on Friday, March 7th. They issued a “buy” rating and a $105.00 target price for the company. Morgan Stanley upgraded shares of General Motors from an “underweight” rating to an “equal weight” rating and lifted their target price for the company from $46.00 to $54.00 in a report on Tuesday, December 10th. Finally, Wells Fargo & Company reiterated an “underweight” rating on shares of General Motors in a report on Monday, February 3rd. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $63.06.

Insider Activity at General Motors

In related news, Director Alfred F. Kelly, Jr. purchased 12,000 shares of General Motors stock in a transaction that occurred on Thursday, January 30th. The stock was purchased at an average cost of $50.66 per share, with a total value of $607,920.00. Following the completion of the transaction, the director now directly owns 13,714 shares in the company, valued at approximately $694,751.24. The trade was a 700.12 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.72% of the stock is owned by corporate insiders.

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.