State of New Jersey Common Pension Fund D reduced its holdings in shares of General Motors (NYSE:GM) (TSE:GMM.U) by 30.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,100,000 shares of the auto manufacturer’s stock after selling 902,000 shares during the period. State of New Jersey Common Pension Fund D owned about 0.15% of General Motors worth $77,910,000 at the end of the most recent quarter.
Several other large investors have also recently made changes to their positions in GM. Signet Investment Advisory Group Inc. acquired a new stake in shares of General Motors in the fourth quarter valued at $26,000. Cornerstone Advisors Inc. boosted its holdings in General Motors by 63.0% during the fourth quarter. Cornerstone Advisors Inc. now owns 895 shares of the auto manufacturer’s stock worth $30,000 after buying an additional 346 shares during the last quarter. NuWave Investment Management LLC boosted its holdings in General Motors by 198.6% during the fourth quarter. NuWave Investment Management LLC now owns 884 shares of the auto manufacturer’s stock worth $30,000 after buying an additional 588 shares during the last quarter. Liberty Wealth Management LLC bought a new position in shares of General Motors during the 4th quarter valued at about $30,000. Finally, Advisors Preferred LLC bought a new position in shares of General Motors during the 4th quarter valued at about $31,000. 77.01% of the stock is currently owned by institutional investors.
Several research analysts have weighed in on GM shares. Royal Bank of Canada boosted their price target on General Motors from $50.00 to $52.00 and gave the stock an “outperform” rating in a research report on Thursday, February 7th. Citigroup boosted their price target on General Motors to $67.00 and gave the company a “buy” rating in a research note on Friday, February 8th. Zacks Investment Research downgraded General Motors from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, April 10th. Goldman Sachs Group reissued a “neutral” rating and set a $36.00 price target on shares of General Motors in a report on Tuesday, March 26th. Finally, Seaport Global Securities initiated coverage on General Motors in a report on Wednesday, February 13th. They issued a “buy” rating for the company. Six research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $47.60.
Shares of General Motors stock traded down $0.06 on Wednesday, hitting $34.79. 7,910,048 shares of the company’s stock traded hands, compared to its average volume of 9,413,882. General Motors has a one year low of $30.56 and a one year high of $45.00. The company has a debt-to-equity ratio of 1.65, a current ratio of 0.94 and a quick ratio of 0.81. The firm has a market cap of $49.81 billion, a price-to-earnings ratio of 5.32, a PEG ratio of 0.60 and a beta of 1.27.
General Motors (NYSE:GM) (TSE:GMM.U) last announced its earnings results on Tuesday, April 30th. The auto manufacturer reported $1.41 EPS for the quarter, beating the consensus estimate of $1.09 by $0.32. General Motors had a return on equity of 22.67% and a net margin of 6.26%. The company had revenue of $34.88 billion for the quarter, compared to analyst estimates of $35.56 billion. During the same quarter in the prior year, the company earned $1.43 EPS. The firm’s revenue for the quarter was down 3.4% compared to the same quarter last year. On average, sell-side analysts expect that General Motors will post 6.58 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, June 21st. Investors of record on Friday, June 7th will be given a dividend of $0.38 per share. The ex-dividend date of this dividend is Thursday, June 6th. This represents a $1.52 annualized dividend and a dividend yield of 4.37%. General Motors’s payout ratio is 23.24%.
In related news, VP Christopher Hatto sold 8,499 shares of the company’s stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $40.00, for a total transaction of $339,960.00. Following the sale, the vice president now owns 10,040 shares in the company, valued at approximately $401,600. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Dhivya Suryadevara sold 34,756 shares of the stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $37.40, for a total value of $1,299,874.40. Following the completion of the transaction, the chief financial officer now owns 10,741 shares in the company, valued at approximately $401,713.40. The disclosure for this sale can be found here. 0.51% of the stock is owned by corporate insiders.
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About General Motors
General Motors Company designs, builds, and sells cars, trucks, crossovers, and automobile parts worldwide. The company operates through GM North America, GM International, GM Cruise, and GM Financial. It markets its vehicles primarily under the Buick, Cadillac, Chevrolet, GMC, Holden, Baojun, Jiefang, and Wuling brand names.
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