Bruce G. Allen Investments LLC Sells 713 Shares of General Motors (NYSE:GM)

Bruce G. Allen Investments LLC lessened its position in General Motors (NYSE:GM) (TSE:GMM.U) by 52.7% during the first quarter, Holdings Channel.com reports. The fund owned 639 shares of the auto manufacturer’s stock after selling 713 shares during the period. Bruce G. Allen Investments LLC’s holdings in General Motors were worth $30,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Susquehanna Fundamental Investments LLC purchased a new stake in shares of General Motors in the 4th quarter worth about $25,404,000. Asset Management One Co. Ltd. increased its stake in General Motors by 9.3% during the 4th quarter. Asset Management One Co. Ltd. now owns 463,848 shares of the auto manufacturer’s stock valued at $25,178,000 after purchasing an additional 39,474 shares in the last quarter. Handelsbanken Fonder AB grew its stake in shares of General Motors by 10.9% in the fourth quarter. Handelsbanken Fonder AB now owns 202,054 shares of the auto manufacturer’s stock worth $10,763,000 after acquiring an additional 19,924 shares during the period. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA bought a new stake in shares of General Motors in the fourth quarter worth approximately $394,000. Finally, Vontobel Holding Ltd. grew its stake in shares of General Motors by 65.3% in the fourth quarter. Vontobel Holding Ltd. now owns 64,930 shares of the auto manufacturer’s stock worth $3,459,000 after acquiring an additional 25,639 shares during the period. 92.67% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on GM. Citigroup assumed coverage on shares of General Motors in a research report on Wednesday, April 23rd. They set a “buy” rating and a $62.00 target price for the company. Cowen started coverage on shares of General Motors in a research note on Thursday, March 6th. They set a “buy” rating on the stock. The Goldman Sachs Group decreased their price target on shares of General Motors from $73.00 to $63.00 and set a “buy” rating on the stock in a research note on Thursday, April 10th. Piper Sandler reiterated a “neutral” rating and set a $48.00 price objective (up previously from $43.00) on shares of General Motors in a research report on Thursday, May 22nd. Finally, BNP Paribas upgraded shares of General Motors to a “strong-buy” rating in a report on Monday, May 5th. Four research analysts have rated the stock with a sell rating, ten have issued a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $54.56.

General Motors Stock Up 1.0%

NYSE GM opened at $47.94 on Tuesday. The business’s fifty day simple moving average is $46.80 and its 200-day simple moving average is $49.22. The company has a quick ratio of 0.98, a current ratio of 1.13 and a debt-to-equity ratio of 1.38. The firm has a market cap of $46.09 billion, a PE ratio of 7.79, a P/E/G ratio of 0.67 and a beta of 1.34. General Motors has a 52 week low of $38.96 and a 52 week high of $61.24.

General Motors (NYSE:GM) (TSE:GMM.U) last released its earnings results on Tuesday, April 29th. The auto manufacturer reported $2.78 earnings per share for the quarter, beating the consensus estimate of $2.63 by $0.15. The company had revenue of $44.02 billion during the quarter, compared to the consensus estimate of $42.64 billion. General Motors had a return on equity of 15.29% and a net margin of 3.21%. General Motors’s revenue was up 2.3% compared to the same quarter last year. During the same period in the previous year, the company posted $2.62 EPS. As a group, equities analysts anticipate that General Motors will post 11.44 earnings per share for the current year.

General Motors declared that its Board of Directors has approved a share buyback program on Wednesday, February 26th that authorizes the company to buyback $6.00 billion in shares. This buyback authorization authorizes the auto manufacturer to purchase up to 12.5% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board believes its stock is undervalued.

General Motors Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 19th. Stockholders of record on Friday, June 6th will be given a dividend of $0.15 per share. The ex-dividend date is Friday, June 6th. This is an increase from General Motors’s previous quarterly dividend of $0.12. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.25%. General Motors’s payout ratio is currently 8.65%.

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.