QRG Capital Management Inc. Boosts Stake in General Motors (NYSE:GM)

QRG Capital Management Inc. grew its position in shares of General Motors (NYSE:GM) (TSE:GMM.U) by 13.8% during the first quarter, Holdings Channel reports. The firm owned 155,739 shares of the auto manufacturer’s stock after acquiring an additional 18,869 shares during the quarter. QRG Capital Management Inc.’s holdings in General Motors were worth $7,063,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in GM. American Century Companies Inc. grew its position in shares of General Motors by 9.2% during the third quarter. American Century Companies Inc. now owns 1,716,180 shares of the auto manufacturer’s stock worth $56,582,000 after acquiring an additional 144,477 shares during the last quarter. Capital Investment Advisors LLC boosted its stake in General Motors by 7.3% during the 4th quarter. Capital Investment Advisors LLC now owns 6,899 shares of the auto manufacturer’s stock worth $248,000 after purchasing an additional 469 shares during the period. Diversified Trust Co grew its position in General Motors by 6.4% during the 4th quarter. Diversified Trust Co now owns 48,509 shares of the auto manufacturer’s stock worth $1,742,000 after purchasing an additional 2,916 shares during the last quarter. Nordea Investment Management AB increased its stake in General Motors by 1.6% in the fourth quarter. Nordea Investment Management AB now owns 96,657 shares of the auto manufacturer’s stock valued at $3,479,000 after purchasing an additional 1,526 shares during the period. Finally, Sound Income Strategies LLC raised its holdings in shares of General Motors by 9.5% in the fourth quarter. Sound Income Strategies LLC now owns 42,610 shares of the auto manufacturer’s stock valued at $1,531,000 after buying an additional 3,707 shares during the last quarter. 92.67% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at General Motors

In other General Motors news, CEO Mary T. Barra sold 326,305 shares of the firm’s stock in a transaction dated 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 directly owns 898,648 shares of the company’s stock, valued at $43,431,657.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other General Motors news, President Mark L. Reuss sold 14,858 shares of the company’s stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $46.01, for a total value of $683,616.58. Following the completion of the transaction, the president now directly owns 162,049 shares of the company’s stock, valued at approximately $7,455,874.49. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Mary T. Barra sold 326,305 shares of General Motors stock in a transaction dated 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 sale, the chief executive officer now directly owns 898,648 shares in the company, valued at $43,431,657.84. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,152,621 shares of company stock worth $51,818,111. 0.72% of the stock is currently owned by corporate insiders.

General Motors Trading Up 1.0 %

General Motors stock traded up $0.47 during midday trading on Tuesday, reaching $49.77. The stock had a trading volume of 10,016,646 shares, compared to its average volume of 15,759,046. The stock’s 50-day simple moving average is $46.09 and its 200 day simple moving average is $42.32. General Motors has a twelve month low of $26.30 and a twelve month high of $50.00. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.97 and a current ratio of 1.16. The stock has a market capitalization of $56.79 billion, a PE ratio of 6.03, a price-to-earnings-growth ratio of 0.52 and a beta of 1.43.

General Motors (NYSE:GM) (TSE:GMM.U) last released its quarterly earnings data on Tuesday, April 23rd. The auto manufacturer reported $2.62 earnings per share for the quarter, beating the consensus estimate of $2.02 by $0.60. The business 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 company’s revenue was up 7.6% compared to the same quarter last year. During the same period in the previous year, the company posted $2.21 EPS. Analysts expect that General Motors will post 9.43 EPS for the current year.

General Motors declared that its Board of Directors has initiated 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 shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

General Motors Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 20th. Stockholders of record on Friday, June 7th were paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.96%. The ex-dividend date of this dividend was Friday, June 7th. General Motors’s dividend payout ratio is presently 5.87%.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on GM shares. Piper Sandler boosted their price target on General Motors from $44.00 to $45.00 and gave the company a “neutral” rating in a research report on Wednesday, April 24th. Deutsche Bank Aktiengesellschaft boosted their target price on General Motors from $44.00 to $50.00 and gave the company a “hold” rating in a report on Tuesday, April 23rd. TheStreet raised General Motors from a “c+” rating to a “b-” rating in a report on Tuesday, March 19th. Wells Fargo & Company boosted their price objective on shares of General Motors from $30.00 to $32.00 and gave the company an “underweight” rating in a research note on Tuesday, June 25th. Finally, Morgan Stanley lifted their target price on shares of General Motors from $43.00 to $46.00 and gave the company an “overweight” rating in a report on Wednesday, April 10th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $55.96.

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.