General Motors (NYSE:GM) Holdings Reduced by Canada Pension Plan Investment Board

Canada Pension Plan Investment Board reduced its stake in General Motors (NYSE:GM) (TSE:GMM.U) by 31.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 691,634 shares of the auto manufacturer’s stock after selling 324,135 shares during the period. Canada Pension Plan Investment Board owned 0.06% of General Motors worth $31,366,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently made changes to their positions in the stock. LifeSteps Financial Inc. acquired a new stake in General Motors during the first quarter valued at approximately $25,000. Highlander Capital Management LLC acquired a new stake in General Motors during the fourth quarter valued at approximately $27,000. Cape Investment Advisory Inc. lifted its stake in General Motors by 75.9% during the fourth quarter. Cape Investment Advisory Inc. now owns 832 shares of the auto manufacturer’s stock valued at $30,000 after purchasing an additional 359 shares during the last quarter. Montag A & Associates Inc. acquired a new stake in General Motors during the first quarter valued at approximately $30,000. Finally, YHB Investment Advisors Inc. acquired a new stake in shares of General Motors during the first quarter valued at approximately $32,000. 92.67% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. Sanford C. Bernstein assumed coverage on shares of General Motors in a research note on Thursday, April 25th. They issued an “outperform” rating and a $55.00 price objective on the stock. UBS Group increased their price target on shares of General Motors from $61.00 to $64.00 and gave the stock a “buy” rating in a research note on Wednesday, July 10th. Barclays increased their price target on shares of General Motors from $55.00 to $60.00 and gave the stock an “overweight” rating in a research note on Friday, April 26th. Royal Bank of Canada increased their price target on shares of General Motors from $54.00 to $56.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 23rd. Finally, Piper Sandler increased their price target on shares of General Motors from $44.00 to $45.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 24th. One analyst has rated the stock with a sell rating, five have given a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $56.38.

Insider Activity

In other news, President Mark L. Reuss sold 150,000 shares of the firm’s stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $43.44, for a total value of $6,516,000.00. Following the transaction, the president now owns 176,907 shares of the company’s stock, valued at approximately $7,684,840.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, President Mark L. Reuss sold 150,000 shares of General Motors stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $43.44, for a total transaction of $6,516,000.00. Following the transaction, the president now owns 176,907 shares of the company’s stock, valued at approximately $7,684,840.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, President Mark L. Reuss sold 14,858 shares of General Motors stock in a transaction that occurred on Friday, June 7th. The stock was sold at an average price of $46.01, for a total transaction of $683,616.58. Following the transaction, the president now directly owns 162,049 shares in the company, valued at approximately $7,455,874.49. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,152,621 shares of company stock valued at $51,818,111. 0.72% of the stock is currently owned by insiders.

General Motors Price Performance

Shares of General Motors stock traded down $0.01 during mid-day trading on Friday, reaching $44.12. 18,411,118 shares of the stock were exchanged, compared to its average volume of 14,026,488. The company has a market cap of $49.59 billion, a price-to-earnings ratio of 5.39, a price-to-earnings-growth ratio of 0.44 and a beta of 1.43. The company has a current ratio of 1.18, a quick ratio of 0.97 and a debt-to-equity ratio of 1.23. The firm has a 50-day simple moving average of $46.49 and a 200 day simple moving average of $42.97. General Motors has a fifty-two week low of $26.30 and a fifty-two week high of $50.50.

General Motors (NYSE:GM) (TSE:GMM.U) last announced its earnings results on Tuesday, July 23rd. The auto manufacturer reported $3.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.67 by $0.39. The business had revenue of $47.97 billion during the quarter, compared to analysts’ expectations of $45.13 billion. General Motors had a net margin of 6.22% and a return on equity of 15.77%. The firm’s revenue for the quarter was up 7.2% on a year-over-year basis. During the same quarter last year, the company posted $1.91 EPS. On average, sell-side analysts predict that General Motors will post 9.93 EPS for the current fiscal year.

General Motors Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 19th. Stockholders of record on Friday, September 6th will be paid a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 1.09%. The ex-dividend date of this dividend is Friday, September 6th. General Motors’s dividend payout ratio (DPR) is presently 5.87%.

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

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.