iA Global Asset Management Inc. Buys 73,419 Shares of General Motors (NYSE:GM)

iA Global Asset Management Inc. raised its stake in shares of General Motors (NYSE:GM) (TSE:GMM.U) by 668.2% in the 1st quarter, HoldingsChannel reports. The firm owned 84,407 shares of the auto manufacturer’s stock after purchasing an additional 73,419 shares during the period. iA Global Asset Management Inc.’s holdings in General Motors were worth $3,828,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the stock. KLCM Advisors Inc. increased its position in shares of General Motors by 2.1% during the 1st quarter. KLCM Advisors Inc. now owns 217,519 shares of the auto manufacturer’s stock valued at $9,864,000 after purchasing an additional 4,387 shares during the last quarter. B. Riley Wealth Advisors Inc. raised its stake in shares of General Motors by 35.0% during the first quarter. B. Riley Wealth Advisors Inc. now owns 36,493 shares of the auto manufacturer’s stock worth $1,655,000 after acquiring an additional 9,460 shares in the last quarter. Virtus Investment Advisers Inc. bought a new stake in shares of General Motors in the 1st quarter worth approximately $249,000. Bayesian Capital Management LP boosted its stake in shares of General Motors by 423.9% in the 1st quarter. Bayesian Capital Management LP now owns 299,458 shares of the auto manufacturer’s stock valued at $13,580,000 after purchasing an additional 242,300 shares in the last quarter. Finally, Silvercrest Asset Management Group LLC grew its holdings in shares of General Motors by 7.1% during the 1st quarter. Silvercrest Asset Management Group LLC now owns 7,094 shares of the auto manufacturer’s stock valued at $322,000 after purchasing an additional 473 shares during the last quarter. Institutional investors own 92.67% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Wedbush restated an “outperform” rating and set a $55.00 price target on shares of General Motors in a research report on Wednesday, July 24th. Piper Sandler raised their price target on General Motors from $44.00 to $45.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 24th. Bank of America reissued a “buy” rating and set a $75.00 price objective on shares of General Motors in a research note on Wednesday, June 12th. Wells Fargo & Company lifted their target price on shares of General Motors from $32.00 to $34.00 and gave the stock an “underweight” rating in a research note on Wednesday, July 24th. Finally, Mizuho increased their price target on shares of General Motors from $48.00 to $52.00 and gave the company a “buy” rating in a research report on Wednesday, April 24th. One research analyst has rated the stock with a sell rating, five have issued 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, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $56.38.

Insider Buying and Selling at General Motors

In related news, CEO Mary T. Barra sold 626,316 shares of the company’s stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $43.46, for a total value of $27,219,693.36. Following the transaction, the chief executive officer now directly owns 1,198,648 shares of the company’s stock, valued at approximately $52,093,242.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other General Motors news, President Mark L. Reuss sold 14,858 shares of General Motors stock in a transaction that occurred on 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 sale, the president now owns 162,049 shares of the company’s stock, valued at approximately $7,455,874.49. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Mary T. Barra sold 626,316 shares of the business’s stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $43.46, for a total transaction of $27,219,693.36. Following the sale, the chief executive officer now owns 1,198,648 shares of the company’s stock, valued at $52,093,242.08. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,152,621 shares of company stock worth $51,818,111. 0.72% of the stock is owned by corporate insiders.

General Motors Stock Down 2.2 %

Shares of GM stock traded down $0.96 during mid-day trading on Thursday, reaching $43.36. 15,910,550 shares of the company’s stock traded hands, compared to its average volume of 15,957,373. The company has a market cap of $48.73 billion, a P/E ratio of 5.42, a P/E/G ratio of 0.45 and a beta of 1.43. The company has a quick ratio of 0.99, a current ratio of 1.18 and a debt-to-equity ratio of 1.23. General Motors has a 12 month low of $26.30 and a 12 month high of $50.50. The company’s 50-day moving average price is $46.47 and its 200-day moving average price is $43.19.

General Motors (NYSE:GM) (TSE:GMM.U) last issued its quarterly earnings results on Tuesday, July 23rd. The auto manufacturer reported $3.06 EPS for the quarter, topping analysts’ consensus estimates of $2.67 by $0.39. General Motors had a return on equity of 15.77% and a net margin of 6.22%. The firm had revenue of $47.97 billion for the quarter, compared to analysts’ expectations of $45.13 billion. During the same period in the previous year, the firm posted $1.91 EPS. The business’s revenue for the quarter was up 7.2% compared to the same quarter last year. On average, equities analysts expect that General Motors will post 9.91 earnings per share for the current fiscal year.

General Motors Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 19th. Investors of record on Friday, September 6th will be given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 1.11%. The ex-dividend date of this dividend is Friday, September 6th. General Motors’s dividend payout ratio (DPR) is 5.87%.

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

General Motors Company 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.