Oppenheimer Asset Management Inc. Lowers Stock Holdings in General Motors (NYSE:GM)

Oppenheimer Asset Management Inc. reduced its stake in General Motors (NYSE:GM) (TSE:GMM.U) by 0.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,205,358 shares of the auto manufacturer’s stock after selling 10,472 shares during the quarter. General Motors accounts for 0.8% of Oppenheimer Asset Management Inc.’s investment portfolio, making the stock its 21st biggest holding. Oppenheimer Asset Management Inc. owned about 0.12% of General Motors worth $64,209,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Mn Services Vermogensbeheer B.V. grew its stake in shares of General Motors by 2.0% in the 4th quarter. Mn Services Vermogensbeheer B.V. now owns 538,400 shares of the auto manufacturer’s stock valued at $28,681,000 after purchasing an additional 10,500 shares during the last quarter. Lake Street Advisors Group LLC boosted its stake in shares of General Motors by 9.4% in the fourth quarter. Lake Street Advisors Group LLC now owns 6,966 shares of the auto manufacturer’s stock valued at $371,000 after buying an additional 601 shares in the last quarter. Johnson Financial Group LLC purchased a new stake in shares of General Motors in the fourth quarter valued at approximately $455,000. MMCAP International Inc. SPC boosted its stake in shares of General Motors by 5.9% in the fourth quarter. MMCAP International Inc. SPC now owns 90,000 shares of the auto manufacturer’s stock valued at $4,794,000 after buying an additional 5,000 shares in the last quarter. Finally, Longbow Finance SA purchased a new stake in shares of General Motors in the fourth quarter valued at approximately $5,865,000. 92.67% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Alfred F. Kelly, Jr. purchased 12,000 shares of the stock in a transaction on Thursday, January 30th. The stock was purchased at an average price of $50.66 per share, with a total value of $607,920.00. Following the completion of the transaction, the director now owns 13,714 shares in the company, valued at approximately $694,751.24. The trade was a 700.12 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.72% of the company’s stock.

General Motors Price Performance

Shares of NYSE:GM opened at $48.39 on Thursday. The company has a market cap of $48.14 billion, a P/E ratio of 7.87, a P/E/G ratio of 0.67 and a beta of 1.40. The company has a quick ratio of 0.98, a current ratio of 1.13 and a debt-to-equity ratio of 1.38. General Motors has a 52 week low of $38.94 and a 52 week high of $61.24. The business has a fifty day simple moving average of $50.45 and a 200-day simple moving average of $50.33.

General Motors (NYSE:GM) (TSE:GMM.U) last announced its quarterly earnings data on Tuesday, January 28th. The auto manufacturer reported $1.92 EPS for the quarter, beating analysts’ consensus estimates of $1.75 by $0.17. General Motors had a return on equity of 15.29% and a net margin of 3.21%. Equities research analysts forecast that General Motors will post 11.44 EPS for the current year.

General Motors announced that its board has initiated a share buyback plan on Wednesday, February 26th that permits the company to buyback $6.00 billion in shares. This buyback authorization permits the auto manufacturer to reacquire up to 12.5% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its shares are undervalued.

General Motors Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 20th. Stockholders of record on Friday, March 7th will be given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.99%. The ex-dividend date is Friday, March 7th. General Motors’s dividend payout ratio is currently 7.80%.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on GM shares. UBS Group restated a “buy” rating on shares of General Motors in a research note on Monday, February 3rd. StockNews.com downgraded General Motors from a “buy” rating to a “hold” rating in a research note on Wednesday, February 5th. Morgan Stanley upgraded General Motors from an “underweight” rating to an “equal weight” rating and lifted their price target for the company from $46.00 to $54.00 in a research note on Tuesday, December 10th. HSBC downgraded General Motors from a “buy” rating to a “hold” rating and set a $58.00 price target on the stock. in a research note on Wednesday, December 11th. Finally, Hsbc Global Res cut General Motors from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 11th. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, General Motors has a consensus rating of “Hold” and an average target price of $59.71.

About General Motors

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.