Norges Bank Buys New Holdings in General Motors (NYSE:GM)

Norges Bank purchased a new position in shares of General Motors (NYSE:GM) (TSE:GMM.U) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 11,119,231 shares of the auto manufacturer’s stock, valued at approximately $592,321,000. Norges Bank owned about 1.12% of General Motors as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the business. Blue Trust Inc. lifted its stake in shares of General Motors by 19.7% during the 4th quarter. Blue Trust Inc. now owns 9,164 shares of the auto manufacturer’s stock worth $488,000 after buying an additional 1,510 shares during the last quarter. SYM FINANCIAL Corp acquired a new stake in General Motors during the fourth quarter worth approximately $474,000. Asset Management One Co. Ltd. boosted its holdings in shares of General Motors by 9.3% during the fourth quarter. Asset Management One Co. Ltd. now owns 463,848 shares of the auto manufacturer’s stock worth $25,178,000 after acquiring an additional 39,474 shares during the period. Avantra Family Wealth Inc. acquired a new position in shares of General Motors in the fourth quarter valued at approximately $1,044,000. Finally, Handelsbanken Fonder AB increased its stake in shares of General Motors by 10.9% during the fourth quarter. Handelsbanken Fonder AB now owns 202,054 shares of the auto manufacturer’s stock worth $10,763,000 after purchasing an additional 19,924 shares during the period. Institutional investors and hedge funds own 92.67% of the company’s stock.

Analyst Ratings Changes

Several analysts recently issued reports on GM shares. Morgan Stanley upgraded General Motors from an “underweight” rating to an “equal weight” rating and boosted their price target for the company from $46.00 to $54.00 in a research note on Tuesday, December 10th. HSBC cut shares of General Motors from a “buy” rating to a “hold” rating and set a $58.00 target price for the company. in a research report on Wednesday, December 11th. Hsbc Global Res lowered shares of General Motors from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 11th. UBS Group reissued a “buy” rating on shares of General Motors in a report on Monday, February 3rd. Finally, Piper Sandler raised their target price on shares of General Motors from $45.00 to $48.00 and gave the stock a “neutral” rating in a report on Thursday, March 20th. Three analysts have rated the stock with a sell rating, eight have issued a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $62.11.

General Motors Trading Down 1.2 %

GM opened at $46.65 on Friday. The company has a market cap of $46.42 billion, a P/E ratio of 7.59, a PEG ratio of 0.67 and a beta of 1.42. The company has a current ratio of 1.13, a quick ratio of 0.98 and a debt-to-equity ratio of 1.38. The company’s 50 day moving average is $48.89 and its 200-day moving average is $50.53. General Motors has a 1-year low of $38.96 and a 1-year high of $61.24.

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

General Motors Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 20th. Shareholders of record on Friday, March 7th were given a $0.12 dividend. The ex-dividend date of this dividend was Friday, March 7th. This represents a $0.48 annualized dividend and a yield of 1.03%. General Motors’s dividend payout ratio is presently 7.80%.

General Motors announced that its board has authorized a share buyback plan on Wednesday, February 26th that authorizes the company to repurchase $6.00 billion in shares. This repurchase authorization authorizes the auto manufacturer to repurchase up to 12.5% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its stock is undervalued.

Insider Activity

In other General Motors news, Director Alfred F. Kelly, Jr. purchased 12,000 shares of the company’s stock in a transaction dated 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 purchase, the director now owns 13,714 shares of the company’s stock, 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 SEC, which is available at this link. Insiders own 0.72% of the company’s stock.

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.