California Public Employees Retirement System Reduces Position in General Motors (NYSE:GM)

California Public Employees Retirement System decreased its holdings in General Motors (NYSE:GM) (TSE:GMM.U) by 8.5% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,890,853 shares of the auto manufacturer’s stock after selling 174,643 shares during the quarter. California Public Employees Retirement System owned 0.19% of General Motors worth $100,726,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. RWA Wealth Partners LLC lifted its holdings in shares of General Motors by 30.1% during the 4th quarter. RWA Wealth Partners LLC now owns 8,791 shares of the auto manufacturer’s stock valued at $468,000 after buying an additional 2,036 shares during the period. Schroder Investment Management Group lifted its holdings in General Motors by 10.4% in the fourth quarter. Schroder Investment Management Group now owns 316,274 shares of the auto manufacturer’s stock valued at $16,971,000 after acquiring an additional 29,815 shares during the period. MV Capital Management Inc. lifted its holdings in General Motors by 61.9% in the fourth quarter. MV Capital Management Inc. now owns 2,513 shares of the auto manufacturer’s stock valued at $134,000 after acquiring an additional 961 shares during the period. Intrust Bank NA boosted its position in General Motors by 5.9% in the fourth quarter. Intrust Bank NA now owns 18,450 shares of the auto manufacturer’s stock worth $983,000 after purchasing an additional 1,034 shares during the last quarter. Finally, Allstate Corp purchased a new stake in shares of General Motors during the 4th quarter valued at about $1,784,000. Institutional investors own 92.67% of the company’s stock.

Insiders Place Their Bets

In related news, Director Alfred F. Kelly, Jr. bought 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, for a total transaction of $607,920.00. Following the acquisition, the director now owns 13,714 shares in the company, valued at $694,751.24. This trade represents a 700.12 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 0.72% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on GM shares. Morgan Stanley upgraded shares of General Motors from an “underweight” rating to an “equal weight” rating and boosted their target price for the company from $46.00 to $54.00 in a research report on Tuesday, December 10th. JPMorgan Chase & Co. reduced their price objective on General Motors from $64.00 to $53.00 and set an “overweight” rating for the company in a research note on Thursday, March 27th. Piper Sandler lifted their target price on General Motors from $45.00 to $48.00 and gave the company a “neutral” rating in a research report on Thursday, March 20th. Wells Fargo & Company reissued an “underweight” rating on shares of General Motors in a report on Monday, February 3rd. Finally, TD Cowen began coverage on General Motors in a research note on Friday, March 7th. They issued a “buy” rating and a $105.00 price objective on the stock. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $62.11.

General Motors Trading Up 0.8 %

Shares of General Motors stock opened at $47.06 on Tuesday. General Motors has a twelve month low of $38.96 and a twelve month high of $61.24. The company has a quick ratio of 0.98, a current ratio of 1.13 and a debt-to-equity ratio of 1.38. The business has a 50-day moving average price of $48.81 and a 200-day moving average price of $50.61. The firm has a market cap of $46.82 billion, a price-to-earnings ratio of 7.65, a PEG ratio of 0.67 and a beta of 1.42.

General Motors (NYSE:GM) (TSE:GMM.U) last released its quarterly earnings results on Tuesday, January 28th. The auto manufacturer reported $1.92 earnings per share for the quarter, beating the consensus estimate 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 anticipate that General Motors will post 11.44 EPS for the current fiscal year.

General Motors declared that its board has approved a stock repurchase program on Wednesday, February 26th that permits the company to buyback $6.00 billion in shares. This buyback authorization permits the auto manufacturer to repurchase up to 12.5% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

General Motors Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 20th. Shareholders of record on Friday, March 7th were given a dividend of $0.12 per share. The ex-dividend date of this dividend was Friday, March 7th. This represents a $0.48 annualized dividend and a yield of 1.02%. General Motors’s dividend payout ratio (DPR) is currently 7.80%.

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.