Investment Management Corp of Ontario Sells 140,447 Shares of General Motors (NYSE:GM)

Investment Management Corp of Ontario decreased its position in General Motors (NYSE:GM) (TSE:GMM.U) by 58.6% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 99,149 shares of the auto manufacturer’s stock after selling 140,447 shares during the quarter. Investment Management Corp of Ontario’s holdings in General Motors were worth $5,282,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in GM. Principal Financial Group Inc. increased its holdings in shares of General Motors by 1.1% during the third quarter. Principal Financial Group Inc. now owns 1,268,096 shares of the auto manufacturer’s stock worth $56,861,000 after buying an additional 13,206 shares in the last quarter. Hilltop National Bank boosted its holdings in shares of General Motors by 6.9% in the 4th quarter. Hilltop National Bank now owns 3,876 shares of the auto manufacturer’s stock worth $206,000 after acquiring an additional 249 shares in the last quarter. Czech National Bank grew its position in General Motors by 4.1% during the 4th quarter. Czech National Bank now owns 238,415 shares of the auto manufacturer’s stock worth $12,700,000 after acquiring an additional 9,461 shares during the last quarter. Wedmont Private Capital increased its holdings in General Motors by 12.2% during the 4th quarter. Wedmont Private Capital now owns 9,968 shares of the auto manufacturer’s stock valued at $497,000 after purchasing an additional 1,082 shares in the last quarter. Finally, Cooper Financial Group raised its position in General Motors by 15.6% in the 4th quarter. Cooper Financial Group now owns 11,967 shares of the auto manufacturer’s stock valued at $637,000 after purchasing an additional 1,615 shares during the last quarter. Institutional investors and hedge funds own 92.67% of the company’s stock.

Analysts Set New Price Targets

GM has been the subject of a number of research reports. Royal Bank of Canada raised their target price on General Motors from $55.00 to $57.00 and gave the company an “outperform” rating in a research note on Friday, May 2nd. Piper Sandler raised their price objective on shares of General Motors from $45.00 to $48.00 and gave the company a “neutral” rating in a research report on Thursday, March 20th. The Goldman Sachs Group dropped their target price on shares of General Motors from $73.00 to $63.00 and set a “buy” rating for the company in a research note on Thursday, April 10th. Wedbush decreased their price target on shares of General Motors from $60.00 to $55.00 and set an “outperform” rating on the stock in a research note on Friday, May 2nd. Finally, StockNews.com cut shares of General Motors from a “buy” rating to a “hold” rating in a research report on Wednesday, February 5th. Four equities research analysts have rated the stock with a sell rating, ten have issued a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $54.28.

General Motors Stock Up 0.3 %

Shares of NYSE:GM opened at $47.51 on Friday. The company has a 50 day moving average price of $46.63 and a two-hundred day moving average price of $50.08. The company has a market capitalization of $45.68 billion, a PE ratio of 7.73, a PEG ratio of 0.67 and a beta of 1.36. General Motors has a 52 week low of $38.96 and a 52 week high of $61.24. The company has a debt-to-equity ratio of 1.38, a quick ratio of 0.98 and a current ratio of 1.13.

General Motors (NYSE:GM) (TSE:GMM.U) last issued its quarterly earnings data on Tuesday, April 29th. The auto manufacturer reported $2.78 EPS for the quarter, topping the consensus estimate of $2.63 by $0.15. General Motors had a return on equity of 15.29% and a net margin of 3.21%. The business had revenue of $44.02 billion for the quarter, compared to the consensus estimate of $42.64 billion. During the same quarter last year, the business posted $2.62 EPS. The firm’s revenue was up 2.3% compared to the same quarter last year. Analysts forecast that General Motors will post 11.44 earnings per share for the current year.

General Motors Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 19th. Investors of record on Friday, June 6th will be given a $0.15 dividend. The ex-dividend date of this dividend is Friday, June 6th. This is a positive change from General Motors’s previous quarterly dividend of $0.12. This represents a $0.60 annualized dividend and a dividend yield of 1.26%. General Motors’s payout ratio is currently 8.65%.

General Motors declared that its Board of Directors has authorized a share buyback plan on Wednesday, February 26th that authorizes the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization authorizes the auto manufacturer to buy up to 12.5% 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.