VIRGINIA RETIREMENT SYSTEMS ET Al Acquires 63,700 Shares of General Motors Company $GM

VIRGINIA RETIREMENT SYSTEMS ET Al boosted its stake in General Motors Company (NYSE:GM) (TSE:GMM.U) by 20.0% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 381,962 shares of the auto manufacturer’s stock after acquiring an additional 63,700 shares during the quarter. VIRGINIA RETIREMENT SYSTEMS ET Al’s holdings in General Motors were worth $29,411,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in GM. BlackRock Inc. acquired a new position in General Motors during the second quarter worth $5,958,995,000. Dimensional Fund Advisors LP grew its position in shares of General Motors by 0.5% in the first quarter. Dimensional Fund Advisors LP now owns 14,225,518 shares of the auto manufacturer’s stock valued at $1,059,668,000 after purchasing an additional 77,100 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of General Motors by 1.2% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 8,559,990 shares of the auto manufacturer’s stock valued at $659,804,000 after purchasing an additional 101,885 shares during the period. Bank of America Corp DE purchased a new stake in shares of General Motors during the second quarter worth about $629,465,000. Finally, Legal & General Group Plc purchased a new stake in shares of General Motors during the second quarter worth about $599,066,000. Hedge funds and other institutional investors own 92.67% of the company’s stock.

Insiders Place Their Bets

In other news, EVP Grant Dixton sold 40,000 shares of the business’s stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $88.44, for a total transaction of $3,537,600.00. Following the transaction, the executive vice president directly owned 54,992 shares in the company, valued at $4,863,492.48. The trade was a 42.11% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.44% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on GM shares. The Goldman Sachs Group decreased their price target on shares of General Motors from $112.00 to $96.00 and set a “buy” rating on the stock in a research note on Wednesday, October 21st. Truist Financial set a $105.00 price objective on General Motors in a research note on Wednesday, October 7th. Morgan Stanley reduced their target price on General Motors from $101.00 to $95.00 and set an “overweight” rating for the company in a report on Wednesday, October 21st. Deutsche Bank Aktiengesellschaft set a $98.00 target price on General Motors in a research report on Wednesday, October 21st. Finally, Benchmark reaffirmed a “buy” rating and issued a $105.00 price target (up from $90.00) on shares of General Motors in a research note on Tuesday, July 21st. One equities research analyst has rated the stock with a Strong Buy rating, twenty-two have given a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, General Motors presently has a consensus rating of “Moderate Buy” and a consensus target price of $101.44.

General Motors Price Performance

Shares of NYSE GM opened at $87.33 on Friday. The firm has a 50-day simple moving average of $83.09 and a 200-day simple moving average of $80.62. The company has a quick ratio of 0.94, a current ratio of 1.09 and a debt-to-equity ratio of 1.32. The stock has a market capitalization of $73.67 billion, a price-to-earnings ratio of 20.03, a price-to-earnings-growth ratio of 0.49 and a beta of 1.40. General Motors Company has a 52 week low of $66.75 and a 52 week high of $91.85.

General Motors (NYSE:GM) (TSE:GMM.U) last posted its quarterly earnings results on Tuesday, October 20th. The auto manufacturer reported $3.70 earnings per share for the quarter, topping analysts’ consensus estimates of $3.69 by $0.01. General Motors had a net margin of 2.12% and a return on equity of 19.36%. The firm had revenue of $50.02 billion for the quarter, compared to analyst estimates of $48.78 billion. During the same period in the previous year, the business posted $2.80 earnings per share. General Motors’s quarterly revenue was up 2.9% on a year-over-year basis. On average, equities analysts predict that General Motors Company will post 13.38 earnings per share for the current fiscal year.

General Motors declared that its Board of Directors has approved a share buyback program on Tuesday, October 20th that authorizes the company to buy back $20 billion in outstanding shares. This buyback authorization authorizes the auto manufacturer to reacquire up to 27.5% of its shares through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its shares are undervalued.

General Motors Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 17th. Shareholders of record on Friday, December 4th will be paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date of this dividend is Friday, December 4th. General Motors’s dividend payout ratio (DPR) is 16.51%.

Key Stories Impacting General Motors

Here are the key news stories impacting General Motors this week:

• Positive Sentiment: Hybrid expansion strengthens product strategy: GM confirmed that its Lansing Delta Township plant will produce hybrid vehicles, including anticipated Chevrolet Traverse, GMC Acadia and Buick Enclave hybrids. The company and the Department of Energy are restructuring a previously awarded $500 million grant to support the investment, helping GM address demand for vehicles between traditional internal-combustion models and EVs. GM confirms Lansing Delta Township plant will produce hybrid vehicles
• Neutral Sentiment: Nasdaq listing planned: GM is reportedly shifting its stock listing to Nasdaq, potentially improving visibility among technology-oriented investors and aligning the automaker with other major companies that have made similar moves. The change is mainly a trading and branding development rather than an immediate change to GM’s operating fundamentals. GM is shifting gears to the Nasdaq
• Negative Sentiment: $220 million driver-data settlement adds legal and reputational costs: GM agreed to pay 36 states to resolve allegations that it sold or shared drivers’ vehicle-use, location and braking-behavior data with data brokers and insurers. The agreement requires affirmative express consent before collecting or sharing such information. State allocations include $7.2 million to Michigan, more than $6 million to Connecticut, $3 million to Maine, over $2.5 million to Alaska and $8 million to Ohio; drivers generally will not receive direct payments. The settlement could increase compliance costs and scrutiny of GM’s connected-car and OnStar data practices. GM reaches $220M settlement over selling drivers’ private data

General Motors Company Profile

General Motors Company (NYSE: GM) is a global automotive company headquartered in Detroit, Michigan. Founded in 1908, GM designs, manufactures and sells vehicles and related services through brands including Chevrolet, Buick, GMC and Cadillac.

GM’s product lineup includes passenger cars, pickup trucks, sport utility vehicles, commercial vehicles and electric vehicles. The company is also developing connected-vehicle technologies, driver-assistance systems and charging and energy-management solutions.