Allstate Corp Takes $1.78 Million Position in General Motors (NYSE:GM)

Allstate Corp bought a new position in General Motors (NYSE:GM) (TSE:GMM.U) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 33,482 shares of the auto manufacturer’s stock, valued at approximately $1,784,000.

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

Insiders Place Their Bets

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

General Motors Stock Down 1.2 %

Shares of NYSE:GM opened at $46.65 on Friday. The company has a debt-to-equity ratio of 1.38, a current ratio of 1.13 and a quick ratio of 0.98. The stock has a market cap of $46.42 billion, a price-to-earnings ratio of 7.59, a P/E/G ratio of 0.67 and a beta of 1.42. The company has a 50 day moving average of $48.89 and a 200-day moving average of $50.56. General Motors has a one year low of $38.96 and a one year high of $61.24.

General Motors (NYSE:GM) (TSE:GMM.U) last released its earnings results on Tuesday, January 28th. The auto manufacturer reported $1.92 EPS for the quarter, topping 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%. On average, sell-side analysts forecast that General Motors will post 11.44 earnings per share for the current year.

General Motors declared that its board has authorized a stock buyback program on Wednesday, February 26th that allows the company to buyback $6.00 billion in outstanding shares. This buyback authorization allows the auto manufacturer to purchase up to 12.5% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its stock is undervalued.

General Motors Announces Dividend

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

Analysts Set New Price Targets

Several brokerages recently commented on GM. Wells Fargo & Company reaffirmed an “underweight” rating on shares of General Motors in a research note on Monday, February 3rd. Piper Sandler boosted their target price on shares of General Motors from $45.00 to $48.00 and gave the company a “neutral” rating in a research note on Thursday, March 20th. TD Cowen began coverage on shares of General Motors in a research report on Friday, March 7th. They set a “buy” rating and a $105.00 target price for the company. Mizuho boosted their price target on shares of General Motors from $59.00 to $62.00 and gave the company an “outperform” rating in a research report on Monday, December 9th. Finally, The Goldman Sachs Group set a $73.00 price objective on shares of General Motors in a report on Saturday, March 1st. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $62.11.

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.