Summit Financial LLC Has $9.37 Million Stock Position in General Motors (NYSE:GM)

Summit Financial LLC increased its position in shares of General Motors (NYSE:GM) (TSE:GMM.U) by 84.7% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 175,867 shares of the auto manufacturer’s stock after buying an additional 80,663 shares during the quarter. Summit Financial LLC’s holdings in General Motors were worth $9,368,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently bought and sold shares of the company. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of General Motors by 1.1% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 236,167 shares of the auto manufacturer’s stock worth $10,590,000 after purchasing an additional 2,517 shares during the period. Public Sector Pension Investment Board increased its position in General Motors by 11.2% in the 3rd quarter. Public Sector Pension Investment Board now owns 46,744 shares of the auto manufacturer’s stock worth $2,096,000 after buying an additional 4,700 shares during the period. Caisse DE Depot ET Placement DU Quebec lifted its holdings in shares of General Motors by 972.6% during the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 2,103,036 shares of the auto manufacturer’s stock worth $94,300,000 after buying an additional 1,906,964 shares during the last quarter. Maverick Capital Ltd. boosted its position in shares of General Motors by 6.8% in the third quarter. Maverick Capital Ltd. now owns 23,428 shares of the auto manufacturer’s stock valued at $1,051,000 after acquiring an additional 1,488 shares during the period. Finally, True Wealth Design LLC grew its stake in shares of General Motors by 1,273.8% in the third quarter. True Wealth Design LLC now owns 838 shares of the auto manufacturer’s stock worth $38,000 after acquiring an additional 777 shares during the last quarter. Institutional investors own 92.67% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on GM shares. TD Cowen assumed coverage on shares of General Motors in a research note on Friday, March 7th. They issued a “buy” rating and a $105.00 price objective for the company. Hsbc Global Res cut shares of General Motors from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 11th. JPMorgan Chase & Co. lowered their price objective on General Motors from $64.00 to $53.00 and set an “overweight” rating on the stock in a research note on Thursday. Morgan Stanley raised 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. Finally, StockNews.com cut General Motors from a “buy” rating to a “hold” rating in a research report on Wednesday, February 5th. Three analysts have rated the stock with a sell rating, eight have issued a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $62.11.

Insider Buying and Selling at General Motors

In other news, Director Alfred F. Kelly, Jr. purchased 12,000 shares of General Motors stock in a transaction on 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 transaction, the director now directly owns 13,714 shares in the company, valued at $694,751.24. The trade was a 700.12 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this link. Company insiders own 0.72% of the company’s stock.

General Motors Trading Down 1.2 %

NYSE:GM opened at $46.65 on Monday. 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 business’s 50-day simple moving average is $48.89 and its 200-day simple moving average is $50.61. General Motors has a fifty-two week low of $38.96 and a fifty-two week high of $61.24. The stock has a market capitalization of $46.42 billion, a PE ratio of 7.59, a price-to-earnings-growth ratio of 0.67 and a beta of 1.42.

General Motors (NYSE:GM) (TSE:GMM.U) last announced its quarterly 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%. Sell-side analysts expect that General Motors will post 11.44 earnings per share for the current fiscal year.

General Motors Dividend Announcement

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

General Motors declared that its Board of Directors has approved a stock buyback program on Wednesday, February 26th that allows the company to buyback $6.00 billion in shares. This buyback authorization allows the auto manufacturer to reacquire up to 12.5% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management 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.