Legal & General Group Plc Sells 2,062,878 Shares of General Motors (NYSE:GM)

Legal & General Group Plc decreased its holdings in shares of General Motors (NYSE:GM) (TSE:GMM.U) by 19.0% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 8,817,706 shares of the auto manufacturer’s stock after selling 2,062,878 shares during the period. Legal & General Group Plc’s holdings in General Motors were worth $469,719,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Trust Point Inc. raised its stake in General Motors by 2.7% during the fourth quarter. Trust Point Inc. now owns 7,241 shares of the auto manufacturer’s stock valued at $386,000 after buying an additional 193 shares during the last quarter. Continuum Advisory LLC grew its position in General Motors by 7.9% during the 3rd quarter. Continuum Advisory LLC now owns 2,925 shares of the auto manufacturer’s stock valued at $131,000 after purchasing an additional 213 shares during the last quarter. Holistic Planning LLC increased its stake in General Motors by 3.9% during the 4th quarter. Holistic Planning LLC now owns 5,759 shares of the auto manufacturer’s stock valued at $307,000 after purchasing an additional 214 shares in the last quarter. Nemes Rush Group LLC lifted its stake in shares of General Motors by 18.7% in the fourth quarter. Nemes Rush Group LLC now owns 1,379 shares of the auto manufacturer’s stock worth $73,000 after buying an additional 217 shares in the last quarter. Finally, Norden Group LLC grew its holdings in shares of General Motors by 3.0% during the fourth quarter. Norden Group LLC now owns 7,906 shares of the auto manufacturer’s stock valued at $421,000 after buying an additional 229 shares during the last quarter. 92.67% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. 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 report on Thursday, March 27th. Cowen began coverage on General Motors in a report on Thursday, March 6th. They issued a “buy” rating for the company. Deutsche Bank Aktiengesellschaft upgraded shares of General Motors from a “hold” rating to a “buy” rating and upped their target price for the company from $56.00 to $60.00 in a research note on Tuesday, January 21st. StockNews.com lowered shares of General Motors from a “buy” rating to a “hold” rating in a research note on Wednesday, February 5th. Finally, UBS Group restated a “buy” rating on shares of General Motors in a research report on Monday, February 3rd. Four investment analysts have rated the stock with a sell rating, seven have issued a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $61.00.

Insider Buying and Selling at General Motors

In related news, Director Alfred F. Kelly, Jr. acquired 12,000 shares of the business’s stock in a transaction on Thursday, January 30th. The stock was acquired at an average cost of $50.66 per share, with a total value of $607,920.00. Following the acquisition, the director now directly owns 13,714 shares in the company, valued at $694,751.24. This represents a 700.12 % increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders own 0.72% of the company’s stock.

General Motors Stock Performance

Shares of GM opened at $43.55 on Tuesday. General Motors has a 52 week low of $38.96 and a 52 week 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 stock has a market cap of $43.33 billion, a price-to-earnings ratio of 7.08, a PEG ratio of 0.67 and a beta of 1.27. The business has a 50-day simple moving average of $47.99 and a two-hundred day simple moving average of $50.55.

General Motors (NYSE:GM) (TSE:GMM.U) last issued 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 net margin of 3.21% and a return on equity of 15.29%. On average, analysts expect that General Motors will post 11.44 EPS for the current year.

General Motors Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 20th. Investors of record on Friday, March 7th were issued a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 1.10%. The ex-dividend date was Friday, March 7th. General Motors’s dividend payout ratio is currently 7.80%.

General Motors announced that its Board of Directors has initiated a share repurchase 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 purchase up to 12.5% of its stock through open market purchases. Stock repurchase plans are generally 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.