Treasurer of the State of North Carolina Acquires 8,923 Shares of General Motors (NYSE:GM)

Treasurer of the State of North Carolina lifted its holdings in General Motors (NYSE:GM) (TSE:GMM.U) by 1.4% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 645,174 shares of the auto manufacturer’s stock after buying an additional 8,923 shares during the period. Treasurer of the State of North Carolina’s holdings in General Motors were worth $34,368,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. MML Investors Services LLC increased its stake in General Motors by 3.0% during the third quarter. MML Investors Services LLC now owns 139,000 shares of the auto manufacturer’s stock worth $6,233,000 after acquiring an additional 4,023 shares during the last quarter. Continuum Advisory LLC increased its position in shares of 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. M&T Bank Corp increased its position in shares of General Motors by 1.4% during the 3rd quarter. M&T Bank Corp now owns 63,141 shares of the auto manufacturer’s stock valued at $2,831,000 after purchasing an additional 852 shares during the last quarter. Coldstream Capital Management Inc. raised its holdings in General Motors by 23.8% during the 3rd quarter. Coldstream Capital Management Inc. now owns 19,885 shares of the auto manufacturer’s stock valued at $955,000 after buying an additional 3,817 shares during the period. Finally, Toronto Dominion Bank lifted its position in General Motors by 17.9% in the third quarter. Toronto Dominion Bank now owns 526,107 shares of the auto manufacturer’s stock worth $23,591,000 after buying an additional 79,958 shares during the last quarter. 92.67% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at General Motors

In other General Motors news, Director Alfred F. Kelly, Jr. bought 12,000 shares of the company’s stock in a transaction that occurred on Thursday, January 30th. The shares were purchased at an average cost of $50.66 per share, for a total transaction of $607,920.00. Following the purchase, the director now directly owns 13,714 shares in the company, valued at $694,751.24. This represents a 700.12 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.72% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. JPMorgan Chase & Co. reduced their target price on shares of General Motors from $64.00 to $53.00 and set an “overweight” rating on the stock in a research note on Thursday, March 27th. Sanford C. Bernstein lowered shares of General Motors from a “market perform” rating to an “underperform” rating and reduced their price objective for the stock from $50.00 to $35.00 in a research report on Monday. Wells Fargo & Company restated an “underweight” rating on shares of General Motors in a research report on Monday, February 3rd. Piper Sandler increased their price target on General Motors from $45.00 to $48.00 and gave the stock a “neutral” rating in a report on Thursday, March 20th. Finally, TD Cowen initiated coverage on General Motors in a research note on Friday, March 7th. They set a “buy” rating and a $105.00 price target for the company. Four research analysts have rated the stock with a sell rating, eight have issued a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, General Motors presently has a consensus rating of “Hold” and a consensus price target of $59.33.

General Motors Trading Down 4.0 %

NYSE:GM opened at $43.91 on Friday. The company has a debt-to-equity ratio of 1.38, a quick ratio of 0.98 and a current ratio of 1.13. The firm has a 50-day simple moving average of $47.46 and a 200-day simple moving average of $50.37. General Motors has a one year low of $38.96 and a one year high of $61.24. The firm has a market cap of $43.69 billion, a P/E ratio of 7.14, a P/E/G ratio of 0.67 and a beta of 1.27.

General Motors (NYSE:GM) (TSE:GMM.U) last posted its earnings results on Tuesday, January 28th. The auto manufacturer reported $1.92 earnings per share for the quarter, topping analysts’ consensus estimates of $1.75 by $0.17. General Motors had a return on equity of 15.29% and a net margin of 3.21%. Equities analysts anticipate that General Motors will post 11.44 EPS for the current fiscal year.

General Motors announced that its Board of Directors has authorized a stock repurchase program on Wednesday, February 26th that allows the company to repurchase $6.00 billion in shares. This repurchase authorization allows the auto manufacturer to reacquire up to 12.5% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board believes its shares are undervalued.

General Motors Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 20th. Stockholders of record on Friday, March 7th were issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.09%. The ex-dividend date was Friday, March 7th. General Motors’s dividend payout ratio is currently 7.80%.

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.