Summit Investment Advisors Inc. Cuts Stock Position in General Motors (NYSE:GM)

Summit Investment Advisors Inc. trimmed its holdings in shares of General Motors (NYSE:GM) (TSE:GMM.U) by 5.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 10,714 shares of the auto manufacturer’s stock after selling 670 shares during the period. Summit Investment Advisors Inc.’s holdings in General Motors were worth $571,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently added to or reduced their stakes in the stock. Golden State Wealth Management LLC purchased a new stake in shares of General Motors during the fourth quarter valued at approximately $25,000. Crews Bank & Trust bought a new position in General Motors during the fourth quarter worth $26,000. Compass Planning Associates Inc acquired a new position in shares of General Motors in the 4th quarter valued at about $27,000. Duncker Streett & Co. Inc. grew its holdings in shares of General Motors by 9,960.0% during the fourth quarter. Duncker Streett & Co. Inc. now owns 503 shares of the auto manufacturer’s stock valued at $27,000 after purchasing an additional 498 shares during the last quarter. Finally, Whittier Trust Co. increased its position in General Motors by 551.9% in the fourth quarter. Whittier Trust Co. now owns 502 shares of the auto manufacturer’s stock worth $27,000 after buying an additional 425 shares during the period. 92.67% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. StockNews.com lowered shares of General Motors from a “buy” rating to a “hold” rating in a research note on Wednesday, February 5th. TD Cowen initiated coverage on General Motors in a report on Friday, March 7th. They issued a “buy” rating and a $105.00 price objective for the company. JPMorgan Chase & Co. cut their target price on General Motors from $64.00 to $53.00 and set an “overweight” rating on the stock in a research note on Thursday, March 27th. Deutsche Bank Aktiengesellschaft cut General Motors from a “buy” rating to a “hold” rating and set a $43.00 price target for the company. in a research note on Monday, April 14th. Finally, Wells Fargo & Company restated an “underweight” rating on shares of General Motors in a research note on Monday, February 3rd. Five equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, General Motors currently has a consensus rating of “Hold” and a consensus price target of $56.72.

General Motors Price Performance

NYSE GM opened at $44.55 on Friday. The stock’s 50-day moving average price is $47.10 and its two-hundred day moving average price is $50.29. The company has a market cap of $44.32 billion, a PE ratio of 7.24, a PEG ratio of 0.67 and a beta of 1.27. The company has a current ratio of 1.13, a quick ratio of 0.98 and a debt-to-equity ratio of 1.38. General Motors has a 1 year low of $38.96 and a 1 year high of $61.24.

General Motors (NYSE:GM) (TSE:GMM.U) last posted its quarterly earnings data 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, analysts predict that General Motors will post 11.44 EPS for the current year.

General Motors Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 20th. Investors of record on Friday, March 7th were paid a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 1.08%. The ex-dividend date was Friday, March 7th. General Motors’s dividend payout ratio is currently 7.80%.

General Motors announced that its board has authorized a share buyback plan on Wednesday, February 26th that allows the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization allows the auto manufacturer to buy up to 12.5% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.

Insiders Place Their Bets

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

About General Motors

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.