63,700 General Motors Company $GM Shares Purchased by VIRGINIA RETIREMENT SYSTEMS ET Al

Key Points

• Virginia Retirement Systems increased its GM position by 20%, purchasing 63,700 shares to bring its holdings to 381,962 shares valued at approximately $29.4 million. Institutional investors collectively own 92.67% of GM’s stock.
• GM reported quarterly revenue of $50.02 billion and adjusted earnings of $3.70 per share, modestly beating analyst expectations; revenue rose 2.9% year over year. The board also authorized a $20 billion share-repurchase program covering up to 27.5% of outstanding shares.
• GM’s outlook includes expanding hybrid production and a planned Nasdaq listing, but the company also faces a $220 million multistate settlement over allegations involving the sharing of driver data, adding legal and reputational pressure.

VIRGINIA RETIREMENT SYSTEMS ET Al boosted its position in General Motors Company (NYSE:GM - Free Report) TSE: GMM.U by 20.0% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 381,962 shares of the auto manufacturer's stock after buying an additional 63,700 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al's holdings in General Motors were worth $29,411,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. BlackRock Inc. purchased a new position in General Motors during the 2nd quarter worth approximately $5,958,995,000. Dimensional Fund Advisors LP lifted its stake in General Motors by 0.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 14,225,518 shares of the auto manufacturer's stock valued at $1,059,668,000 after acquiring an additional 77,100 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of General Motors by 1.2% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 8,559,990 shares of the auto manufacturer's stock valued at $659,804,000 after acquiring an additional 101,885 shares during the last quarter. Bank of America Corp DE purchased a new stake in shares of General Motors in the 2nd quarter valued at $629,465,000. Finally, Legal & General Group Plc acquired a new stake in shares of General Motors in the second quarter worth $599,066,000. Institutional investors and hedge funds own 92.67% of the company's stock.

General Motors Price Performance

Shares of NYSE GM opened at $87.33 on Friday. The company has a debt-to-equity ratio of 1.32, a current ratio of 1.09 and a quick ratio of 0.94. The stock has a market capitalization of $73.67 billion, a price-to-earnings ratio of 20.03, a PEG ratio of 0.49 and a beta of 1.40. The firm's 50 day simple moving average is $83.09 and its 200-day simple moving average is $80.62. General Motors Company has a 12 month low of $66.75 and a 12 month high of $91.85.

General Motors (NYSE:GM - Get Free Report) TSE: GMM.U last posted its earnings results on Tuesday, October 20th. The auto manufacturer reported $3.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.69 by $0.01. General Motors had a net margin of 2.12% and a return on equity of 19.36%. The firm had revenue of $50.02 billion during the quarter, compared to analysts' expectations of $48.78 billion. During the same period in the previous year, the business posted $2.80 EPS. The business's revenue was up 2.9% compared to the same quarter last year. Analysts expect that General Motors Company will post 13.38 EPS for the current year.

General Motors declared that its Board of Directors has initiated a share repurchase program on Tuesday, October 20th that allows the company to buy back $20 billion in outstanding shares. This buyback authorization allows the auto manufacturer to purchase up to 27.5% of its shares through open market purchases. Stock buyback programs are often an indication that the company's board of directors believes its shares are undervalued.

General Motors Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 17th. Shareholders of record on Friday, December 4th will be given a $0.18 dividend. The ex-dividend date is Friday, December 4th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 0.8%. General Motors's dividend payout ratio is 16.51%.

Insider Buying and Selling at General Motors

In other news, EVP Grant Dixton sold 40,000 shares of the stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $88.44, for a total transaction of $3,537,600.00. Following the sale, the executive vice president directly owned 54,992 shares of the company's stock, valued at $4,863,492.48. This represents a 42.11% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.44% of the company's stock.

Key Stories Impacting General Motors

Here are the key news stories impacting General Motors this week:

• Positive Sentiment: Hybrid expansion strengthens product strategy: GM confirmed that its Lansing Delta Township plant will produce hybrid vehicles, including anticipated Chevrolet Traverse, GMC Acadia and Buick Enclave hybrids. The company and the Department of Energy are restructuring a previously awarded $500 million grant to support the investment, helping GM address demand for vehicles between traditional internal-combustion models and EVs. GM confirms Lansing Delta Township plant will produce hybrid vehicles
• Neutral Sentiment: Nasdaq listing planned: GM is reportedly shifting its stock listing to Nasdaq, potentially improving visibility among technology-oriented investors and aligning the automaker with other major companies that have made similar moves. The change is mainly a trading and branding development rather than an immediate change to GM’s operating fundamentals. GM is shifting gears to the Nasdaq
• Negative Sentiment: $220 million driver-data settlement adds legal and reputational costs: GM agreed to pay 36 states to resolve allegations that it sold or shared drivers’ vehicle-use, location and braking-behavior data with data brokers and insurers. The agreement requires affirmative express consent before collecting or sharing such information. State allocations include $7.2 million to Michigan, more than $6 million to Connecticut, $3 million to Maine, over $2.5 million to Alaska and $8 million to Ohio; drivers generally will not receive direct payments. The settlement could increase compliance costs and scrutiny of GM’s connected-car and OnStar data practices. GM reaches $220M settlement over selling drivers’ private data

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on GM shares. Tigress Financial raised their target price on shares of General Motors from $130.00 to $132.00 and gave the stock a "strong-buy" rating in a report on Wednesday. Wells Fargo & Company upped their price target on shares of General Motors from $60.00 to $61.00 and gave the company an "underweight" rating in a report on Wednesday, July 22nd. Daiwa Securities Group increased their price target on General Motors from $83.00 to $86.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 22nd. Royal Bank Of Canada reduced their price objective on General Motors from $102.00 to $98.00 and set an "outperform" rating for the company in a research note on Wednesday, October 21st. Finally, Truist Financial set a $105.00 price objective on General Motors in a report on Wednesday, October 7th. One research analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $101.44.

About General Motors

General Motors Company NYSE: GM is a global automotive company headquartered in Detroit, Michigan. Founded in 1908, GM designs, manufactures and sells vehicles and related services through brands including Chevrolet, Buick, GMC and Cadillac.

GM's product lineup includes passenger cars, pickup trucks, sport utility vehicles, commercial vehicles and electric vehicles. The company is also developing connected-vehicle technologies, driver-assistance systems and charging and energy-management solutions.

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