General Motors Company $GM Shares Sold by Corebridge Financial Inc.

Key Points

• Corebridge Financial Inc. reduced its holdings in General Motors by 12.2% in the first quarter, ending with 221,920 shares worth approximately $10.4 million.
• Institutional investors and hedge funds collectively own 92.67% of General Motors' stock, indicating strong institutional interest in the company.
• General Motors declared a quarterly dividend of $0.15 per share, reflecting a 1.0% dividend yield and a payout ratio of 9.52%.

Corebridge Financial Inc. lowered its stake in General Motors Company (NYSE:GM - Free Report) TSE: GMM.U by 12.2% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 221,920 shares of the auto manufacturer's stock after selling 30,801 shares during the quarter. Corebridge Financial Inc.'s holdings in General Motors were worth $10,437,000 as of its most recent filing with the SEC.

A number of other large investors have also modified their holdings of the stock. ICONIQ Capital LLC grew its stake in shares of General Motors by 4.2% in the first quarter. ICONIQ Capital LLC now owns 5,434 shares of the auto manufacturer's stock valued at $256,000 after buying an additional 220 shares in the last quarter. Hohimer Wealth Management LLC grew its stake in shares of General Motors by 0.3% in the first quarter. Hohimer Wealth Management LLC now owns 70,377 shares of the auto manufacturer's stock valued at $3,310,000 after buying an additional 230 shares in the last quarter. HHM Wealth Advisors LLC grew its stake in shares of General Motors by 14.4% in the first quarter. HHM Wealth Advisors LLC now owns 1,838 shares of the auto manufacturer's stock valued at $86,000 after buying an additional 232 shares in the last quarter. Aaron Wealth Advisors LLC grew its stake in General Motors by 3.6% during the 1st quarter. Aaron Wealth Advisors LLC now owns 6,709 shares of the auto manufacturer's stock valued at $316,000 after purchasing an additional 235 shares in the last quarter. Finally, Burford Brothers Inc. grew its stake in General Motors by 2.8% during the 1st quarter. Burford Brothers Inc. now owns 8,718 shares of the auto manufacturer's stock valued at $410,000 after purchasing an additional 241 shares in the last quarter. Institutional investors and hedge funds own 92.67% of the company's stock.

Insider Activity at General Motors

In other news, CAO Christopher Hatto sold 14,667 shares of General Motors stock in a transaction on Wednesday, August 27th. The stock was sold at an average price of $59.00, for a total transaction of $865,353.00. Following the transaction, the chief accounting officer directly owned 12,007 shares in the company, valued at approximately $708,413. This trade represents a 54.99% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Mary T. Barra sold 87,839 shares of General Motors stock in a transaction on Friday, August 29th. The shares were sold at an average price of $58.13, for a total value of $5,106,081.07. The disclosure for this sale can be found here. Insiders have sold a total of 1,070,311 shares of company stock worth $62,095,433 in the last three months. 0.54% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on GM shares. Royal Bank Of Canada restated an "outperform" rating on shares of General Motors in a research note on Thursday, July 24th. Citigroup raised their price objective on General Motors from $59.00 to $61.00 and gave the company a "buy" rating in a research note on Wednesday, July 23rd. UBS Group raised their price objective on General Motors from $50.00 to $56.00 and gave the company a "neutral" rating in a research note on Monday, July 14th. CLSA raised General Motors to a "moderate buy" rating in a report on Monday, July 7th. Finally, Sanford C. Bernstein set a $36.00 target price on General Motors in a report on Monday, May 5th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, nine have issued a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average price target of $58.05.

General Motors Stock Performance

Shares of NYSE GM traded up $0.15 during mid-day trading on Friday, hitting $58.64. The company had a trading volume of 4,971,207 shares, compared to its average volume of 6,737,402. The stock has a market cap of $55.83 billion, a price-to-earnings ratio of 9.31, a PEG ratio of 1.24 and a beta of 1.36. General Motors Company has a 12 month low of $41.60 and a 12 month high of $61.24. The company has a debt-to-equity ratio of 1.42, a current ratio of 1.22 and a quick ratio of 1.05. The firm's 50 day simple moving average is $53.53 and its two-hundred day simple moving average is $49.58.

General Motors (NYSE:GM - Get Free Report) TSE: GMM.U last announced its quarterly earnings results on Tuesday, July 22nd. The auto manufacturer reported $2.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.52 by $0.01. General Motors had a return on equity of 12.98% and a net margin of 2.54%.The business had revenue of $47.12 billion for the quarter, compared to the consensus estimate of $45.87 billion. During the same quarter last year, the business posted $3.06 EPS. The business's revenue was down 1.8% on a year-over-year basis. General Motors has set its FY 2025 guidance at 8.250-10.000 EPS. As a group, equities research analysts forecast that General Motors Company will post 11.44 earnings per share for the current year.

General Motors Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 18th. Investors of record on Friday, September 5th will be given a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.0%. The ex-dividend date is Friday, September 5th. General Motors's dividend payout ratio (DPR) is currently 9.52%.

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.