General Motors Company $GM Position Lowered by AIA Group Ltd

Key Points

• AIA Group reduced its GM stake by 9.3% in the third quarter, selling 18,263 shares; it still held 178,320 shares worth about $13.7 million. Institutional investors collectively own 92.67% of GM.
• GM reported quarterly EPS of $3.70, slightly above estimates, and revenue of $50.02 billion, also ahead of consensus and up 2.9% year over year. Its board also authorized a $20 billion share buyback.
• Analysts’ consensus rating is Moderate Buy, with an average price target of $101.44. The company also faces scrutiny over driver-data practices, including a reported $220 million privacy settlement.

AIA Group Ltd cut its position in shares of General Motors Company (NYSE:GM - Free Report) TSE: GMM.U by 9.3% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 178,320 shares of the auto manufacturer's stock after selling 18,263 shares during the quarter. AIA Group Ltd's holdings in General Motors were worth $13,731,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Third View Private Wealth LLC increased its stake in shares of General Motors by 14.7% during the third quarter. Third View Private Wealth LLC now owns 6,779 shares of the auto manufacturer's stock valued at $522,000 after purchasing an additional 870 shares in the last quarter. Provenance Wealth Advisors LLC bought a new stake in shares of General Motors in the 3rd quarter worth approximately $141,000. Integrity Alliance LLC. bought a new stake in shares of General Motors in the 3rd quarter worth approximately $227,000. GRIMES & Co WEALTH MANAGEMENT LLC grew its stake in shares of General Motors by 4.8% in the 3rd quarter. GRIMES & Co WEALTH MANAGEMENT LLC now owns 21,154 shares of the auto manufacturer's stock worth $1,629,000 after buying an additional 976 shares during the last quarter. Finally, BOCHK Asset Management Ltd purchased a new stake in shares of General Motors in the 3rd quarter worth approximately $5,120,000. 92.67% of the stock is owned by hedge funds and other institutional investors.

Key Headlines Impacting General Motors

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

• Positive Sentiment: GM plans to add an AI “intelligence layer” to OnStar, potentially expanding the capabilities of its connected-vehicle services. GM adding an AI intelligence layer to OnStar
• Positive Sentiment: The automaker’s upcoming hybrid push will begin with large SUVs, broadening its powertrain options in a major vehicle segment. GM's hybrid onslaught will start with its big SUVs
• Neutral Sentiment: A comparison with Ford says GM has the stronger operating profile, while Ford offers a larger dividend—a favorable operational comparison, but not a direct catalyst for near-term earnings. GM vs Ford comparison
• Neutral Sentiment: Zacks describes GM as a top-ranked value stock, though the article’s supplied details do not indicate a new earnings or business catalyst. Zacks on GM as a value stock
• Negative Sentiment: GM is facing a reported $220 million privacy settlement tied to driver data practices, creating a financial cost and renewed scrutiny of how the company handles connected-vehicle data. GM's $220 million privacy settlement
• Negative Sentiment: Ohio is to receive $8 million from GM over sharing driver data, adding to the legal and reputational concerns around the company’s data practices. Ohio to get $8 million from GM

Analyst Upgrades and Downgrades

GM has been the topic of several analyst reports. Barclays dropped their target price on General Motors from $110.00 to $105.00 and set an "overweight" rating on the stock in a report on Wednesday, October 21st. Daiwa Securities Group raised their price target on General Motors from $83.00 to $86.00 and gave the company a "neutral" rating in a report on Wednesday, July 22nd. The Goldman Sachs Group dropped their price target on shares of General Motors from $112.00 to $96.00 and set a "buy" rating on the stock in a research note on Wednesday, October 21st. Truist Financial set a $105.00 price objective on shares of General Motors in a research report on Wednesday, October 7th. Finally, Deutsche Bank Aktiengesellschaft set a $98.00 price objective on shares of General Motors in a research note on Wednesday, October 21st. One investment 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 given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $101.44.

General Motors Price Performance

NYSE GM opened at $88.34 on Wednesday. General Motors Company has a one year low of $66.75 and a one year high of $91.85. The stock has a 50-day moving average of $83.15 and a 200 day moving average of $80.69. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.94 and a current ratio of 1.09. The company has a market capitalization of $74.52 billion, a price-to-earnings ratio of 6.67, a PEG ratio of 0.51 and a beta of 1.40.

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

General Motors Announces Dividend

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

General Motors announced that its board has initiated a share buyback plan on Tuesday, October 20th that permits the company to repurchase $20 billion in shares. This buyback authorization permits the auto manufacturer to buy up to 27.5% of its stock through open market purchases. Stock buyback plans are typically an indication that the company's board believes its shares are undervalued.

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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