General Motors Company $GM Shares Newly Bought by BOCHK Asset Management Ltd

Key Points

• BOCHK Asset Management acquired 66,500 General Motors shares during the third quarter, valued at approximately $5.12 million. Institutional investors and hedge funds collectively own 92.67% of GM.
• GM reported third-quarter earnings of $3.70 per share, slightly exceeding estimates, while revenue rose 2.9% year over year to $50.02 billion. The company also authorized a $20 billion share-repurchase program and maintained a quarterly dividend of $0.18 per share.
• GM shares opened at $89.79, near their 52-week high, while analysts maintained a “Moderate Buy” consensus rating with an average price target of $101.44.

BOCHK Asset Management Ltd bought a new stake in General Motors Company (NYSE:GM - Free Report) TSE: GMM.U during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 66,500 shares of the auto manufacturer's stock, valued at approximately $5,120,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Evergreen Advisors LLC purchased a new position in shares of General Motors during the 1st quarter valued at about $26,000. Comprehensive Financial Planning Inc. PA bought a new position in General Motors during the second quarter valued at approximately $31,000. Burk Holdings LLC bought a new position in General Motors during the second quarter valued at approximately $31,000. Premier Financial Group purchased a new position in shares of General Motors during the second quarter worth approximately $31,000. Finally, Elevation Wealth Partners LLC raised its stake in shares of General Motors by 70.6% during the second quarter. Elevation Wealth Partners LLC now owns 464 shares of the auto manufacturer's stock worth $36,000 after acquiring an additional 192 shares in the last quarter. 92.67% of the stock is owned by hedge funds and other institutional investors.

General Motors Price Performance

Shares of GM stock opened at $89.79 on Tuesday. The firm has a market cap of $75.74 billion, a P/E ratio of 20.59, a P/E/G ratio of 0.47 and a beta of 1.40. The business's 50 day moving average price is $83.12 and its 200-day moving average price is $80.65. General Motors Company has a fifty-two week low of $66.75 and a fifty-two week high of $91.85. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.94 and a current ratio of 1.09.

General Motors (NYSE:GM - Get Free Report) TSE: GMM.U last issued its quarterly earnings data 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. General Motors had a net margin of 2.12% and a return on equity of 19.36%. The business had revenue of $50.02 billion for the quarter, compared to the consensus estimate of $48.78 billion. During the same period in the previous year, the firm earned $2.80 EPS. The company's quarterly revenue was up 2.9% compared to the same quarter last year. On average, equities research analysts anticipate that General Motors Company will post 13.38 earnings per share for the current year.

General Motors Announces Dividend

The business 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 of this dividend is Friday, December 4th. General Motors's dividend payout ratio (DPR) is 16.51%.

General Motors declared that its Board of Directors has initiated a share repurchase plan on Tuesday, October 20th that allows the company to buy back $20 billion in shares. This buyback authorization allows the auto manufacturer to reacquire up to 27.5% of its shares through open market purchases. Share buyback plans are usually an indication that the company's management believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on GM. Truist Financial set a $105.00 price objective on shares of General Motors in a research note on Wednesday, October 7th. The Goldman Sachs Group decreased their target price on shares of General Motors from $112.00 to $96.00 and set a "buy" rating on the stock in a research report on Wednesday, October 21st. BNP Paribas Exane boosted their price target on shares of General Motors from $102.00 to $112.00 and gave the stock an "outperform" rating in a research note on Monday, August 31st. Royal Bank Of Canada cut their price target on shares of General Motors from $102.00 to $98.00 and set an "outperform" rating for the company in a research report on Wednesday, October 21st. Finally, Barclays cut their price target on shares of General Motors from $110.00 to $105.00 and set an "overweight" rating for the company in a research report on Wednesday, October 21st. One analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, four have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $101.44.

General Motors Company Profile

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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