Mitsubishi UFJ Asset Management Co. Ltd. Increases Stake in General Motors Company (NYSE:GM)

Key Points

• Mitsubishi UFJ Asset Management Co. Ltd. has increased its stake in General Motors by 3.7%, now owning approximately 1.83 million shares valued at $86.27 million.
• General Motors announced a quarterly dividend of $0.15 per share, which will yield 1.1% annually, payable on September 18th to shareholders of record by September 5th.
• Analysts' price targets for General Motors stock have been adjusted, with UBS setting it at $56 and JPMorgan at $60, while the average target price is currently $57.53.

Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in shares of General Motors Company (NYSE:GM - Free Report) TSE: GMM.U by 3.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,834,503 shares of the auto manufacturer's stock after purchasing an additional 66,259 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned approximately 0.19% of General Motors worth $86,277,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of GM. Brighton Jones LLC raised its position in shares of General Motors by 456.1% during the fourth quarter. Brighton Jones LLC now owns 38,717 shares of the auto manufacturer's stock worth $2,062,000 after purchasing an additional 31,755 shares during the period. Advisory Services Network LLC increased its stake in General Motors by 6.6% during the 4th quarter. Advisory Services Network LLC now owns 45,258 shares of the auto manufacturer's stock worth $2,411,000 after purchasing an additional 2,796 shares in the last quarter. Azimuth Capital Investment Management LLC bought a new stake in General Motors during the 4th quarter worth approximately $211,000. DRW Securities LLC acquired a new stake in General Motors during the 4th quarter worth approximately $221,000. Finally, Bessemer Group Inc. lifted its stake in General Motors by 0.4% in the fourth quarter. Bessemer Group Inc. now owns 53,619 shares of the auto manufacturer's stock valued at $2,856,000 after buying an additional 226 shares in the last quarter. 92.67% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, EVP Rory Harvey sold 23,977 shares of the stock in a transaction dated Tuesday, August 5th. The shares were sold at an average price of $53.01, for a total transaction of $1,271,020.77. Following the completion of the sale, the executive vice president directly owned 8,513 shares in the company, valued at approximately $451,274.13. This represents a 73.80% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.54% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. Benchmark initiated coverage on shares of General Motors in a research report on Monday, July 21st. They set a "buy" rating and a $65.00 price target on the stock. Bank of America dropped their price objective on shares of General Motors from $65.00 to $62.00 and set a "buy" rating on the stock in a research report on Wednesday, July 23rd. Piper Sandler reiterated a "neutral" rating and issued a $48.00 price target (up previously from $43.00) on shares of General Motors in a research note on Thursday, May 22nd. BNP Paribas raised shares of General Motors to a "strong-buy" rating in a report on Monday, May 5th. Finally, CLSA upgraded General Motors to a "moderate buy" rating in a report on Monday, July 7th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $57.53.

General Motors Stock Up 1.1%

Shares of GM traded up $0.57 during trading hours on Friday, reaching $53.52. 4,125,133 shares of the stock traded hands, compared to its average volume of 10,127,242. General Motors Company has a 52 week low of $41.60 and a 52 week high of $61.24. The company has a market cap of $50.96 billion, a price-to-earnings ratio of 8.50, a PEG ratio of 1.13 and a beta of 1.36. The stock has a fifty day simple moving average of $50.95 and a 200 day simple moving average of $48.78. The company has a current ratio of 1.22, a quick ratio of 1.05 and a debt-to-equity ratio of 1.42.

General Motors (NYSE:GM - Get Free Report) TSE: GMM.U last posted its quarterly earnings results on Tuesday, July 22nd. The auto manufacturer reported $2.53 earnings per share for the quarter, topping the consensus estimate of $2.52 by $0.01. The company had revenue of $47.12 billion during the quarter, compared to the consensus estimate of $45.87 billion. General Motors had a return on equity of 12.98% and a net margin of 2.54%. The firm's quarterly revenue was down 1.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $3.06 EPS. On average, equities analysts forecast that General Motors Company will post 11.44 EPS for the current year.

General Motors Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 18th. Stockholders of record on Friday, September 5th will be paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date of this dividend is Friday, September 5th. General Motors's dividend payout ratio (DPR) is 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.