HITE Hedge Asset Management LLC Boosts Stock Position in General Motors Company $GM

Key Points

• HITE Hedge Asset Management LLC significantly increased its stake in General Motors by 502.1% this quarter, bringing its total holdings to 399,842 shares valued at approximately $18.8 million.
• General Motors announced a quarterly dividend of $0.15 per share, translating to an annual yield of 1.1%, with an ex-dividend date set for September 5th.
• Analyst ratings for General Motors are mixed, with two sell ratings, ten holds, ten buys, and one strong buy, while the average target price is set at $57.53.

HITE Hedge Asset Management LLC increased its holdings in General Motors Company (NYSE:GM - Free Report) TSE: GMM.U by 502.1% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 399,842 shares of the auto manufacturer's stock after purchasing an additional 333,435 shares during the period. General Motors makes up about 1.2% of HITE Hedge Asset Management LLC's holdings, making the stock its 29th biggest holding. HITE Hedge Asset Management LLC's holdings in General Motors were worth $18,805,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the business. Quantbot Technologies LP bought a new position in General Motors during the 1st quarter worth approximately $5,266,000. Edgar Lomax Co. VA bought a new position in shares of General Motors in the first quarter worth approximately $11,469,000. Korea Investment CORP increased its stake in shares of General Motors by 1.7% in the first quarter. Korea Investment CORP now owns 1,167,612 shares of the auto manufacturer's stock worth $54,913,000 after buying an additional 19,554 shares during the period. Aptus Capital Advisors LLC boosted its position in General Motors by 13.8% during the 1st quarter. Aptus Capital Advisors LLC now owns 15,139 shares of the auto manufacturer's stock valued at $712,000 after buying an additional 1,841 shares during the period. Finally, Brooklyn Investment Group grew its holdings in General Motors by 354.0% in the 1st quarter. Brooklyn Investment Group now owns 14,324 shares of the auto manufacturer's stock worth $674,000 after acquiring an additional 11,169 shares during the last quarter. 92.67% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on GM. Piper Sandler reaffirmed a "neutral" rating and set a $48.00 price objective (up from $43.00) on shares of General Motors in a research note on Thursday, May 22nd. BNP Paribas upgraded General Motors to a "strong-buy" rating in a research report on Monday, May 5th. Bank of America reduced their target price on General Motors from $65.00 to $62.00 and set a "buy" rating on the stock in a research note on Wednesday, July 23rd. The Goldman Sachs Group reiterated a "buy" rating on shares of General Motors in a report on Friday, July 11th. Finally, Barclays upped their price objective on shares of General Motors from $45.00 to $55.00 and gave the stock an "equal weight" rating in a report on Wednesday, July 16th. 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 issued a strong buy rating to the company. According to MarketBeat.com, General Motors has an average rating of "Hold" and an average target price of $57.53.

General Motors Price Performance

Shares of GM opened at $56.31 on Monday. General Motors Company has a twelve month low of $41.60 and a twelve month high of $61.24. The company has a market capitalization of $53.61 billion, a P/E ratio of 8.94, a price-to-earnings-growth ratio of 1.19 and a beta of 1.36. The firm has a 50 day moving average of $51.70 and a 200 day moving average of $48.91. The company has a quick ratio of 1.05, a current ratio of 1.22 and a debt-to-equity ratio of 1.42.

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

General Motors Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 18th. Shareholders of record on Friday, September 5th will be paid a dividend of $0.15 per share. The ex-dividend date is Friday, September 5th. This represents a $0.60 dividend on an annualized basis and a yield of 1.1%. General Motors's payout ratio is currently 9.52%.

Insiders Place Their Bets

In other news, EVP Rory Harvey sold 23,977 shares of General Motors stock in a transaction on 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 transaction, the executive vice president owned 8,513 shares in the company, valued at $451,274.13. This trade represents a 73.80% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO Christopher Hatto sold 36,804 shares of the company's stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $55.10, for a total value of $2,027,900.40. Following the completion of the sale, the chief accounting officer owned 12,007 shares of the company's stock, valued at $661,585.70. This trade represents a 75.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.54% of the stock is currently owned by insiders.

General Motors Company Profile

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.

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