Hohimer Wealth Management LLC Makes New Investment in General Motors Company $GM

Key Points

• Hohimer Wealth Management initiated a position in General Motors, buying 35,288 shares worth approximately $2.72 million in the third quarter.
• GM reported quarterly earnings of $3.70 per share, slightly above consensus, and revenue of $50.02 billion, also exceeding expectations; revenue rose 2.9% year over year.
• The board authorized a $20 billion share repurchase plan, allowing GM to buy back up to 27.5% of its shares. Analysts’ consensus rating was “Moderate Buy,” with a $101.44 average price target.

Hohimer Wealth Management LLC bought a new stake in shares of General Motors Company (NYSE:GM - Free Report) TSE: GMM.U in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 35,288 shares of the auto manufacturer's stock, valued at approximately $2,717,000.

Several other hedge funds have also modified their holdings of GM. BlackRock Inc. purchased a new position in General Motors in the 2nd quarter worth about $5,958,995,000. Bank of America Corp DE purchased a new stake in General Motors during the second quarter valued at about $629,465,000. Legal & General Group Plc purchased a new stake in General Motors during the second quarter valued at about $599,066,000. Bank of New York Mellon Corp acquired a new position in shares of General Motors in the second quarter worth about $522,916,000. Finally, Deutsche Bank AG acquired a new position in shares of General Motors in the second quarter worth about $383,939,000. 92.67% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other General Motors news, EVP Rory Harvey sold 16,513 shares of the company's stock in a transaction that occurred on Wednesday, November 4th. The shares were sold at an average price of $89.64, for a total value of $1,480,225.32. Following the transaction, the executive vice president owned 12,000 shares in the company, valued at approximately $1,075,680. This represents a 57.91% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.44% of the company's stock.

General Motors Stock Up 4.0%

Shares of General Motors stock opened at $89.60 on Tuesday. General Motors Company has a 1 year low of $67.06 and a 1 year high of $93.70. The company has a market cap of $75.58 billion, a P/E ratio of 20.55, a P/E/G ratio of 0.52 and a beta of 1.40. The company has a current ratio of 1.09, a quick ratio of 0.94 and a debt-to-equity ratio of 1.32. The stock has a 50-day moving average price of $83.41 and a 200 day moving average price of $80.88.

General Motors (NYSE:GM - Get Free Report) TSE: GMM.U last released its earnings results on Tuesday, October 20th. The auto manufacturer reported $3.70 earnings per share for the quarter, beating the consensus estimate of $3.69 by $0.01. The company had revenue of $50.02 billion for the quarter, compared to analysts' expectations of $48.78 billion. General Motors had a return on equity of 19.36% and a net margin of 2.12%. The business's revenue for the quarter was up 2.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.80 EPS. As a group, analysts expect that General Motors Company will post 13.37 EPS for the current fiscal year.

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

General Motors Dividend Announcement

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. The ex-dividend date of this dividend is Friday, December 4th. This represents a $0.72 dividend on an annualized basis and a yield of 0.8%. General Motors's payout ratio is presently 16.51%.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on GM shares. Morgan Stanley dropped their target price on shares of General Motors from $101.00 to $95.00 and set an "overweight" rating on the stock in a research report on Wednesday, October 21st. Tigress Financial upped their price target on shares of General Motors from $130.00 to $132.00 and gave the company a "strong-buy" rating in a research report on Wednesday, October 28th. TD Cowen restated a "buy" rating and issued a $132.00 price target on shares of General Motors in a research report on Wednesday, October 21st. Wells Fargo & Company raised their price objective on shares of General Motors from $60.00 to $61.00 and gave the stock an "underweight" rating in a research note on Wednesday, July 22nd. Finally, Truist Financial set a $105.00 price objective on shares of General Motors in a research report on Wednesday, October 7th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $101.44.

More General Motors News

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

• Positive Sentiment: GM’s next-generation 2027 Silverado and Sierra pickups are expected to offer upgraded engines and higher-end trims, potentially supporting a more profitable product mix. Article: Can GM's Next-Generation Pickups Support Growth in 2027?
• Positive Sentiment: Rising OnStar subscriptions and Super Cruise adoption could expand recurring software revenue. GM also announced a new in-car AI assistant, adding to its technology offerings, though the revenue impact is not yet clear. Article: Can OnStar and Super Cruise Drive GM's Digital Revenue Growth? Article: GM just announced a new in-car AI assistant
• Positive Sentiment: A report highlighting GM’s $20 billion stock-buyback plan points to a potential boost to per-share value as the company reduces its share count. Article: Ford Yields Nearly 5%. GM Is Buying Back $20 Billion in Stock.
• Neutral Sentiment: GM Insurance plans to enter Maryland’s auto market, expanding its insurance business; the article does not specify the expected financial contribution. Article: GM Insurance to Enter Maryland Auto Market
• Negative Sentiment: GM is recalling 67,380 EVs after software briefly interrupted low-speed braking, raising safety concerns and potentially adding repair and warranty costs. A separate report also notes a recall affecting more than 87,000 vehicles. Article: GM Recalls Over 67,000 EVs For Brake Glitch Article: GM recalls more than 87,000 vehicles
• Negative Sentiment: A $220 million OnStar settlement tied to allegations that drivers were misled about the collection and sharing of their data creates a financial cost and continued privacy-related reputational risk. Article: General Motors Could Be 17% Undervalued After $220 Million OnStar Settlement

General Motors Company Profile

General Motors Company designs, manufactures and sells cars, trucks, crossovers and sport utility vehicles. Its vehicle brands include Chevrolet, Buick, GMC and Cadillac, and its offerings also include vehicle parts, software and related services. GM Financial provides automotive financing and leasing products to customers and dealers.

Founded in 1908, General Motors is headquartered in Detroit, Michigan. The company serves customers in North America and international markets, with operations and sales spanning multiple regions.

Mary Barra has served as GM's chief executive officer since 2014.

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