Mackenzie Financial Corp Acquires 86,802 Shares of General Motors Company (NYSE:GM)

Key Points

• Mackenzie Financial Corp increased its stake in General Motors (NYSE:GM) by 12.7%, acquiring an additional 86,802 shares, bringing their total ownership to approximately 769,372 shares valued at $36.18 million.
• General Motors recently announced a $0.15 quarterly dividend, providing an annualized dividend yield of 1.15%, with the dividend payout ratio currently at 9.52%.
• Analysts have given GM a mixed outlook, with a consensus rating of "Hold" and a target price averaging $56.35, while Deutsche Bank has lowered its rating from "buy" to "hold."

Mackenzie Financial Corp grew its position in shares of General Motors Company (NYSE:GM - Free Report) TSE: GMM.U by 12.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 769,372 shares of the auto manufacturer's stock after purchasing an additional 86,802 shares during the period. Mackenzie Financial Corp owned 0.08% of General Motors worth $36,184,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of GM. Measured Risk Portfolios Inc. acquired a new position in General Motors during the fourth quarter valued at approximately $27,000. Transce3nd LLC bought a new stake in General Motors during the fourth quarter valued at $34,000. Ossiam bought a new stake in General Motors during the fourth quarter valued at $44,000. North Capital Inc. acquired a new position in shares of General Motors during the first quarter valued at $40,000. Finally, Princeton Global Asset Management LLC boosted its holdings in shares of General Motors by 141.0% during the first quarter. Princeton Global Asset Management LLC now owns 1,070 shares of the auto manufacturer's stock valued at $50,000 after acquiring an additional 626 shares during the period. 92.67% of the stock is owned by institutional investors and hedge funds.

General Motors Trading Down 0.1%

General Motors stock traded down $0.03 during trading on Wednesday, hitting $52.08. The company had a trading volume of 7,828,131 shares, compared to its average volume of 9,743,339. General Motors Company has a 1-year low of $38.96 and a 1-year high of $61.24. The company has a current ratio of 1.22, a quick ratio of 1.05 and a debt-to-equity ratio of 1.42. The company's 50 day simple moving average is $50.33 and its 200-day simple moving average is $48.75. The stock has a market cap of $49.58 billion, a price-to-earnings ratio of 8.27, a price-to-earnings-growth ratio of 1.10 and a beta of 1.32.

General Motors (NYSE:GM - Get Free Report) TSE: GMM.U last issued its 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. General Motors had a net margin of 2.54% and a return on equity of 12.98%. The company had revenue of $47.12 billion for the quarter, compared to analyst estimates of $45.87 billion. During the same period in the prior year, the business posted $3.06 earnings per share. The firm's revenue for the quarter was down 1.8% compared to the same quarter last year. As a group, analysts expect that General Motors Company will post 11.44 EPS for the current fiscal year.

General Motors Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 18th. Investors of record on Friday, September 5th will be given a $0.15 dividend. The ex-dividend date is Friday, September 5th. This represents a $0.60 annualized dividend and a yield of 1.15%. General Motors's dividend payout ratio is presently 9.52%.

Wall Street Analysts Forecast Growth

Several brokerages have commented on GM. Citigroup boosted their price target on shares of General Motors from $59.00 to $61.00 and gave the stock a "buy" rating in a research report on Wednesday, July 23rd. Piper Sandler reissued 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. Mizuho increased their price target on General Motors from $53.00 to $58.00 and gave the company an "outperform" rating in a report on Friday, May 16th. JPMorgan Chase & Co. increased their price objective on General Motors from $56.00 to $60.00 and gave the company an "overweight" rating in a research report on Monday, July 21st. Finally, The Goldman Sachs Group reaffirmed a "buy" rating on shares of General Motors in a research report on Friday, July 11th. Four investment analysts have rated the stock with a sell rating, ten have assigned a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $56.35.

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.