Pallas Capital Advisors LLC Buys 48,471 Shares of General Motors (NYSE:GM)

Pallas Capital Advisors LLC grew its stake in General Motors (NYSE:GM - Free Report) TSE: GMM.U by 285.4% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 65,454 shares of the auto manufacturer's stock after purchasing an additional 48,471 shares during the quarter. Pallas Capital Advisors LLC's holdings in General Motors were worth $3,078,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the stock. Norges Bank purchased a new position in shares of General Motors in the 4th quarter valued at approximately $592,321,000. Amundi boosted its stake in General Motors by 75.5% during the fourth quarter. Amundi now owns 4,914,256 shares of the auto manufacturer's stock worth $250,627,000 after acquiring an additional 2,113,973 shares in the last quarter. ACR Alpine Capital Research LLC boosted its stake in General Motors by 39.8% during the fourth quarter. ACR Alpine Capital Research LLC now owns 7,397,404 shares of the auto manufacturer's stock worth $394,060,000 after acquiring an additional 2,104,528 shares in the last quarter. Raymond James Financial Inc. bought a new stake in General Motors during the fourth quarter worth about $108,366,000. Finally, National Bank of Canada FI boosted its stake in General Motors by 54.4% during the fourth quarter. National Bank of Canada FI now owns 3,352,523 shares of the auto manufacturer's stock worth $178,593,000 after acquiring an additional 1,180,936 shares in the last quarter. 92.67% of the stock is currently owned by institutional investors.

General Motors Stock Performance

NYSE:GM traded up $0.91 during mid-day trading on Wednesday, reaching $49.84. The company's stock had a trading volume of 10,603,476 shares, compared to its average volume of 13,058,603. The firm's fifty day moving average price is $46.86 and its two-hundred day moving average price is $49.22. The stock has a market cap of $47.92 billion, a P/E ratio of 8.10, a PEG ratio of 0.67 and a beta of 1.34. The company has a current ratio of 1.13, a quick ratio of 0.98 and a debt-to-equity ratio of 1.38. General Motors has a 12-month low of $38.96 and a 12-month high of $61.24.

General Motors (NYSE:GM - Get Free Report) TSE: GMM.U last released its quarterly earnings results on Tuesday, April 29th. The auto manufacturer reported $2.78 earnings per share for the quarter, beating the consensus estimate of $2.63 by $0.15. The firm had revenue of $44.02 billion for the quarter, compared to analysts' expectations of $42.64 billion. General Motors had a return on equity of 15.29% and a net margin of 3.21%. The company's revenue was up 2.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.62 EPS. On average, equities analysts forecast that General Motors will post 11.44 EPS for the current fiscal year.

General Motors Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 19th. Investors of record on Friday, June 6th will be issued a $0.15 dividend. This is an increase from General Motors's previous quarterly dividend of $0.12. The ex-dividend date of this dividend is Friday, June 6th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.20%. General Motors's dividend payout ratio (DPR) is presently 8.65%.

General Motors declared that its board has initiated a share repurchase program on Wednesday, February 26th that allows the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization allows the auto manufacturer to buy up to 12.5% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company's management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several research firms recently commented on GM. JPMorgan Chase & Co. dropped their price objective on shares of General Motors from $64.00 to $53.00 and set an "overweight" rating on the stock in a research note on Thursday, March 27th. Citigroup initiated coverage on General Motors in a research note on Wednesday, April 23rd. They issued a "buy" rating and a $62.00 target price on the stock. UBS Group cut their target price on General Motors from $51.00 to $50.00 and set a "neutral" rating on the stock in a research note on Friday, May 2nd. The Goldman Sachs Group cut their target price on General Motors from $73.00 to $63.00 and set a "buy" rating on the stock in a research note on Thursday, April 10th. Finally, Piper Sandler reissued a "neutral" rating and issued a $48.00 target price (up from $43.00) on shares of General Motors in a research note on Thursday, May 22nd. Four research analysts have rated the stock with a sell rating, ten have issued a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, General Motors currently has an average rating of "Hold" and an average price target of $54.56.

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.