Panagora Asset Management Inc. Decreases Stock Holdings in General Motors Company $GM

Key Points

• Panagora Asset Management Inc. reduced its holdings in General Motors Company by 18.1%, selling 160,930 shares to own 726,936 shares valued at approximately $34.2 million.
• General Motors announced a quarterly dividend of $0.15 per share, representing a 1.0% yield, with an ex-dividend date set for September 5th.
• Recent analyst upgrades for General Motors include a raise in price targets by JPMorgan Chase & Co. from $56.00 to $60.00, and by Citigroup from $59.00 to $61.00, reflecting a generally positive sentiment among analysts.

Panagora Asset Management Inc. trimmed its holdings in General Motors Company (NYSE:GM - Free Report) TSE: GMM.U by 18.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 726,936 shares of the auto manufacturer's stock after selling 160,930 shares during the quarter. Panagora Asset Management Inc. owned about 0.08% of General Motors worth $34,188,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of the business. Vident Advisory LLC lifted its stake in General Motors by 38.7% in the 1st quarter. Vident Advisory LLC now owns 22,172 shares of the auto manufacturer's stock worth $1,043,000 after purchasing an additional 6,190 shares in the last quarter. Canada Pension Plan Investment Board lifted its stake in General Motors by 50.6% in the 1st quarter. Canada Pension Plan Investment Board now owns 2,609,851 shares of the auto manufacturer's stock worth $122,741,000 after purchasing an additional 877,362 shares in the last quarter. Te Ahumairangi Investment Management Ltd lifted its stake in General Motors by 7.3% in the 1st quarter. Te Ahumairangi Investment Management Ltd now owns 91,462 shares of the auto manufacturer's stock worth $4,301,000 after purchasing an additional 6,250 shares in the last quarter. WPG Advisers LLC purchased a new position in General Motors in the 1st quarter worth approximately $34,000. Finally, State of Wyoming purchased a new position in General Motors in the 1st quarter worth approximately $184,000. 92.67% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. CLSA upgraded shares of General Motors to a "moderate buy" rating in a report on Monday, July 7th. JPMorgan Chase & Co. raised their price target on shares of General Motors from $56.00 to $60.00 and gave the stock an "overweight" rating in a report on Monday, July 21st. Piper Sandler restated a "neutral" rating and set a $48.00 price target (up previously from $43.00) on shares of General Motors in a report on Thursday, May 22nd. Bank of America cut their price target on shares of General Motors from $65.00 to $62.00 and set a "buy" rating for the company in a report on Wednesday, July 23rd. Finally, Citigroup raised their price target on shares of General Motors from $59.00 to $61.00 and gave the stock a "buy" rating in a report on Wednesday, July 23rd. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $58.05.

General Motors Stock Up 0.3%

General Motors stock opened at $58.64 on Friday. General Motors Company has a fifty-two week low of $41.60 and a fifty-two week high of $61.24. The company has a debt-to-equity ratio of 1.42, a quick ratio of 1.05 and a current ratio of 1.22. The firm has a 50 day moving average price of $53.53 and a 200 day moving average price of $49.59. The company has a market capitalization of $55.83 billion, a PE ratio of 9.31, a price-to-earnings-growth ratio of 1.24 and a beta of 1.36.

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 earnings per share for the quarter, beating 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 firm had revenue of $47.12 billion during the quarter, compared to the consensus estimate of $45.87 billion. During the same quarter last year, the firm earned $3.06 EPS. The firm's revenue for the quarter was down 1.8% on a year-over-year basis. General Motors has set its FY 2025 guidance at 8.250-10.000 EPS. Research analysts expect that General Motors Company will post 11.44 earnings per share for the current year.

General Motors Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 18th. Investors of record on Friday, September 5th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.0%. The ex-dividend date is Friday, September 5th. General Motors's dividend payout ratio (DPR) is 9.52%.

Insider Activity at General Motors

In other General Motors news, CAO Christopher Hatto sold 14,667 shares of the business's stock in a transaction on Wednesday, August 27th. The shares were sold at an average price of $59.00, for a total value of $865,353.00. Following the completion of the transaction, the chief accounting officer owned 12,007 shares in the company, valued at $708,413. The trade was a 54.99% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Mary T. Barra sold 87,839 shares of the business's stock in a transaction on Friday, August 29th. The stock was sold at an average price of $58.13, for a total transaction of $5,106,081.07. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,070,311 shares of company stock worth $62,095,433. Insiders own 0.54% of the company's stock.

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.

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