Rhumbline Advisers Sells 295,363 Shares of General Motors (NYSE:GM)

Rhumbline Advisers lowered its position in General Motors (NYSE:GM - Free Report) TSE: GMM.U by 13.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,894,371 shares of the auto manufacturer's stock after selling 295,363 shares during the period. Rhumbline Advisers owned about 0.20% of General Motors worth $89,092,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Norges Bank purchased a new stake in General Motors during the fourth quarter worth about $592,321,000. Amundi increased its holdings 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 buying an additional 2,113,973 shares during the last quarter. ACR Alpine Capital Research LLC increased its holdings 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 buying an additional 2,104,528 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in General Motors during the fourth quarter worth about $108,366,000. Finally, National Bank of Canada FI increased its stake in shares of General Motors by 54.4% in 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 purchasing an additional 1,180,936 shares in the last quarter. Hedge funds and other institutional investors own 92.67% of the company's stock.

General Motors Stock Performance

Shares of NYSE:GM traded down $0.45 during trading on Thursday, hitting $47.22. The company's stock had a trading volume of 10,095,226 shares, compared to its average volume of 13,169,737. The company has a 50-day moving average of $46.80 and a 200-day moving average of $49.43. General Motors has a 12 month low of $38.96 and a 12 month high of $61.24. The company has a debt-to-equity ratio of 1.38, a current ratio of 1.13 and a quick ratio of 0.98. The firm has a market cap of $45.40 billion, a price-to-earnings ratio of 7.68, a P/E/G ratio of 0.67 and a beta of 1.34.

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

General Motors announced that its Board of Directors has initiated a share repurchase plan on Wednesday, February 26th that authorizes the company to buyback $6.00 billion in shares. This buyback authorization authorizes the auto manufacturer to repurchase up to 12.5% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's board of directors believes its stock is undervalued.

General Motors Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 19th. Shareholders of record on Friday, June 6th will be paid a dividend of $0.15 per share. This is a boost 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 yield of 1.27%. General Motors's dividend payout ratio (DPR) is presently 8.65%.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Barclays lifted their target price on shares of General Motors from $40.00 to $45.00 and gave the stock an "equal weight" rating in a research note on Monday, May 5th. The Goldman Sachs Group cut their price objective on shares of General Motors from $73.00 to $63.00 and set a "buy" rating for the company in a research report on Thursday, April 10th. Citigroup assumed coverage on shares of General Motors in a research report on Wednesday, April 23rd. They issued a "buy" rating and a $62.00 price objective for the company. Piper Sandler reiterated a "neutral" rating and set a $48.00 target price (up from $43.00) on shares of General Motors in a research report on Thursday, May 22nd. Finally, TD Cowen assumed coverage on shares of General Motors in a research report on Friday, March 7th. They set a "buy" rating and a $105.00 target price for the company. Four research analysts have rated the stock with a sell rating, ten have assigned a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $54.56.

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.