Rhumbline Advisers Cuts Position in General Motors (NYSE:GM)

Rhumbline Advisers cut its stake in General Motors (NYSE:GM - Free Report) TSE: GMM.U by 13.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,894,371 shares of the auto manufacturer's stock after selling 295,363 shares during the quarter. Rhumbline Advisers owned approximately 0.20% of General Motors worth $89,092,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of GM. Golden State Wealth Management LLC acquired a new position in General Motors in the 4th quarter valued at approximately $25,000. Crews Bank & Trust acquired a new stake in shares of General Motors during the fourth quarter worth about $26,000. Compass Planning Associates Inc acquired a new position in General Motors in the 4th quarter worth $27,000. Duncker Streett & Co. Inc. lifted its position in shares of General Motors by 9,960.0% in the fourth quarter. Duncker Streett & Co. Inc. now owns 503 shares of the auto manufacturer's stock worth $27,000 after purchasing an additional 498 shares in the last quarter. Finally, Whittier Trust Co. increased its holdings in General Motors by 551.9% during the fourth quarter. Whittier Trust Co. now owns 502 shares of the auto manufacturer's stock worth $27,000 after buying an additional 425 shares during the last quarter. 92.67% of the stock is currently owned by hedge funds and other institutional investors.

General Motors Stock Performance

General Motors stock traded up $0.14 during trading hours on Thursday, hitting $47.81. 3,022,514 shares of the stock traded hands, compared to its average volume of 13,014,789. General Motors has a 1 year low of $38.96 and a 1 year high of $61.24. The firm's 50 day moving average price is $46.79 and its 200-day moving average price is $49.49. 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 stock has a market capitalization of $45.97 billion, a price-to-earnings ratio of 7.77, 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 results on Tuesday, April 29th. The auto manufacturer reported $2.78 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.63 by $0.15. General Motors had a return on equity of 15.29% and a net margin of 3.21%. The company had revenue of $44.02 billion for the quarter, compared to the consensus estimate of $42.64 billion. During the same quarter in the prior year, the business posted $2.62 earnings per share. General Motors's revenue for the quarter was up 2.3% on a year-over-year basis. As a group, equities analysts expect that General Motors will post 11.44 EPS for the current fiscal year.

General Motors Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 19th. Shareholders of record on Friday, June 6th will be given a $0.15 dividend. 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 1.25%. This is a positive change from General Motors's previous quarterly dividend of $0.12. General Motors's dividend payout ratio (DPR) is currently 8.65%.

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

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on GM shares. Citigroup initiated coverage on General Motors in a report on Wednesday, April 23rd. They set a "buy" rating and a $62.00 target price for the company. Deutsche Bank Aktiengesellschaft downgraded General Motors from a "buy" rating to a "hold" rating and set a $43.00 target price on the stock. in a report on Monday, April 14th. Wedbush dropped their price target on General Motors from $60.00 to $55.00 and set an "outperform" rating on the stock in a research note on Friday, May 2nd. TD Cowen started coverage on shares of General Motors in a report on Friday, March 7th. They set a "buy" rating and a $105.00 price objective for the company. Finally, Sanford C. Bernstein set a $36.00 price target on shares of General Motors in a report on Monday, May 5th. Four investment analysts have rated the stock with a sell rating, ten have given a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $54.56.

General Motors 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.