Investment Management Corp of Ontario Reduces Stake in General Motors (NYSE:GM)

Investment Management Corp of Ontario lowered its holdings in General Motors (NYSE:GM - Free Report) TSE: GMM.U by 58.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 99,149 shares of the auto manufacturer's stock after selling 140,447 shares during the period. Investment Management Corp of Ontario's holdings in General Motors were worth $5,282,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the business. Jacobs Levy Equity Management Inc. raised its holdings in General Motors by 5.1% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 6,096,169 shares of the auto manufacturer's stock valued at $324,743,000 after acquiring an additional 298,038 shares during the period. Junto Capital Management LP purchased a new position in General Motors during the fourth quarter valued at approximately $37,194,000. Hudson Bay Capital Management LP increased its holdings in shares of General Motors by 874.6% in the fourth quarter. Hudson Bay Capital Management LP now owns 147,165 shares of the auto manufacturer's stock worth $7,839,000 after purchasing an additional 166,165 shares during the period. Guardian Wealth Advisors LLC NC bought a new position in shares of General Motors in the fourth quarter worth $238,000. Finally, Graham Capital Management L.P. raised its position in shares of General Motors by 3.7% in the fourth quarter. Graham Capital Management L.P. now owns 94,859 shares of the auto manufacturer's stock worth $5,053,000 after buying an additional 3,373 shares in the last quarter. 92.67% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts recently commented on GM shares. UBS Group reduced their target price on General Motors from $51.00 to $50.00 and set a "neutral" rating for the company in a research report on Friday, May 2nd. Barclays upped their price objective on shares of General Motors from $40.00 to $45.00 and gave the stock an "equal weight" rating in a research report on Monday, May 5th. Royal Bank of Canada increased their price target on shares of General Motors from $55.00 to $57.00 and gave the stock an "outperform" rating in a report on Friday, May 2nd. TD Cowen began 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, Piper Sandler raised their price target on General Motors from $45.00 to $48.00 and gave the company a "neutral" rating in a research report on Thursday, March 20th. Four analysts have rated the stock with a sell rating, ten have assigned a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, General Motors presently has an average rating of "Hold" and an average price target of $54.28.

General Motors Stock Down 0.4%

GM traded down $0.22 during midday trading on Wednesday, reaching $50.24. The company's stock had a trading volume of 8,947,714 shares, compared to its average volume of 13,424,962. General Motors has a 1 year low of $38.96 and a 1 year high of $61.24. The stock's 50-day moving average is $46.77 and its 200-day moving average is $50.05. The firm has a market capitalization of $48.30 billion, a price-to-earnings ratio of 8.17, a PEG ratio of 0.67 and a beta of 1.36. 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 (NYSE:GM - Get Free Report) TSE: GMM.U last posted its quarterly earnings results 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 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 EPS. The firm's quarterly revenue was up 2.3% compared to the same quarter last year. As a group, research analysts expect that General Motors will post 11.44 EPS 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 outstanding shares. This buyback authorization authorizes the auto manufacturer to reacquire up to 12.5% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's leadership believes its stock is undervalued.

General Motors Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 19th. Investors of record on Friday, June 6th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 1.19%. 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. General Motors's dividend payout ratio is 8.65%.

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.