Westpac Banking Corp Sells 23,328 Shares of General Motors (NYSE:GM)

Westpac Banking Corp reduced its position in shares of General Motors (NYSE:GM - Free Report) TSE: GMM.U by 49.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 23,460 shares of the auto manufacturer's stock after selling 23,328 shares during the period. Westpac Banking Corp's holdings in General Motors were worth $1,250,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of GM. Norges Bank bought a new stake in General Motors during the 4th quarter worth about $592,321,000. Amundi raised 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 acquiring an additional 2,113,973 shares in the last quarter. ACR Alpine Capital Research LLC boosted its position 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 valued at $394,060,000 after purchasing an additional 2,104,528 shares during the last quarter. Raymond James Financial Inc. bought a new position in General Motors in the fourth quarter valued at approximately $108,366,000. Finally, National Bank of Canada FI increased its position in shares of General Motors by 158.8% during the 3rd quarter. National Bank of Canada FI now owns 2,171,587 shares of the auto manufacturer's stock worth $97,374,000 after purchasing an additional 1,332,450 shares during the last quarter. 92.67% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research firms have recently commented on GM. Hsbc Global Res downgraded General Motors from a "strong-buy" rating to a "hold" rating in a report on Wednesday, December 11th. Cowen initiated coverage on shares of General Motors in a research note on Thursday, March 6th. They issued a "buy" rating for the company. Piper Sandler boosted their price objective on shares of General Motors from $45.00 to $48.00 and gave the stock a "neutral" rating in a research note on Thursday, March 20th. UBS Group reiterated a "buy" rating on shares of General Motors in a research note on Monday, February 3rd. Finally, Morgan Stanley upgraded General Motors from an "underweight" rating to an "equal weight" rating and lifted their price target for the stock from $46.00 to $54.00 in a report on Tuesday, December 10th. Four research analysts have rated the stock with a sell rating, seven have assigned a hold rating and twelve have given a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $61.00.

Insiders Place Their Bets

In related news, Director Alfred F. Kelly, Jr. bought 12,000 shares of the company's stock in a transaction dated Thursday, January 30th. The stock was purchased at an average price of $50.66 per share, with a total value of $607,920.00. Following the completion of the acquisition, the director now owns 13,714 shares of the company's stock, valued at $694,751.24. The trade was a 700.12 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.72% of the company's stock.

General Motors Price Performance

Shares of NYSE:GM traded up $3.25 during trading on Wednesday, reaching $45.73. 23,902,924 shares of the company traded hands, compared to its average volume of 13,554,880. The company has a quick ratio of 0.98, a current ratio of 1.13 and a debt-to-equity ratio of 1.38. General Motors has a 52 week low of $38.96 and a 52 week high of $61.24. The firm has a market capitalization of $45.50 billion, a PE ratio of 7.44, a PEG ratio of 0.67 and a beta of 1.27. The company's 50 day moving average is $47.54 and its two-hundred day moving average is $50.40.

General Motors (NYSE:GM - Get Free Report) TSE: GMM.U last posted its quarterly earnings data on Tuesday, January 28th. The auto manufacturer reported $1.92 earnings per share for the quarter, topping the consensus estimate of $1.75 by $0.17. General Motors had a net margin of 3.21% and a return on equity of 15.29%. As a group, sell-side analysts predict that General Motors will post 11.44 earnings per share for the current year.

General Motors Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 20th. Shareholders of record on Friday, March 7th were given a dividend of $0.12 per share. The ex-dividend date was Friday, March 7th. This represents a $0.48 annualized dividend and a yield of 1.05%. General Motors's dividend payout ratio is currently 7.80%.

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

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.