Norges Bank Buys Shares of 11,119,231 General Motors (NYSE:GM)

Norges Bank purchased a new position in General Motors (NYSE:GM) (TSE:GMM.U) during the fourth quarter, Holdings Channel reports. The institutional investor purchased 11,119,231 shares of the auto manufacturer’s stock, valued at approximately $592,321,000.

A number of other institutional investors also recently modified their holdings of the company. Amundi boosted its holdings in shares of General Motors by 75.5% during the 4th 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 in the last quarter. ACR Alpine Capital Research LLC boosted its stake 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 acquiring an additional 2,104,528 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in General Motors in the fourth quarter worth $108,366,000. Caisse DE Depot ET Placement DU Quebec increased its stake in General Motors by 972.6% in the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 2,103,036 shares of the auto manufacturer’s stock valued at $94,300,000 after purchasing an additional 1,906,964 shares in the last quarter. Finally, National Bank of Canada FI raised its holdings in shares of General Motors by 158.8% during the third quarter. National Bank of Canada FI now owns 2,171,587 shares of the auto manufacturer’s stock valued at $97,374,000 after purchasing an additional 1,332,450 shares during the period. 92.67% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. Mizuho raised their target price on General Motors from $59.00 to $62.00 and gave the company an “outperform” rating in a research note on Monday, December 9th. The Goldman Sachs Group set a $73.00 price objective on General Motors in a research note on Saturday, March 1st. TD Cowen started coverage on General Motors in a research report on Friday, March 7th. They set a “buy” rating and a $105.00 target price on the stock. JPMorgan Chase & Co. cut their target price on General Motors from $64.00 to $53.00 and set an “overweight” rating on the stock in a report on Thursday. Finally, Morgan Stanley upgraded shares of General Motors from an “underweight” rating to an “equal weight” rating and boosted their price target for the company from $46.00 to $54.00 in a research note on Tuesday, December 10th. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $62.11.

Insiders Place Their Bets

In other General Motors news, Director Alfred F. Kelly, Jr. acquired 12,000 shares of the company’s stock in a transaction on Thursday, January 30th. The shares were acquired at an average cost of $50.66 per share, with a total value of $607,920.00. Following the completion of the acquisition, the director now directly owns 13,714 shares in the company, valued at $694,751.24. This trade represents a 700.12 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.72% of the company’s stock.

General Motors Trading Down 1.2 %

NYSE GM opened at $46.65 on Friday. The business’s fifty day moving average is $48.89 and its 200-day moving average is $50.53. 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 $46.42 billion, a price-to-earnings ratio of 7.59, a PEG ratio of 0.67 and a beta of 1.42. General Motors has a one year low of $38.96 and a one year high of $61.24.

General Motors (NYSE:GM) (TSE:GMM.U) last announced its quarterly earnings data on Tuesday, January 28th. The auto manufacturer reported $1.92 EPS 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%. Equities research analysts predict that General Motors will post 11.44 EPS 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 issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 1.03%. The ex-dividend date of this dividend was Friday, March 7th. General Motors’s dividend payout ratio (DPR) is 7.80%.

General Motors announced that its Board of Directors has approved a share buyback plan on Wednesday, February 26th that allows the company to buyback $6.00 billion in outstanding shares. This buyback authorization allows the auto manufacturer to purchase up to 12.5% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management 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.