California Public Employees Retirement System Sells 174,643 Shares of General Motors (NYSE:GM)

California Public Employees Retirement System decreased its holdings in shares of General Motors (NYSE:GM) (TSE:GMM.U) by 8.5% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 1,890,853 shares of the auto manufacturer’s stock after selling 174,643 shares during the period. California Public Employees Retirement System’s holdings in General Motors were worth $100,726,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Golden State Wealth Management LLC purchased a new stake in General Motors in the 4th quarter valued at about $25,000. Crews Bank & Trust purchased a new stake in shares of General Motors in the fourth quarter valued at approximately $26,000. Compass Planning Associates Inc bought a new position in General Motors in the fourth quarter worth approximately $27,000. Duncker Streett & Co. Inc. grew its stake in 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 4th quarter. Whittier Trust Co. now owns 502 shares of the auto manufacturer’s stock worth $27,000 after purchasing an additional 425 shares during the period. 92.67% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

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

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on GM. The Goldman Sachs Group set a $73.00 price target on General Motors in a research report on Saturday, March 1st. Morgan Stanley upgraded shares of General Motors from an “underweight” rating to an “equal weight” rating and increased their target price for the stock from $46.00 to $54.00 in a report on Tuesday, December 10th. Piper Sandler boosted their price target on shares of General Motors from $45.00 to $48.00 and gave the company a “neutral” rating in a report on Thursday, March 20th. Deutsche Bank Aktiengesellschaft upgraded shares of General Motors from a “hold” rating to a “buy” rating and increased their price objective for the company from $56.00 to $60.00 in a research note on Tuesday, January 21st. Finally, TD Cowen initiated coverage on shares of General Motors in a research note on Friday, March 7th. They issued a “buy” rating and a $105.00 price objective for the company. Three analysts have rated the stock with a sell rating, eight have issued a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $62.11.

General Motors Trading Up 0.8 %

NYSE GM opened at $47.06 on Tuesday. General Motors has a 12-month low of $38.96 and a 12-month high of $61.24. The company has a fifty day simple moving average of $48.81 and a two-hundred day simple moving average of $50.61. The company has a current ratio of 1.13, a quick ratio of 0.98 and a debt-to-equity ratio of 1.38. The stock has a market cap of $46.82 billion, a P/E ratio of 7.65, a P/E/G ratio of 0.67 and a beta of 1.42.

General Motors (NYSE:GM) (TSE:GMM.U) last issued its quarterly earnings results on Tuesday, January 28th. The auto manufacturer reported $1.92 EPS for the quarter, topping analysts’ consensus estimates of $1.75 by $0.17. General Motors had a return on equity of 15.29% and a net margin of 3.21%. On average, analysts forecast that General Motors will post 11.44 earnings per share for the current year.

General Motors declared that its Board of Directors has authorized a stock 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 purchase up to 12.5% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s management believes its shares are undervalued.

General Motors Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 20th. Investors of record on Friday, March 7th were issued a $0.12 dividend. The ex-dividend date of this dividend was Friday, March 7th. This represents a $0.48 annualized dividend and a yield of 1.02%. General Motors’s dividend payout ratio (DPR) is presently 7.80%.

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.