NewEdge Wealth LLC Lowers Stake in General Motors (NYSE:GM)

NewEdge Wealth LLC lessened its position in shares of General Motors (NYSE:GM) (TSE:GMM.U) by 5.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 41,551 shares of the auto manufacturer’s stock after selling 2,457 shares during the period. NewEdge Wealth LLC’s holdings in General Motors were worth $2,213,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in GM. First Trust Direct Indexing L.P. boosted its position in shares of General Motors by 0.8% in the third quarter. First Trust Direct Indexing L.P. now owns 36,727 shares of the auto manufacturer’s stock worth $1,647,000 after buying an additional 282 shares during the period. Pinnacle Associates Ltd. boosted its position in shares of General Motors by 10.5% in the third quarter. Pinnacle Associates Ltd. now owns 41,753 shares of the auto manufacturer’s stock worth $1,872,000 after buying an additional 3,980 shares during the period. SteelPeak Wealth LLC purchased a new stake in shares of General Motors in the third quarter worth about $251,000. Meitav Investment House Ltd. boosted its position in shares of General Motors by 18.8% in the third quarter. Meitav Investment House Ltd. now owns 8,534 shares of the auto manufacturer’s stock worth $389,000 after buying an additional 1,349 shares during the period. Finally, US Bancorp DE boosted its position in shares of General Motors by 12.3% in the third quarter. US Bancorp DE now owns 101,299 shares of the auto manufacturer’s stock worth $4,542,000 after buying an additional 11,068 shares during the period. Hedge funds and other institutional investors own 92.67% of the company’s stock.

General Motors Trading Up 3.3 %

Shares of NYSE GM opened at $49.22 on Friday. The company has a market cap of $48.97 billion, a price-to-earnings ratio of 8.00, a price-to-earnings-growth ratio of 0.67 and a beta of 1.40. General Motors has a 12-month low of $38.94 and a 12-month high of $61.24. 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’s 50 day simple moving average is $50.34 and its 200 day simple moving average is $50.35.

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

General Motors Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 20th. Investors of record on Friday, March 7th will be issued a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 0.98%. The ex-dividend date is Friday, March 7th. General Motors’s dividend payout ratio (DPR) is 7.80%.

General Motors announced that its Board of Directors has authorized a stock repurchase 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 buy up to 12.5% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Analysts Set New Price Targets

Several brokerages have recently weighed in on GM. Mizuho upped their target price on General Motors from $59.00 to $62.00 and gave the stock an “outperform” rating in a research report on Monday, December 9th. HSBC lowered General Motors from a “buy” rating to a “hold” rating and set a $58.00 price objective for the company. in a research note on Wednesday, December 11th. Wells Fargo & Company restated an “underweight” rating on shares of General Motors in a research note on Monday, February 3rd. Hsbc Global Res lowered General Motors from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 11th. Finally, StockNews.com lowered General Motors from a “buy” rating to a “hold” rating in a research note on Wednesday, February 5th. Three analysts have rated the stock with a sell rating, eight have given a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, General Motors currently has a consensus rating of “Hold” and a consensus target price of $59.71.

Insider Buying and Selling

In other General Motors news, Director Alfred F. Kelly, Jr. bought 12,000 shares of the business’s stock in a transaction on Thursday, January 30th. The shares were purchased at an average price of $50.66 per share, with a total value of $607,920.00. Following the purchase, the director now directly owns 13,714 shares of the company’s stock, valued at approximately $694,751.24. The trade was a 700.12 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 0.72% of the company’s stock.

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.