Connor Clark & Lunn Investment Management Ltd. cut its holdings in General Motors (NYSE:GM) (TSE:GMM.U) by 58.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 231,678 shares of the auto manufacturer’s stock after selling 319,325 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in General Motors were worth $8,595,000 at the end of the most recent quarter.
Other hedge funds have also added to or reduced their stakes in the company. Signet Investment Advisory Group Inc. bought a new position in General Motors during the fourth quarter valued at $26,000. NuWave Investment Management LLC grew its holdings in General Motors by 198.6% during the fourth quarter. NuWave Investment Management LLC now owns 884 shares of the auto manufacturer’s stock valued at $30,000 after purchasing an additional 588 shares during the period. Liberty Wealth Management LLC bought a new position in General Motors during the fourth quarter valued at $30,000. Massey Quick Simon & CO. LLC bought a new position in General Motors during the first quarter valued at $35,000. Finally, Truvestments Capital LLC bought a new position in General Motors during the first quarter valued at $37,000. 85.02% of the stock is owned by institutional investors.
NYSE:GM opened at $35.12 on Friday. The firm has a market cap of $52.66 billion, a price-to-earnings ratio of 5.37, a P/E/G ratio of 0.63 and a beta of 1.27. General Motors has a 1 year low of $30.56 and a 1 year high of $45.00. The company has a current ratio of 0.94, a quick ratio of 0.81 and a debt-to-equity ratio of 1.65.
General Motors (NYSE:GM) (TSE:GMM.U) last posted its earnings results on Tuesday, April 30th. The auto manufacturer reported $1.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.32. The firm had revenue of $34.88 billion for the quarter, compared to the consensus estimate of $35.56 billion. General Motors had a return on equity of 22.67% and a net margin of 6.26%. The business’s quarterly revenue was down 3.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.43 earnings per share. On average, analysts predict that General Motors will post 6.58 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, June 21st. Shareholders of record on Friday, June 7th will be given a dividend of $0.38 per share. The ex-dividend date is Thursday, June 6th. This represents a $1.52 annualized dividend and a dividend yield of 4.33%. General Motors’s dividend payout ratio is currently 23.24%.
In other General Motors news, Director Wesley G. Bush acquired 10,000 shares of the stock in a transaction that occurred on Tuesday, May 7th. The shares were bought at an average price of $38.58 per share, for a total transaction of $385,800.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Christopher Hatto sold 8,499 shares of the stock in a transaction on Monday, March 4th. The stock was sold at an average price of $40.00, for a total value of $339,960.00. Following the completion of the sale, the vice president now owns 10,040 shares in the company, valued at approximately $401,600. The disclosure for this sale can be found here. Corporate insiders own 0.51% of the company’s stock.
Several equities analysts have weighed in on the company. Zacks Investment Research lowered General Motors from a “strong-buy” rating to a “hold” rating in a report on Wednesday, April 10th. Seaport Global Securities started coverage on General Motors in a report on Wednesday, February 13th. They set a “buy” rating for the company. Citigroup increased their target price on General Motors to $67.00 and gave the stock a “buy” rating in a research report on Friday, February 8th. Royal Bank of Canada increased their target price on General Motors from $50.00 to $52.00 and gave the stock an “outperform” rating in a research report on Thursday, February 7th. Finally, Nomura set a $42.00 target price on General Motors and gave the stock a “hold” rating in a research report on Thursday, May 2nd. Six equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $47.60.
General Motors Company Profile
General Motors Company designs, builds, and sells cars, trucks, crossovers, and automobile parts worldwide. The company operates through GM North America, GM International, GM Cruise, and GM Financial. It markets its vehicles primarily under the Buick, Cadillac, Chevrolet, GMC, Holden, Baojun, Jiefang, and Wuling brand names.
Further Reading: Balanced Fund
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