General Motors (NYSE:GM) Shares Acquired by HITE Hedge Asset Management LLC

HITE Hedge Asset Management LLC grew its holdings in shares of General Motors (NYSE:GM) (TSE:GMM.U) by 320.6% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 66,407 shares of the auto manufacturer’s stock after buying an additional 50,617 shares during the period. HITE Hedge Asset Management LLC’s holdings in General Motors were worth $3,538,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently added to or reduced their stakes in the business. Golden State Wealth Management LLC acquired a new stake in General Motors during the 4th quarter worth approximately $25,000. Crews Bank & Trust purchased a new position in General Motors in the 4th quarter valued at $26,000. Compass Planning Associates Inc acquired a new position in General Motors in the 4th quarter valued at $27,000. Duncker Streett & Co. Inc. lifted its stake in shares of General Motors by 9,960.0% in the 4th quarter. Duncker Streett & Co. Inc. now owns 503 shares of the auto manufacturer’s stock worth $27,000 after acquiring an additional 498 shares during the period. Finally, Whittier Trust Co. increased its stake in shares of General Motors by 551.9% during the fourth quarter. Whittier Trust Co. now owns 502 shares of the auto manufacturer’s stock worth $27,000 after acquiring an additional 425 shares during the period. Hedge funds and other institutional investors own 92.67% of the company’s stock.

Insider Buying and Selling

In other General Motors news, Director Alfred F. Kelly, Jr. purchased 12,000 shares of the business’s stock in a transaction dated Thursday, January 30th. The shares were bought 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 in the company, valued at approximately $694,751.24. This represents a 700.12 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.72% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the company. Barclays downgraded General Motors from an “overweight” rating to a “negative” rating in a research note on Tuesday. JPMorgan Chase & Co. reduced their price objective on shares of General Motors from $64.00 to $53.00 and set an “overweight” rating for the company in a research note on Thursday, March 27th. Mizuho lowered their target price on shares of General Motors from $63.00 to $55.00 and set an “outperform” rating on the stock in a research report on Thursday, April 10th. Cowen started coverage on General Motors in a research note on Thursday, March 6th. They set a “buy” rating on the stock. Finally, Wells Fargo & Company reaffirmed an “underweight” rating on shares of General Motors in a research note on Monday, February 3rd. Five investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $56.72.

General Motors Price Performance

Shares of GM stock opened at $44.55 on Friday. The firm has a fifty day moving average of $47.14 and a two-hundred day moving average of $50.29. The firm has a market cap of $44.32 billion, a P/E ratio of 7.24, a P/E/G ratio of 0.67 and a beta of 1.27. General Motors has a 1-year low of $38.96 and a 1-year high of $61.24. The company has a debt-to-equity ratio of 1.38, a current ratio of 1.13 and a quick ratio of 0.98.

General Motors (NYSE:GM) (TSE:GMM.U) last announced its quarterly earnings data on Tuesday, January 28th. The auto manufacturer reported $1.92 earnings per share (EPS) for the quarter, beating 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%. As a group, research analysts anticipate that General Motors will post 11.44 earnings per share for the current fiscal year.

General Motors declared that its board has initiated a stock buyback program on Wednesday, February 26th that allows the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization allows the auto manufacturer to reacquire up to 12.5% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

General Motors Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, March 20th. Shareholders of record on Friday, March 7th were paid a $0.12 dividend. The ex-dividend date was Friday, March 7th. This represents a $0.48 dividend on an annualized basis and a yield of 1.08%. General Motors’s payout ratio is currently 7.80%.

General Motors 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.