Ilmarinen Mutual Pension Insurance Co Purchases New Stake in General Motors (NYSE:GM)

Ilmarinen Mutual Pension Insurance Co acquired a new position in shares of General Motors (NYSE:GM) (TSE:GMM.U) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 100,000 shares of the auto manufacturer’s stock, valued at approximately $5,327,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in shares of General Motors during the 4th quarter worth approximately $592,321,000. Amundi grew its holdings in 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 acquiring an additional 2,113,973 shares during the period. ACR Alpine Capital Research LLC raised its position in shares of General Motors by 39.8% during the 4th quarter. ACR Alpine Capital Research LLC now owns 7,397,404 shares of the auto manufacturer’s stock valued at $394,060,000 after acquiring an additional 2,104,528 shares during the last quarter. Raymond James Financial Inc. acquired a new position in shares of General Motors in the 4th quarter valued at $108,366,000. Finally, National Bank of Canada FI boosted its position in shares of General Motors by 158.8% in the 3rd quarter. National Bank of Canada FI now owns 2,171,587 shares of the auto manufacturer’s stock worth $97,374,000 after purchasing an additional 1,332,450 shares during the last quarter. 92.67% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related 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 cost of $50.66 per share, with a total value of $607,920.00. Following the acquisition, the director now owns 13,714 shares of the company’s stock, valued at $694,751.24. This 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 available at this hyperlink. Insiders own 0.72% of the company’s stock.

Wall Street Analysts Forecast Growth

GM has been the topic of a number of recent analyst reports. Piper Sandler raised their target price on General Motors from $45.00 to $48.00 and gave the stock a “neutral” rating in a report on Thursday, March 20th. Morgan Stanley upgraded General Motors from an “underweight” rating to an “equal weight” rating and boosted their price objective for the company from $46.00 to $54.00 in a research report on Tuesday, December 10th. Mizuho raised their target price on shares of General Motors from $59.00 to $62.00 and gave the stock an “outperform” rating in a report on Monday, December 9th. Hsbc Global Res cut shares of General Motors from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 11th. Finally, HSBC cut General Motors from a “buy” rating to a “hold” rating and set a $58.00 target price for the company. in a report on Wednesday, December 11th. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $62.11.

General Motors Stock Down 3.7 %

Shares of NYSE:GM opened at $44.22 on Friday. General Motors has a 52-week low of $38.96 and a 52-week high of $61.24. The company has a market capitalization of $44.00 billion, a PE ratio of 7.19, a price-to-earnings-growth ratio of 0.67 and a beta of 1.27. The company has a debt-to-equity ratio of 1.38, a quick ratio of 0.98 and a current ratio of 1.13. The company has a fifty day moving average of $48.22 and a 200-day moving average of $50.57.

General Motors (NYSE:GM) (TSE:GMM.U) last issued its earnings results on Tuesday, January 28th. The auto manufacturer reported $1.92 earnings per share (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, equities analysts predict that General Motors will post 11.44 EPS for the current fiscal year.

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

General Motors Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 20th. Investors of record on Friday, March 7th were given a dividend of $0.12 per share. The ex-dividend date of this dividend was Friday, March 7th. This represents a $0.48 annualized dividend and a yield of 1.09%. General Motors’s dividend payout ratio is presently 7.80%.

About General Motors

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.