Northern Trust Corp Buys 822,454 Shares of General Motors (NYSE:GM)

Northern Trust Corp increased its stake in General Motors (NYSE:GM) (TSE:GMM.U) by 8.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 10,930,178 shares of the auto manufacturer’s stock after buying an additional 822,454 shares during the quarter. Northern Trust Corp owned about 1.10% of General Motors worth $582,251,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of GM. Norges Bank purchased a new stake in shares of General Motors in the fourth quarter valued at $592,321,000. Amundi grew its holdings in shares of General Motors by 75.5% in the fourth quarter. Amundi now owns 4,914,256 shares of the auto manufacturer’s stock worth $250,627,000 after purchasing an additional 2,113,973 shares during the last quarter. ACR Alpine Capital Research LLC grew its holdings in shares of General Motors by 39.8% in the fourth quarter. ACR Alpine Capital Research LLC now owns 7,397,404 shares of the auto manufacturer’s stock worth $394,060,000 after purchasing an additional 2,104,528 shares during the last quarter. Raymond James Financial Inc. bought a new position in shares of General Motors in the fourth quarter worth about $108,366,000. Finally, National Bank of Canada FI grew its holdings in shares of General Motors by 54.4% in the fourth quarter. National Bank of Canada FI now owns 3,352,523 shares of the auto manufacturer’s stock worth $178,593,000 after purchasing an additional 1,180,936 shares during the last quarter. 92.67% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at General Motors

In related news, Director Alfred F. Kelly, Jr. acquired 12,000 shares of the firm’s stock in a transaction that occurred on Thursday, January 30th. The stock was purchased at an average cost of $50.66 per share, with a total value of $607,920.00. Following the transaction, the director now directly owns 13,714 shares of the company’s stock, valued at $694,751.24. This trade represents a 700.12 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.72% of the stock is currently owned by insiders.

General Motors Stock Down 0.7 %

NYSE:GM opened at $46.90 on Wednesday. General Motors has a fifty-two week low of $38.96 and a fifty-two week high of $61.24. The stock has a market capitalization of $45.32 billion, a P/E ratio of 7.63, a P/E/G 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’s 50-day simple moving average is $46.84 and its 200-day simple moving average is $50.31.

General Motors (NYSE:GM) (TSE:GMM.U) last released its quarterly earnings results on Tuesday, April 29th. The auto manufacturer reported $2.78 earnings per share for the quarter, beating analysts’ consensus estimates of $2.63 by $0.15. General Motors had a net margin of 3.21% and a return on equity of 15.29%. The business had revenue of $44.02 billion for the quarter, compared to analysts’ expectations of $42.64 billion. During the same period last year, the business earned $2.62 EPS. The company’s revenue was up 2.3% compared to the same quarter last year. On average, equities 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 share repurchase program on Wednesday, February 26th that allows the company to buyback $6.00 billion in shares. This buyback authorization allows the auto manufacturer to purchase up to 12.5% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.

General Motors Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 19th. Investors of record on Friday, June 6th will be given a $0.15 dividend. This is a positive change from General Motors’s previous quarterly dividend of $0.12. This represents a $0.60 annualized dividend and a dividend yield of 1.28%. General Motors’s dividend payout ratio (DPR) is presently 7.80%.

Analyst Ratings Changes

A number of research firms have recently commented on GM. Sanford C. Bernstein cut shares of General Motors from a “market perform” rating to an “underperform” rating and cut their price target for the stock from $50.00 to $35.00 in a report on Monday, April 7th. JPMorgan Chase & Co. cut their price target on shares of General Motors from $64.00 to $53.00 and set an “overweight” rating on the stock in a report on Thursday, March 27th. Piper Sandler upped their price target on shares of General Motors from $45.00 to $48.00 and gave the stock a “neutral” rating in a report on Thursday, March 20th. Barclays cut shares of General Motors from an “overweight” rating to a “negative” rating in a report on Tuesday, April 15th. Finally, UBS Group reiterated a “neutral” rating and set a $51.00 target price (down from $64.00) on shares of General Motors in a report on Thursday, April 10th. Five investment analysts have rated the stock with a sell rating, nine have issued a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $54.83.

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.