Renaissance Technologies LLC Has $49.72 Million Stock Holdings in General Motors (NYSE:GM)

Renaissance Technologies LLC lowered its holdings in General Motors (NYSE:GM) (TSE:GMM.U) by 62.9% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 933,305 shares of the auto manufacturer’s stock after selling 1,583,117 shares during the quarter. Renaissance Technologies LLC’s holdings in General Motors were worth $49,717,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Golden State Wealth Management LLC acquired a new position in shares of General Motors during the fourth quarter valued at about $25,000. Crews Bank & Trust acquired a new position in General Motors in the 4th quarter valued at approximately $26,000. Compass Planning Associates Inc bought a new stake in shares of General Motors in the 4th quarter worth approximately $27,000. Whittier Trust Co. grew its holdings in shares of General Motors by 551.9% during the 4th quarter. Whittier Trust Co. now owns 502 shares of the auto manufacturer’s stock worth $27,000 after purchasing an additional 425 shares in the last quarter. Finally, Duncker Streett & Co. Inc. increased its position in shares of General Motors by 9,960.0% during the fourth quarter. Duncker Streett & Co. Inc. now owns 503 shares of the auto manufacturer’s stock valued at $27,000 after purchasing an additional 498 shares during the period. 92.67% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on GM shares. Piper Sandler lifted their price target on shares of General Motors from $45.00 to $48.00 and gave the stock a “neutral” rating in a research note on Thursday, March 20th. Deutsche Bank Aktiengesellschaft upgraded shares of General Motors from a “hold” rating to a “buy” rating and lifted their target price for the company from $56.00 to $60.00 in a research report on Tuesday, January 21st. The Goldman Sachs Group dropped their price target on shares of General Motors from $73.00 to $63.00 and set a “buy” rating for the company in a research report on Thursday. Wells Fargo & Company reiterated an “underweight” rating on shares of General Motors in a research note on Monday, February 3rd. Finally, Cowen started coverage on General Motors in a report on Thursday, March 6th. They issued a “buy” rating for the company. Four equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, General Motors has a consensus rating of “Hold” and a consensus price target of $59.33.

Insider Transactions at General Motors

In related 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 purchase, the director now directly owns 13,714 shares in the company, valued at $694,751.24. This trade represents a 700.12 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this link. 0.72% of the stock is owned by corporate insiders.

General Motors Stock Performance

Shares of General Motors stock opened at $43.91 on Friday. The company has a debt-to-equity ratio of 1.38, a current ratio of 1.13 and a quick ratio of 0.98. The firm has a 50 day simple moving average of $47.46 and a 200 day simple moving average of $50.37. General Motors has a fifty-two week low of $38.96 and a fifty-two week high of $61.24. The firm has a market cap of $43.69 billion, a P/E ratio of 7.14, a P/E/G ratio of 0.67 and a beta of 1.27.

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

General Motors Announces Dividend

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

General Motors declared that its board has authorized a stock repurchase plan on Wednesday, February 26th that authorizes the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization authorizes the auto manufacturer to buy up to 12.5% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

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.