Sumitomo Life Insurance Co. lessened its stake in General Motors (NYSE:GM) (TSE:GMM.U) by 9.1% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 68,364 shares of the auto manufacturer’s stock after selling 6,877 shares during the quarter. Sumitomo Life Insurance Co.’s holdings in General Motors were worth $2,302,000 at the end of the most recent reporting period.
Several other hedge funds have also made changes to their positions in GM. Financial Gravity Wealth Inc. acquired a new stake in shares of General Motors in the first quarter valued at $207,000. Amundi Pioneer Asset Management Inc. raised its stake in General Motors by 22.0% in the first quarter. Amundi Pioneer Asset Management Inc. now owns 672,855 shares of the auto manufacturer’s stock valued at $24,453,000 after buying an additional 121,531 shares in the last quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp raised its stake in General Motors by 425.6% in the first quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp now owns 225,500 shares of the auto manufacturer’s stock valued at $8,195,000 after buying an additional 182,600 shares in the last quarter. Rational Advisors LLC raised its stake in General Motors by 126.2% in the first quarter. Rational Advisors LLC now owns 5,203 shares of the auto manufacturer’s stock valued at $189,000 after buying an additional 2,903 shares in the last quarter. Finally, Suntrust Banks Inc. raised its stake in General Motors by 10.1% in the first quarter. Suntrust Banks Inc. now owns 268,390 shares of the auto manufacturer’s stock valued at $9,752,000 after buying an additional 24,619 shares in the last quarter. 73.90% of the stock is currently owned by institutional investors and hedge funds.
Shares of GM traded down $0.87 during midday trading on Friday, reaching $35.70. 9,036,634 shares of the stock were exchanged, compared to its average volume of 15,505,976. The company has a debt-to-equity ratio of 1.75, a quick ratio of 0.76 and a current ratio of 0.89. General Motors has a twelve month low of $30.56 and a twelve month high of $45.52. The stock has a market capitalization of $52.05 billion, a P/E ratio of 5.39, a price-to-earnings-growth ratio of 0.70 and a beta of 1.25.
General Motors (NYSE:GM) (TSE:GMM.U) last posted its earnings results on Wednesday, October 31st. The auto manufacturer reported $1.87 EPS for the quarter, topping the Zacks’ consensus estimate of $1.25 by $0.62. General Motors had a return on equity of 25.81% and a net margin of 0.56%. The business had revenue of $35.79 billion for the quarter, compared to analysts’ expectations of $34.85 billion. During the same quarter in the previous year, the firm earned $1.32 earnings per share. The business’s revenue was up 6.4% compared to the same quarter last year. On average, equities research analysts forecast that General Motors will post 6.17 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, December 20th. Stockholders of record on Friday, December 7th will be given a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a dividend yield of 4.26%. The ex-dividend date is Thursday, December 6th. General Motors’s dividend payout ratio (DPR) is currently 22.96%.
GM has been the topic of a number of analyst reports. Guggenheim restated a “buy” rating and issued a $52.00 price target on shares of General Motors in a research note on Friday, July 20th. Piper Jaffray Companies set a $51.00 price target on General Motors and gave the company a “buy” rating in a research note on Wednesday, July 25th. Citigroup cut their price target on General Motors to $60.00 and set a “buy” rating on the stock in a research note on Thursday, July 26th. Royal Bank of Canada cut their price target on General Motors from $53.00 to $49.00 and set an “outperform” rating on the stock in a research note on Thursday, July 26th. Finally, Buckingham Research cut their price target on General Motors from $39.00 to $37.00 and set a “neutral” rating on the stock in a research note on Thursday, July 26th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and twelve have given a buy rating to the company. General Motors has an average rating of “Buy” and an average price target of $46.38.
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About General Motors
General Motors Company, together with its subsidiaries, designs, builds, and sells cars, trucks, crossovers, and automobile parts worldwide. The company operates through GM North America, GM International, and GM Financial segments. It markets its vehicles primarily under the Buick, Cadillac, Chevrolet, GMC, Holden, Baojun, Jiefang, and Wuling brand names.
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