Procyon Advisors LLC Trims Stake in General Motors (NYSE:GM)

Procyon Advisors LLC trimmed its holdings in General Motors (NYSE:GM) (TSE:GMM.U) by 15.3% in the 4th quarter, Holdings Channel reports. The fund owned 23,576 shares of the auto manufacturer’s stock after selling 4,263 shares during the quarter. Procyon Advisors LLC’s holdings in General Motors were worth $847,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Anderson Hoagland & Co. raised its stake in General Motors by 6.1% during the fourth quarter. Anderson Hoagland & Co. now owns 183,222 shares of the auto manufacturer’s stock valued at $6,484,000 after buying an additional 10,535 shares during the last quarter. Artemis Investment Management LLP purchased a new position in General Motors in the fourth quarter worth about $2,594,000. Sendero Wealth Management LLC increased its holdings in shares of General Motors by 98.5% in the 4th quarter. Sendero Wealth Management LLC now owns 12,533 shares of the auto manufacturer’s stock worth $450,000 after purchasing an additional 6,220 shares in the last quarter. Kingswood Wealth Advisors LLC raised its holdings in shares of General Motors by 27.0% during the fourth quarter. Kingswood Wealth Advisors LLC now owns 25,661 shares of the auto manufacturer’s stock valued at $922,000 after purchasing an additional 5,448 shares during the last quarter. Finally, Kaydan Wealth Management Inc. lifted its holdings in General Motors by 68.9% in the fourth quarter. Kaydan Wealth Management Inc. now owns 18,749 shares of the auto manufacturer’s stock valued at $673,000 after acquiring an additional 7,647 shares during the period. 92.67% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, EVP Rory Harvey sold 5,100 shares of the stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $43.04, for a total transaction of $219,504.00. Following the completion of the sale, the executive vice president now owns 12,658 shares of the company’s stock, valued at $544,800.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other General Motors news, EVP Rory Harvey sold 5,100 shares of the stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $43.04, for a total value of $219,504.00. Following the completion of the sale, the executive vice president now directly owns 12,658 shares in the company, valued at $544,800.32. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CAO Christopher Hatto sold 15,510 shares of the firm’s stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $40.02, for a total value of $620,710.20. Following the completion of the sale, the chief accounting officer now directly owns 21,507 shares of the company’s stock, valued at approximately $860,710.14. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 55,626 shares of company stock worth $2,229,036. Corporate insiders own 0.54% of the company’s stock.

General Motors Stock Up 1.3 %

Shares of GM traded up $0.58 during mid-day trading on Thursday, hitting $45.17. The company’s stock had a trading volume of 2,618,546 shares, compared to its average volume of 18,300,623. The company has a current ratio of 1.08, a quick ratio of 0.90 and a debt-to-equity ratio of 1.21. The company’s 50-day moving average is $39.08 and its 200-day moving average is $34.46. General Motors has a 52-week low of $26.30 and a 52-week high of $45.54. The firm has a market capitalization of $52.15 billion, a price-to-earnings ratio of 6.10, a PEG ratio of 0.54 and a beta of 1.50.

General Motors (NYSE:GM) (TSE:GMM.U) last announced its earnings results on Tuesday, January 30th. The auto manufacturer reported $1.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.16 by $0.08. The business had revenue of $42.98 billion for the quarter, compared to analysts’ expectations of $38.81 billion. General Motors had a return on equity of 14.34% and a net margin of 5.89%. The business’s revenue for the quarter was down .3% on a year-over-year basis. During the same quarter last year, the firm earned $2.12 EPS. On average, equities research analysts forecast that General Motors will post 9 EPS for the current fiscal year.

General Motors Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 14th. Shareholders of record on Friday, March 1st were given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 1.06%. This is a positive change from General Motors’s previous quarterly dividend of $0.09. The ex-dividend date of this dividend was Thursday, February 29th. General Motors’s dividend payout ratio is presently 6.57%.

Analyst Ratings Changes

GM has been the subject of a number of recent research reports. Barclays boosted their price objective on General Motors from $37.00 to $44.00 and gave the company an “overweight” rating in a research note on Wednesday, January 24th. Piper Sandler initiated coverage on General Motors in a research note on Friday, March 15th. They set a “neutral” rating and a $44.00 target price on the stock. Wells Fargo & Company upped their price target on General Motors from $27.00 to $28.00 and gave the stock an “underweight” rating in a research note on Wednesday, January 31st. Redburn Atlantic started coverage on shares of General Motors in a research report on Wednesday, January 24th. They set a “neutral” rating and a $40.00 target price for the company. Finally, Citigroup boosted their price target on shares of General Motors from $90.00 to $95.00 and gave the stock a “buy” rating in a research note on Monday, December 4th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, General Motors currently has an average rating of “Moderate Buy” and a consensus target price of $50.63.

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.