Man Group plc Buys 544,237 Shares of General Motors (NYSE:GM)

Man Group plc increased its position in shares of General Motors (NYSE:GM) (TSE:GMM.U) by 32.9% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 2,196,206 shares of the auto manufacturer’s stock after purchasing an additional 544,237 shares during the quarter. Man Group plc’s holdings in General Motors were worth $116,992,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in GM. Golden State Wealth Management LLC purchased a new position in General Motors during the 4th quarter valued at about $25,000. Crews Bank & Trust purchased a new position in General Motors during the 4th quarter valued at about $26,000. Compass Planning Associates Inc bought a new stake in General Motors during the 4th quarter valued at about $27,000. Duncker Streett & Co. Inc. increased its stake in General Motors by 9,960.0% during the 4th 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 in the last quarter. Finally, Whittier Trust Co. increased its stake in General Motors by 551.9% during the 4th quarter. Whittier Trust Co. now owns 502 shares of the auto manufacturer’s stock valued at $27,000 after purchasing an additional 425 shares in the last quarter. 92.67% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. JPMorgan Chase & Co. reduced their target price on shares of General Motors from $64.00 to $53.00 and set an “overweight” rating for the company in a report on Thursday, March 27th. Citigroup initiated coverage on shares of General Motors in a research report on Wednesday, April 23rd. They issued a “buy” rating and a $62.00 price objective on the stock. Sanford C. Bernstein set a $36.00 price objective on shares of General Motors in a research note on Monday, May 5th. Piper Sandler boosted 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. Finally, TD Cowen began coverage on shares of General Motors in a report on Friday, March 7th. They issued a “buy” rating and a $105.00 price objective for the company. Four research analysts have rated the stock with a sell rating, ten have given a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $54.28.

General Motors Trading Up 1.7%

General Motors stock opened at $50.47 on Wednesday. The company has a current ratio of 1.13, a quick ratio of 0.98 and a debt-to-equity ratio of 1.38. The stock has a market cap of $48.52 billion, a PE ratio of 8.21, a P/E/G ratio of 0.67 and a beta of 1.36. The stock has a 50-day moving average price of $46.71 and a 200 day moving average price of $50.05. General Motors has a 52 week low of $38.96 and a 52 week high of $61.24.

General Motors (NYSE:GM) (TSE:GMM.U) last issued its earnings results on Tuesday, April 29th. The auto manufacturer reported $2.78 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.63 by $0.15. The business had revenue of $44.02 billion during the quarter, compared to analysts’ expectations of $42.64 billion. General Motors had a return on equity of 15.29% and a net margin of 3.21%. The company’s revenue for the quarter was up 2.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.62 EPS. Equities research analysts predict that General Motors will post 11.44 earnings per share for the current fiscal year.

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

General Motors Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 19th. Investors of record on Friday, June 6th will be given a dividend of $0.15 per share. 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 1.19%. The ex-dividend date is Friday, June 6th. General Motors’s dividend payout ratio is currently 8.65%.

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.