Chesley Taft & Associates LLC Purchases 1,867 Shares of General Motors (NYSE:GM)

Chesley Taft & Associates LLC increased its position in shares of General Motors (NYSE:GM) (TSE:GMM.U) by 15.1% during the first quarter, HoldingsChannel.com reports. The fund owned 14,222 shares of the auto manufacturer’s stock after acquiring an additional 1,867 shares during the period. Chesley Taft & Associates LLC’s holdings in General Motors were worth $669,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of GM. Susquehanna Fundamental Investments LLC purchased a new position in General Motors in the 4th quarter worth approximately $25,404,000. Asset Management One Co. Ltd. grew its stake in General Motors by 9.3% in the 4th quarter. Asset Management One Co. Ltd. now owns 463,848 shares of the auto manufacturer’s stock worth $25,178,000 after buying an additional 39,474 shares in the last quarter. Handelsbanken Fonder AB grew its stake in General Motors by 10.9% in the 4th quarter. Handelsbanken Fonder AB now owns 202,054 shares of the auto manufacturer’s stock worth $10,763,000 after buying an additional 19,924 shares in the last quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA purchased a new position in General Motors in the 4th quarter worth approximately $394,000. Finally, Vontobel Holding Ltd. grew its stake in General Motors by 65.3% in the 4th quarter. Vontobel Holding Ltd. now owns 64,930 shares of the auto manufacturer’s stock worth $3,459,000 after buying an additional 25,639 shares in the last quarter. Institutional investors own 92.67% of the company’s stock.

General Motors Trading Down 0.9%

NYSE:GM opened at $47.22 on Friday. The company has a fifty day moving average of $46.80 and a 200 day moving average of $49.43. General Motors has a 52 week low of $38.96 and a 52 week high of $61.24. The company has a quick ratio of 0.98, a current ratio of 1.13 and a debt-to-equity ratio of 1.38. The firm has a market capitalization of $45.40 billion, a P/E ratio of 7.68, a P/E/G ratio of 0.67 and a beta of 1.34.

General Motors (NYSE:GM) (TSE:GMM.U) last posted its quarterly earnings results on Tuesday, April 29th. The auto manufacturer reported $2.78 EPS 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 company had revenue of $44.02 billion during the quarter, compared to analyst estimates of $42.64 billion. During the same period in the prior year, the business posted $2.62 EPS. The firm’s revenue was up 2.3% compared to the same quarter last year. On average, research analysts predict that General Motors will post 11.44 earnings per share for the current year.

General Motors declared that its Board of Directors has approved a stock buyback program on Wednesday, February 26th that authorizes the company to repurchase $6.00 billion in shares. This repurchase authorization authorizes the auto manufacturer to purchase up to 12.5% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s management believes its shares are 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 issued 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 dividend on an annualized basis and a yield of 1.27%. The ex-dividend date of this dividend is Friday, June 6th. General Motors’s dividend payout ratio is currently 8.65%.

Analysts Set New Price Targets

A number of equities analysts have commented on GM shares. Deutsche Bank Aktiengesellschaft cut shares of General Motors from a “buy” rating to a “hold” rating and set a $43.00 price target for the company. in a research note on Monday, April 14th. Citigroup started coverage on shares of General Motors in a research note on Wednesday, April 23rd. They issued a “buy” rating and a $62.00 price target for the company. Sanford C. Bernstein set a $36.00 price target on shares of General Motors in a research note on Monday, May 5th. The Goldman Sachs Group cut 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 note on Thursday, April 10th. Finally, Piper Sandler reaffirmed a “neutral” rating and issued a $48.00 price objective (up previously from $43.00) on shares of General Motors in a research note on Thursday, May 22nd. Four research analysts have rated the stock with a sell rating, ten have given a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $54.56.

General Motors Profile

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.