Hoey Investments Inc. Lowers Stock Holdings in General Motors (NYSE:GM)

Hoey Investments Inc. lessened its stake in General Motors (NYSE:GM) (TSE:GMM.U) by 15.1% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 7,223 shares of the auto manufacturer’s stock after selling 1,288 shares during the quarter. Hoey Investments Inc.’s holdings in General Motors were worth $340,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in GM. Norges Bank bought a new stake in shares of General Motors during the 4th quarter valued at about $592,321,000. Assenagon Asset Management S.A. lifted its position in shares of General Motors by 305.6% in the 1st quarter. Assenagon Asset Management S.A. now owns 2,858,959 shares of the auto manufacturer’s stock valued at $134,457,000 after acquiring an additional 2,154,037 shares in the last quarter. Amundi lifted its position in shares of General Motors by 75.5% in the 4th quarter. Amundi now owns 4,914,256 shares of the auto manufacturer’s stock valued at $250,627,000 after acquiring an additional 2,113,973 shares in the last quarter. ACR Alpine Capital Research LLC lifted its position in shares of General Motors by 39.8% in the 4th quarter. ACR Alpine Capital Research LLC now owns 7,397,404 shares of the auto manufacturer’s stock valued at $394,060,000 after acquiring an additional 2,104,528 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new position in General Motors in the 4th quarter valued at approximately $108,366,000. Institutional investors and hedge funds own 92.67% of the company’s stock.

General Motors Price Performance

Shares of NYSE:GM opened at $48.62 on Friday. General Motors has a fifty-two week low of $38.96 and a fifty-two week high of $61.24. The company’s 50-day moving average is $47.21 and its 200 day moving average is $49.11. The company has a market capitalization of $46.74 billion, a P/E ratio of 7.91, a price-to-earnings-growth ratio of 0.67 and a beta of 1.34. The company has a debt-to-equity ratio of 1.38, a quick ratio of 0.98 and a current ratio of 1.13.

General Motors (NYSE:GM) (TSE:GMM.U) last announced its quarterly earnings results on Tuesday, April 29th. The auto manufacturer reported $2.78 earnings per share for the quarter, beating the consensus estimate of $2.63 by $0.15. General Motors had a return on equity of 15.29% and a net margin of 3.21%. The firm had revenue of $44.02 billion for the quarter, compared to analysts’ expectations of $42.64 billion. During the same period in the prior year, the business posted $2.62 earnings per share. The company’s revenue was up 2.3% on a year-over-year basis. On average, equities research analysts forecast that General Motors will post 11.44 earnings per share for the current year.

General Motors Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 19th. Shareholders of record on Friday, June 6th will be paid a $0.15 dividend. The ex-dividend date of this dividend is Friday, June 6th. This represents a $0.60 annualized dividend and a yield of 1.23%. This is a positive change from General Motors’s previous quarterly dividend of $0.12. General Motors’s dividend payout ratio is currently 8.65%.

General Motors declared that its Board of Directors has approved a share repurchase plan on Wednesday, February 26th that allows the company to buyback $6.00 billion in shares. This buyback authorization allows the auto manufacturer to buy up to 12.5% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

Analyst Ratings Changes

GM has been the topic of several analyst reports. Sanford C. Bernstein set a $36.00 price target on shares of General Motors in a research note on Monday, May 5th. Wedbush reduced their price target on shares of General Motors from $60.00 to $55.00 and set an “outperform” rating for the company in a report on Friday, May 2nd. JPMorgan Chase & Co. reduced their price objective 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. BNP Paribas upgraded shares of General Motors to a “strong-buy” rating in a research report on Monday, May 5th. Finally, TD Cowen initiated coverage on shares of General Motors in a research note on Friday, March 7th. They set a “buy” rating and a $105.00 price objective on the stock. Four research analysts have rated the stock with a sell rating, ten have issued a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, General Motors currently has a consensus rating of “Hold” and a consensus target price of $53.35.

General Motors Company 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.