Mystic Asset Management Inc. Sells 3,607 Shares of General Motors Company (NYSE:GM)

Mystic Asset Management Inc. lessened its stake in shares of General Motors Company (NYSE:GM) (TSE:GMM.U) by 43.4% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,700 shares of the auto manufacturer’s stock after selling 3,607 shares during the quarter. Mystic Asset Management Inc.’s holdings in General Motors were worth $221,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of GM. Auxano Advisors LLC raised its position in General Motors by 2.1% in the 1st quarter. Auxano Advisors LLC now owns 14,947 shares of the auto manufacturer’s stock valued at $703,000 after purchasing an additional 310 shares during the last quarter. Allegiance Financial Group Advisory Services LLC acquired a new stake in shares of General Motors in the 1st quarter valued at $361,000. Retirement Planning Co of New England Inc. acquired a new stake in shares of General Motors in the 1st quarter valued at $221,000. Graypoint LLC increased its stake in shares of General Motors by 6.8% in the 1st quarter. Graypoint LLC now owns 10,049 shares of the auto manufacturer’s stock valued at $473,000 after buying an additional 640 shares during the period. Finally, Burns Matteson Capital Management LLC acquired a new stake in shares of General Motors in the 1st quarter valued at $381,000. Institutional investors own 92.67% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on GM shares. JPMorgan Chase & Co. lowered their target price on General Motors from $64.00 to $53.00 and set an “overweight” rating for the company in a research note on Thursday, March 27th. Piper Sandler reissued a “neutral” rating and issued a $48.00 target price (up from $43.00) on shares of General Motors in a research note on Thursday, May 22nd. The Goldman Sachs Group reissued a “buy” rating on shares of General Motors in a research note on Friday, July 11th. Deutsche Bank Aktiengesellschaft cut General Motors from a “buy” rating to a “hold” rating and set a $43.00 price objective for the company. in a research note on Monday, April 14th. Finally, Citigroup started coverage on General Motors in a report on Wednesday, April 23rd. They issued a “buy” rating and a $62.00 price objective for the company. Four investment analysts have rated the stock with a sell rating, ten have assigned a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, General Motors presently has an average rating of “Hold” and a consensus target price of $55.17.

General Motors Stock Performance

Shares of General Motors stock opened at $53.23 on Friday. The firm has a market cap of $51.18 billion, a price-to-earnings ratio of 7.67, a price-to-earnings-growth ratio of 1.43 and a beta of 1.32. The stock’s 50-day moving average is $50.02 and its 200-day moving average is $48.74. General Motors Company has a one year low of $38.96 and a one year high of $61.24. The company has a debt-to-equity ratio of 1.46, a current ratio of 1.21 and a quick ratio of 1.04.

General Motors (NYSE:GM) (TSE:GMM.U) last issued 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. The company had revenue of $44.02 billion for the quarter, compared to analyst estimates of $42.64 billion. General Motors had a return on equity of 14.30% and a net margin of 3.08%. The company’s quarterly revenue was up 2.3% compared to the same quarter last year. During the same period in the previous year, the company posted $2.62 earnings per share. Equities analysts predict that General Motors Company will post 11.44 earnings per share for the current fiscal year.

General Motors Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, June 19th. Stockholders of record on Friday, June 6th were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.13%. This is a positive change from General Motors’s previous quarterly dividend of $0.12. The ex-dividend date was Friday, June 6th. General Motors’s payout ratio is 8.65%.

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.