General Motors (NYSE:GM) Shares Purchased by Rafferty Asset Management LLC

Rafferty Asset Management LLC increased its position in shares of General Motors (NYSE:GM) (TSE:GMM.U) by 10.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 102,228 shares of the auto manufacturer’s stock after acquiring an additional 9,697 shares during the period. Rafferty Asset Management LLC’s holdings in General Motors were worth $5,446,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the company. Raiffeisen Bank International AG acquired a new position in General Motors during the fourth quarter worth about $732,000. Point72 Italy S.r.l. grew its holdings in General Motors by 180.5% during the fourth quarter. Point72 Italy S.r.l. now owns 220,775 shares of the auto manufacturer’s stock worth $11,761,000 after acquiring an additional 142,068 shares during the period. ProShare Advisors LLC grew its holdings in General Motors by 9.1% during the fourth quarter. ProShare Advisors LLC now owns 198,543 shares of the auto manufacturer’s stock worth $10,576,000 after acquiring an additional 16,555 shares during the period. Quantinno Capital Management LP grew its holdings in General Motors by 25.3% during the fourth quarter. Quantinno Capital Management LP now owns 95,412 shares of the auto manufacturer’s stock worth $5,083,000 after acquiring an additional 19,253 shares during the period. Finally, Mufg Securities Americas Inc. acquired a new position in General Motors during the fourth quarter worth about $865,000. 92.67% of the stock is owned by institutional investors and hedge funds.

General Motors Stock Up 0.5%

Shares of General Motors stock opened at $50.36 on Friday. The firm has a market cap of $48.42 billion, a price-to-earnings ratio of 8.19, a P/E/G ratio of 0.67 and a beta of 1.36. The company has a debt-to-equity ratio of 1.38, a current ratio of 1.13 and a quick ratio of 0.98. General Motors has a 52-week low of $38.96 and a 52-week high of $61.24. The stock has a 50-day simple moving average of $46.85 and a 200-day simple moving average of $50.01.

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 (EPS) for the quarter, beating the consensus estimate of $2.63 by $0.15. The business had revenue of $44.02 billion during the quarter, compared to analyst estimates of $42.64 billion. General Motors had a return on equity of 15.29% and a net margin of 3.21%. The firm’s revenue was up 2.3% on a year-over-year basis. During the same period in the previous year, the company earned $2.62 EPS. On average, equities research analysts expect that General Motors will post 11.44 earnings per share for the current fiscal year.

General Motors announced that its board has authorized 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 an indication that the company’s board believes its shares are undervalued.

General Motors Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 19th. Investors of record on Friday, June 6th will be issued a $0.15 dividend. This is a positive change from General Motors’s previous quarterly dividend of $0.12. This represents a $0.60 annualized dividend and a yield of 1.19%. The ex-dividend date of this dividend is Friday, June 6th. General Motors’s payout ratio is 8.65%.

Wall Street Analyst Weigh In

GM has been the topic of a number of analyst reports. JPMorgan Chase & Co. dropped their price target on General Motors from $64.00 to $53.00 and set an “overweight” rating on the stock in a research note on Thursday, March 27th. Barclays lifted their price target on General Motors from $40.00 to $45.00 and gave the stock an “equal weight” rating in a research note on Monday, May 5th. Mizuho lifted their price target on General Motors from $53.00 to $58.00 and gave the stock an “outperform” rating in a research note on Friday. Wedbush dropped their price target on General Motors from $60.00 to $55.00 and set an “outperform” rating on the stock in a research note on Friday, May 2nd. Finally, StockNews.com cut General Motors from a “buy” rating to a “hold” rating in a research note on Wednesday, February 5th. Four equities research analysts have rated the stock with a sell rating, ten have assigned 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.com, the company has a consensus rating of “Hold” and an average price target of $54.56.

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.