Independent Advisor Alliance Boosts Holdings in General Motors Company (NYSE:GM)

Independent Advisor Alliance increased its holdings in General Motors Company (NYSE:GM) (TSE:GMM.U) by 1.8% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 20,050 shares of the auto manufacturer’s stock after acquiring an additional 351 shares during the quarter. Independent Advisor Alliance’s holdings in General Motors were worth $943,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. SouthState Corp boosted its holdings in shares of General Motors by 914.4% in the first quarter. SouthState Corp now owns 984 shares of the auto manufacturer’s stock worth $46,000 after buying an additional 887 shares during the last quarter. Nuveen LLC purchased a new position in shares of General Motors in the first quarter worth approximately $175,889,000. Cooper Financial Group lifted its holdings in General Motors by 11.4% during the first quarter. Cooper Financial Group now owns 13,330 shares of the auto manufacturer’s stock valued at $627,000 after purchasing an additional 1,363 shares in the last quarter. Virtu Financial LLC purchased a new position in General Motors during the first quarter valued at approximately $1,329,000. Finally, Invesco Ltd. lifted its holdings in General Motors by 4.5% during the first quarter. Invesco Ltd. now owns 13,746,152 shares of the auto manufacturer’s stock valued at $646,482,000 after purchasing an additional 594,217 shares in the last quarter. Hedge funds and other institutional investors own 92.67% of the company’s stock.

General Motors Trading Up 2.7%

Shares of GM opened at $55.63 on Thursday. The company’s fifty day moving average is $51.34 and its 200 day moving average is $48.86. General Motors Company has a fifty-two week low of $41.60 and a fifty-two week high of $61.24. The stock has a market capitalization of $52.96 billion, a PE ratio of 8.83, a P/E/G ratio of 1.15 and a beta of 1.36. The company has a debt-to-equity ratio of 1.42, a quick ratio of 1.05 and a current ratio of 1.22.

General Motors (NYSE:GM) (TSE:GMM.U) last posted its quarterly earnings data on Tuesday, July 22nd. The auto manufacturer reported $2.53 earnings per share for the quarter, beating analysts’ consensus estimates of $2.52 by $0.01. General Motors had a net margin of 2.54% and a return on equity of 12.98%. The business had revenue of $47.12 billion for the quarter, compared to analysts’ expectations of $45.87 billion. During the same quarter in the previous year, the business posted $3.06 earnings per share. The business’s revenue was down 1.8% compared to the same quarter last year. Sell-side analysts expect that General Motors Company will post 11.44 earnings per share for the current fiscal year.

General Motors Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 18th. Shareholders of record on Friday, September 5th will be given a dividend of $0.15 per share. The ex-dividend date is Friday, September 5th. This represents a $0.60 dividend on an annualized basis and a yield of 1.1%. General Motors’s payout ratio is 9.52%.

Insiders Place Their Bets

In other General Motors news, EVP Rory Harvey sold 23,977 shares of the business’s stock in a transaction on Tuesday, August 5th. The shares were sold at an average price of $53.01, for a total transaction of $1,271,020.77. Following the transaction, the executive vice president owned 8,513 shares in the company, valued at $451,274.13. The trade was a 73.80% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.54% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several equities analysts have weighed in on the stock. Piper Sandler reaffirmed a “neutral” rating and set a $48.00 price target (up previously from $43.00) on shares of General Motors in a report on Thursday, May 22nd. Industrial Alliance Securities set a $70.00 price target on shares of General Motors in a report on Friday, July 11th. Citigroup lifted their price target on shares of General Motors from $59.00 to $61.00 and gave the company a “buy” rating in a report on Wednesday, July 23rd. Wells Fargo & Company lifted their price target on shares of General Motors from $34.00 to $38.00 and gave the company an “underweight” rating in a report on Wednesday, July 23rd. Finally, UBS Group lifted their price target on shares of General Motors from $50.00 to $56.00 and gave the company a “neutral” rating in a report on Monday, July 14th. Two analysts have rated the stock with a sell rating, ten have given a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $57.53.

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.