Raymond James Financial Services Advisors Inc. Cuts Holdings in General Motors (GM)
Raymond James Financial Services Advisors Inc. lessened its stake in General Motors (NYSE:GM) (TSE:GMM.U) by 3.5% in the first quarter, HoldingsChannel reports. The institutional investor owned 210,262 shares of the auto manufacturer’s stock after selling 7,686 shares during the quarter. Raymond James Financial Services Advisors Inc.’s holdings in General Motors were worth $7,801,000 at the end of the most recent reporting period.
A number of other hedge funds also recently added to or reduced their stakes in GM. Krane Funds Advisors LLC purchased a new stake in shares of General Motors in the 1st quarter valued at $1,187,000. Seelaus Asset Management LLC purchased a new stake in shares of General Motors in the 1st quarter valued at $257,000. Moors & Cabot Inc. boosted its stake in shares of General Motors by 2.1% in the 1st quarter. Moors & Cabot Inc. now owns 55,042 shares of the auto manufacturer’s stock valued at $2,038,000 after purchasing an additional 1,153 shares in the last quarter. CIBC Asset Management Inc boosted its stake in shares of General Motors by 0.6% in the 1st quarter. CIBC Asset Management Inc now owns 119,619 shares of the auto manufacturer’s stock valued at $4,438,000 after purchasing an additional 672 shares in the last quarter. Finally, Teacher Retirement System of Texas boosted its stake in shares of General Motors by 11.1% in the 1st quarter. Teacher Retirement System of Texas now owns 523,273 shares of the auto manufacturer’s stock valued at $19,413,000 after purchasing an additional 52,205 shares in the last quarter. 77.34% of the stock is owned by institutional investors and hedge funds.
NYSE:GM opened at $37.13 on Wednesday. General Motors has a 52 week low of $30.56 and a 52 week high of $45.00. The company has a debt-to-equity ratio of 1.65, a current ratio of 0.94 and a quick ratio of 0.81. The firm has a market cap of $52.66 billion, a P/E ratio of 5.68, a PEG ratio of 0.63 and a beta of 1.27.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 21st. Shareholders of record on Friday, June 7th will be issued a $0.38 dividend. The ex-dividend date is Thursday, June 6th. This represents a $1.52 annualized dividend and a yield of 4.09%. General Motors’s dividend payout ratio (DPR) is presently 23.24%.
In other General Motors news, CFO Dhivya Suryadevara sold 34,756 shares of the company’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $37.40, for a total value of $1,299,874.40. Following the completion of the transaction, the chief financial officer now directly owns 10,741 shares in the company, valued at approximately $401,713.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Wesley G. Bush acquired 10,000 shares of the firm’s stock in a transaction on Tuesday, May 7th. The stock was bought at an average price of $38.58 per share, with a total value of $385,800.00. The disclosure for this purchase can be found here. 0.51% of the stock is currently owned by corporate insiders.
A number of brokerages have recently issued reports on GM. Zacks Investment Research cut shares of General Motors from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, April 10th. Seaport Global Securities began coverage on shares of General Motors in a report on Wednesday, February 13th. They set a “buy” rating for the company. Citigroup upped their price target on shares of General Motors to $67.00 and gave the company a “buy” rating in a report on Friday, February 8th. Royal Bank of Canada upped their price target on shares of General Motors from $50.00 to $52.00 and gave the company an “outperform” rating in a report on Thursday, February 7th. Finally, Nomura set a $42.00 price target on shares of General Motors and gave the company a “hold” rating in a report on Thursday, May 2nd. Six analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $47.60.
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General Motors Company Profile
General Motors Company designs, builds, and sells cars, trucks, crossovers, and automobile parts worldwide. The company operates through GM North America, GM International, GM Cruise, and GM Financial. It markets its vehicles primarily under the Buick, Cadillac, Chevrolet, GMC, Holden, Baojun, Jiefang, and Wuling brand names.
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