Shikiar Asset Management Inc. Acquires New Holdings in General Motors (NYSE:GM)

Shikiar Asset Management Inc. acquired a new stake in shares of General Motors (NYSE:GMGet Rating) (TSE:GMM.U) during the first quarter, HoldingsChannel.com reports. The institutional investor acquired 62,970 shares of the auto manufacturer’s stock, valued at approximately $2,754,000. General Motors accounts for approximately 0.8% of Shikiar Asset Management Inc.’s investment portfolio, making the stock its 29th biggest position.

A number of other hedge funds also recently modified their holdings of the stock. Webster Bank N. A. boosted its position in General Motors by 1,870.0% during the first quarter. Webster Bank N. A. now owns 1,970 shares of the auto manufacturer’s stock valued at $86,000 after purchasing an additional 1,870 shares in the last quarter. Abacus Planning Group Inc. boosted its position in General Motors by 18.1% during the first quarter. Abacus Planning Group Inc. now owns 4,697 shares of the auto manufacturer’s stock valued at $205,000 after purchasing an additional 721 shares in the last quarter. Griffin Asset Management Inc. boosted its position in General Motors by 23.2% during the first quarter. Griffin Asset Management Inc. now owns 4,990 shares of the auto manufacturer’s stock valued at $218,000 after purchasing an additional 940 shares in the last quarter. CAPROCK Group Inc. boosted its holdings in General Motors by 6.9% in the first quarter. CAPROCK Group Inc. now owns 11,424 shares of the auto manufacturer’s stock worth $500,000 after acquiring an additional 741 shares in the last quarter. Finally, NuWave Investment Management LLC boosted its holdings in General Motors by 779.7% in the first quarter. NuWave Investment Management LLC now owns 4,249 shares of the auto manufacturer’s stock worth $186,000 after acquiring an additional 3,766 shares in the last quarter. 82.66% of the stock is currently owned by institutional investors.

In other General Motors news, CFO Paul A. Jacobson acquired 35,000 shares of the business’s stock in a transaction dated Thursday, April 28th. The stock was acquired at an average cost of $38.79 per share, for a total transaction of $1,357,650.00. Following the completion of the transaction, the chief financial officer now directly owns 110,000 shares of the company’s stock, valued at $4,266,900. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Stephen K. Carlisle sold 25,645 shares of General Motors stock in a transaction that occurred on Friday, April 29th. The stock was sold at an average price of $39.04, for a total value of $1,001,180.80. Following the completion of the sale, the executive vice president now directly owns 64,170 shares in the company, valued at $2,505,196.80. The disclosure for this sale can be found here. 0.40% of the stock is owned by insiders.

Several equities research analysts have weighed in on the company. Royal Bank of Canada lowered their price target on General Motors from $70.00 to $58.00 in a report on Wednesday, April 27th. Barclays lowered their price target on General Motors from $59.00 to $52.00 in a report on Wednesday, April 27th. Deutsche Bank Aktiengesellschaft lowered their price target on General Motors from $75.00 to $56.00 and set a “buy” rating for the company in a report on Thursday, April 21st. TheStreet downgraded General Motors from a “b-” rating to a “c+” rating in a report on Friday, May 20th. Finally, Exane BNP Paribas started coverage on General Motors in a research note on Monday, April 11th. They issued an “outperform” rating for the company. One analyst has rated the stock with a sell rating, six have given a hold rating and fifteen have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $61.16.

Shares of GM stock opened at $32.83 on Thursday. The stock has a 50 day moving average of $37.38 and a 200 day moving average of $46.16. The company has a current ratio of 1.11, a quick ratio of 0.93 and a debt-to-equity ratio of 1.15. The stock has a market cap of $47.87 billion, a P/E ratio of 5.44, a P/E/G ratio of 0.48 and a beta of 1.20. General Motors has a twelve month low of $30.65 and a twelve month high of $67.21.

General Motors (NYSE:GMGet Rating) (TSE:GMM.U) last announced its quarterly earnings results on Tuesday, April 26th. The auto manufacturer reported $2.09 earnings per share for the quarter, beating the consensus estimate of $1.56 by $0.53. The company had revenue of $35.98 billion during the quarter, compared to analysts’ expectations of $36.25 billion. General Motors had a return on equity of 16.37% and a net margin of 7.61%. During the same period last year, the business earned $2.25 earnings per share. On average, research analysts predict that General Motors will post 6.89 earnings per share for the current fiscal year.

General Motors Profile (Get Rating)

General Motors Company designs, builds, and sells trucks, crossovers, cars, and automobile parts and accessories in North America, the Asia Pacific, the Middle East, Africa, South America, the United States, and China. The company operates through GM North America, GM International, Cruise, and GM Financial segments.

Further Reading

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Institutional Ownership by Quarter for General Motors (NYSE:GM)

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