General Motors (NYSE:GM) Stock Holdings Lowered by Miracle Mile Advisors LLC

Miracle Mile Advisors LLC trimmed its holdings in shares of General Motors (NYSE:GM) (TSE:GMM.U) by 49.9% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 5,245 shares of the auto manufacturer’s stock after selling 5,214 shares during the period. Miracle Mile Advisors LLC’s holdings in General Motors were worth $247,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Brighton Jones LLC increased its stake in General Motors by 456.1% in the 4th quarter. Brighton Jones LLC now owns 38,717 shares of the auto manufacturer’s stock valued at $2,062,000 after buying an additional 31,755 shares during the period. Strategic Financial Concepts LLC acquired a new position in shares of General Motors in the fourth quarter worth $783,000. Golden State Wealth Management LLC purchased a new stake in shares of General Motors during the fourth quarter worth $25,000. Apollon Wealth Management LLC raised its holdings in shares of General Motors by 14.4% during the fourth quarter. Apollon Wealth Management LLC now owns 19,509 shares of the auto manufacturer’s stock worth $1,039,000 after acquiring an additional 2,449 shares in the last quarter. Finally, Focus Financial Network Inc. acquired a new stake in General Motors during the fourth quarter valued at $215,000. Institutional investors and hedge funds own 92.67% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on GM. The Goldman Sachs Group reduced their price target on General Motors from $73.00 to $63.00 and set a “buy” rating for the company in a report on Thursday, April 10th. Barclays boosted their target price on shares of General Motors from $40.00 to $45.00 and gave the stock an “equal weight” rating in a research report on Monday, May 5th. Deutsche Bank Aktiengesellschaft lowered shares of General Motors from a “buy” rating to a “hold” rating and set a $43.00 price target on the stock. in a research note on Monday, April 14th. UBS Group reduced their price objective on shares of General Motors from $51.00 to $50.00 and set a “neutral” rating for the company in a research note on Friday, May 2nd. Finally, Cowen assumed coverage on shares of General Motors in a research report on Thursday, March 6th. They set a “buy” rating on the stock. Four analysts have rated the stock with a sell rating, ten have issued a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $54.56.

General Motors Stock Performance

Shares of NYSE GM opened at $49.84 on Thursday. General Motors has a 12 month low of $38.96 and a 12 month high of $61.24. The company has a market cap of $47.92 billion, a P/E ratio of 8.10, a P/E/G ratio of 0.67 and a beta of 1.34. The business’s 50 day moving average is $46.97 and its two-hundred day moving average is $49.23. The company has a quick ratio of 0.98, a current ratio of 1.13 and a debt-to-equity ratio of 1.38.

General Motors (NYSE:GM) (TSE:GMM.U) last announced its earnings results on Tuesday, April 29th. The auto manufacturer reported $2.78 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.63 by $0.15. The business had revenue of $44.02 billion for the quarter, compared to analyst estimates of $42.64 billion. General Motors had a net margin of 3.21% and a return on equity of 15.29%. General Motors’s revenue was up 2.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.62 earnings per share. On average, equities analysts expect that General Motors will post 11.44 EPS for the current year.

General Motors Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 19th. Investors of record on Friday, June 6th will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 1.20%. This is a positive change from General Motors’s previous quarterly dividend of $0.12. The ex-dividend date is Friday, June 6th. General Motors’s payout ratio is currently 8.65%.

General Motors announced that its board has initiated a share repurchase plan on Wednesday, February 26th that permits the company to buyback $6.00 billion in outstanding shares. This buyback authorization permits the auto manufacturer to purchase up to 12.5% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s management believes its stock is undervalued.

About General Motors

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.