General Motors Company (NYSE:GM) Shares Bought by Ritholtz Wealth Management

Ritholtz Wealth Management boosted its holdings in shares of General Motors Company (NYSE:GM) (TSE:GMM.U) by 76.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 27,426 shares of the auto manufacturer’s stock after buying an additional 11,862 shares during the period. Ritholtz Wealth Management’s holdings in General Motors were worth $1,290,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently added to or reduced their stakes in the company. Susquehanna Fundamental Investments LLC acquired a new position in General Motors during the 4th quarter valued at about $25,404,000. Handelsbanken Fonder AB increased its position in General Motors by 10.9% during the 4th quarter. Handelsbanken Fonder AB now owns 202,054 shares of the auto manufacturer’s stock valued at $10,763,000 after buying an additional 19,924 shares in the last quarter. Hussman Strategic Advisors Inc. increased its position in General Motors by 150.0% during the 4th quarter. Hussman Strategic Advisors Inc. now owns 52,500 shares of the auto manufacturer’s stock valued at $2,797,000 after buying an additional 31,500 shares in the last quarter. Olstein Capital Management L.P. increased its position in General Motors by 18.0% during the 1st quarter. Olstein Capital Management L.P. now owns 144,000 shares of the auto manufacturer’s stock valued at $6,772,000 after buying an additional 22,000 shares in the last quarter. Finally, Longbow Finance SA acquired a new position in General Motors during the 4th quarter valued at about $5,865,000. 92.67% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

GM has been the topic of several recent analyst reports. Royal Bank Of Canada upped their target price on General Motors from $55.00 to $57.00 and gave the company an “outperform” rating in a research report on Friday, May 2nd. Piper Sandler reissued a “neutral” rating and issued a $48.00 price objective (up from $43.00) on shares of General Motors in a report on Thursday, May 22nd. Barclays increased their price objective on General Motors from $40.00 to $45.00 and gave the company an “equal weight” rating in a report on Monday, May 5th. TD Cowen began coverage on General Motors in a report on Friday, March 7th. They issued a “buy” rating and a $105.00 price objective on the stock. Finally, Wedbush cut their price objective on General Motors from $60.00 to $55.00 and set an “outperform” rating on the stock in a report on Friday, May 2nd. Four investment analysts have rated the stock with a sell rating, ten have given a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $53.35.

General Motors Stock Down 2.0%

General Motors stock opened at $48.31 on Wednesday. The firm has a market cap of $46.44 billion, a price-to-earnings ratio of 6.96, a price-to-earnings-growth ratio of 1.32 and a beta of 1.34. General Motors Company has a 52 week low of $38.96 and a 52 week high of $61.24. The business’s 50-day moving average price is $47.40 and its 200 day moving average price is $48.97. The company has a quick ratio of 1.04, a current ratio of 1.21 and a debt-to-equity ratio of 1.46.

General Motors (NYSE:GM) (TSE:GMM.U) last issued its quarterly 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 company had revenue of $44.02 billion for the quarter, compared to the consensus estimate of $42.64 billion. General Motors had a return on equity of 14.30% and a net margin of 3.08%. General Motors’s revenue for the quarter was up 2.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.62 earnings per share. As a group, sell-side analysts anticipate that General Motors Company will post 11.44 earnings per share for the current year.

General Motors Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 19th. Shareholders of record on Friday, June 6th will be given a dividend of $0.15 per share. The ex-dividend date is Friday, June 6th. This represents a $0.60 dividend on an annualized basis and a yield of 1.24%. This is an increase from General Motors’s previous quarterly dividend of $0.12. General Motors’s dividend payout ratio is currently 8.65%.

General Motors declared that its Board of Directors has initiated a share repurchase program on Wednesday, February 26th that allows the company to buyback $6.00 billion in outstanding shares. This buyback authorization allows the auto manufacturer to reacquire up to 12.5% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.

General Motors 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.