DekaBank Deutsche Girozentrale Cuts Stock Holdings in General Motors (NYSE:GM)

DekaBank Deutsche Girozentrale cut its stake in General Motors (NYSE:GM) (TSE:GMM.U) by 9.5% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 482,094 shares of the auto manufacturer’s stock after selling 50,876 shares during the period. DekaBank Deutsche Girozentrale’s holdings in General Motors were worth $21,591,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. LifeSteps Financial Inc. acquired a new stake in shares of General Motors in the first quarter valued at approximately $25,000. Highlander Capital Management LLC acquired a new position in shares of General Motors in the 4th quarter valued at $27,000. Cape Investment Advisory Inc. raised its stake in shares of General Motors by 75.9% in the 4th quarter. Cape Investment Advisory Inc. now owns 832 shares of the auto manufacturer’s stock valued at $30,000 after acquiring an additional 359 shares during the period. Montag A & Associates Inc. purchased a new position in shares of General Motors in the 1st quarter valued at $30,000. Finally, YHB Investment Advisors Inc. purchased a new position in shares of General Motors in the 1st quarter valued at $32,000. 92.67% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms recently issued reports on GM. Wells Fargo & Company lifted their price target on shares of General Motors from $32.00 to $34.00 and gave the stock an “underweight” rating in a research note on Wednesday, July 24th. Wedbush reaffirmed an “outperform” rating and issued a $55.00 target price on shares of General Motors in a research report on Wednesday, July 24th. Bank of America reissued a “buy” rating and set a $75.00 price target on shares of General Motors in a report on Wednesday, June 12th. Royal Bank of Canada boosted their price target on shares of General Motors from $54.00 to $56.00 and gave the company an “overweight” rating in a report on Tuesday, April 23rd. Finally, Piper Sandler boosted their price target on shares of General Motors from $44.00 to $45.00 and gave the company a “neutral” rating in a report on Wednesday, April 24th. One analyst has rated the stock with a sell rating, five have issued a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $56.38.

General Motors Trading Down 5.1 %

NYSE GM traded down $2.20 on Friday, hitting $41.17. 21,627,018 shares of the company were exchanged, compared to its average volume of 15,552,034. The company’s 50 day moving average price is $46.40 and its 200-day moving average price is $43.23. The company has a debt-to-equity ratio of 1.23, a current ratio of 1.18 and a quick ratio of 0.99. The firm has a market capitalization of $46.27 billion, a P/E ratio of 5.03, a price-to-earnings-growth ratio of 0.44 and a beta of 1.43. General Motors has a twelve month low of $26.30 and a twelve month high of $50.50.

General Motors (NYSE:GM) (TSE:GMM.U) last posted its quarterly earnings data on Tuesday, July 23rd. The auto manufacturer reported $3.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.67 by $0.39. The firm had revenue of $47.97 billion for the quarter, compared to the consensus estimate of $45.13 billion. General Motors had a return on equity of 15.77% and a net margin of 6.22%. The business’s revenue for the quarter was up 7.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.91 EPS. Analysts predict that General Motors will post 9.94 earnings per share for the current fiscal year.

General Motors Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 19th. Stockholders of record on Friday, September 6th will be issued a $0.12 dividend. The ex-dividend date is Friday, September 6th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.17%. General Motors’s dividend payout ratio is 5.87%.

General Motors announced that its Board of Directors has initiated a share repurchase program on Tuesday, June 11th that authorizes the company to buyback $6.00 billion in shares. This buyback authorization authorizes the auto manufacturer to reacquire up to 10.8% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

Insider Activity

In other news, President Mark L. Reuss sold 150,000 shares of the company’s stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $43.44, for a total value of $6,516,000.00. Following the transaction, the president now owns 176,907 shares in the company, valued at approximately $7,684,840.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Mary T. Barra sold 626,316 shares of the business’s stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $43.46, for a total value of $27,219,693.36. Following the completion of the sale, the chief executive officer now owns 1,198,648 shares of the company’s stock, valued at approximately $52,093,242.08. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, President Mark L. Reuss sold 150,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $43.44, for a total value of $6,516,000.00. Following the completion of the sale, the president now directly owns 176,907 shares of the company’s stock, valued at approximately $7,684,840.08. The disclosure for this sale can be found here. Insiders have sold 1,152,621 shares of company stock worth $51,818,111 in the last 90 days. Company insiders own 0.72% of the company’s stock.

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.