Harvest Fund Management Co. Ltd Buys New Shares in General Motors (NYSE:GM)

Harvest Fund Management Co. Ltd bought a new stake in General Motors (NYSE:GM) (TSE:GMM.U) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 2,778 shares of the auto manufacturer’s stock, valued at approximately $148,000.

Several other hedge funds have also made changes to their positions in the stock. Golden State Wealth Management LLC acquired a new position in General Motors in the fourth quarter worth about $25,000. Crews Bank & Trust acquired a new position in General Motors in the fourth quarter worth about $26,000. Truvestments Capital LLC acquired a new position in General Motors in the third quarter worth about $27,000. Compass Planning Associates Inc acquired a new position in General Motors in the fourth quarter worth about $27,000. Finally, Duncker Streett & Co. Inc. raised its position in General Motors by 9,960.0% in the fourth quarter. Duncker Streett & Co. Inc. now owns 503 shares of the auto manufacturer’s stock worth $27,000 after purchasing an additional 498 shares in the last quarter. Institutional investors own 92.67% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. TD Cowen assumed coverage on shares of General Motors in a research report on Friday, March 7th. They issued a “buy” rating and a $105.00 price target for the company. Piper Sandler increased their price target on shares of General Motors from $45.00 to $48.00 and gave the stock a “neutral” rating in a research report on Thursday. The Goldman Sachs Group set a $73.00 price objective on shares of General Motors in a report on Saturday, March 1st. StockNews.com lowered shares of General Motors from a “buy” rating to a “hold” rating in a report on Wednesday, February 5th. Finally, Morgan Stanley raised shares of General Motors from an “underweight” rating to an “equal weight” rating and raised their price objective for the stock from $46.00 to $54.00 in a report on Tuesday, December 10th. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $63.06.

Insider Buying and Selling at General Motors

In other news, Director Alfred F. Kelly, Jr. purchased 12,000 shares of General Motors stock in a transaction dated Thursday, January 30th. The shares were bought at an average cost of $50.66 per share, with a total value of $607,920.00. Following the completion of the transaction, the director now directly owns 13,714 shares in the company, valued at $694,751.24. This trade represents a 700.12 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.72% of the company’s stock.

General Motors Price Performance

Shares of GM stock opened at $49.77 on Friday. General Motors has a 52-week low of $38.96 and a 52-week high of $61.24. The stock has a market cap of $49.53 billion, a PE ratio of 8.09, a PEG ratio of 0.67 and a beta of 1.42. The company has a debt-to-equity ratio of 1.38, a quick ratio of 0.98 and a current ratio of 1.13. The firm’s 50 day moving average price is $49.02 and its two-hundred day moving average price is $50.47.

General Motors (NYSE:GM) (TSE:GMM.U) last announced its quarterly earnings data on Tuesday, January 28th. The auto manufacturer reported $1.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.75 by $0.17. General Motors had a net margin of 3.21% and a return on equity of 15.29%. As a group, analysts forecast that General Motors will post 11.44 EPS for the current year.

General Motors Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 20th. Shareholders of record on Friday, March 7th were paid a $0.12 dividend. The ex-dividend date of this dividend was Friday, March 7th. This represents a $0.48 dividend on an annualized basis and a yield of 0.96%. General Motors’s payout ratio is presently 7.80%.

General Motors declared that its Board of Directors has authorized a share repurchase program on Wednesday, February 26th that permits the company to buyback $6.00 billion in outstanding shares. This buyback authorization permits the auto manufacturer to repurchase up to 12.5% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.

General Motors Company 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.