Korea Investment CORP Has $61.16 Million Stake in General Motors (NYSE:GM)

Korea Investment CORP boosted its stake in shares of General Motors (NYSE:GM) (TSE:GMM.U) by 15.1% in the 4th quarter, HoldingsChannel.com reports. The fund owned 1,148,058 shares of the auto manufacturer’s stock after purchasing an additional 150,536 shares during the quarter. Korea Investment CORP’s holdings in General Motors were worth $61,157,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Golden State Wealth Management LLC bought a new position in shares of General Motors in the fourth quarter valued at approximately $25,000. Crews Bank & Trust acquired a new stake in General Motors during the 4th quarter valued at $26,000. Truvestments Capital LLC bought a new position in General Motors in the 3rd quarter valued at $27,000. Compass Planning Associates Inc acquired a new position in General Motors in the fourth quarter worth $27,000. Finally, Duncker Streett & Co. Inc. grew its holdings in shares of General Motors by 9,960.0% during 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 during the last quarter. 92.67% of the stock is owned by institutional investors.

Insider Activity at General Motors

In other news, Director Alfred F. Kelly, Jr. bought 12,000 shares of the stock in a transaction that occurred on Thursday, January 30th. The shares were acquired at an average cost of $50.66 per share, for a total transaction of $607,920.00. Following the completion of the acquisition, the director now owns 13,714 shares in the company, valued at approximately $694,751.24. This represents a 700.12 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.72% of the stock is owned by company insiders.

General Motors Trading Down 7.3 %

NYSE:GM opened at $47.24 on Friday. 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 has a twelve month low of $38.96 and a twelve month high of $61.24. The company has a market cap of $47.00 billion, a P/E ratio of 7.68, a price-to-earnings-growth ratio of 0.67 and a beta of 1.42. The business has a 50 day moving average price of $48.97 and a two-hundred day moving average price of $50.53.

General Motors (NYSE:GM) (TSE:GMM.U) last announced its earnings results on Tuesday, January 28th. The auto manufacturer reported $1.92 EPS for the quarter, topping the consensus estimate 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 expect that General Motors will post 11.44 EPS for the current fiscal year.

General Motors declared that its board has authorized a stock 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 purchase up to 12.5% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

General Motors Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 20th. Stockholders of record on Friday, March 7th were issued a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 1.02%. The ex-dividend date was Friday, March 7th. General Motors’s payout ratio is 7.80%.

Wall Street Analyst Weigh In

GM has been the subject of several recent research reports. TD Cowen initiated coverage on General Motors in a report on Friday, March 7th. They set a “buy” rating and a $105.00 price objective for the company. Morgan Stanley raised shares of General Motors from an “underweight” rating to an “equal weight” rating and lifted their target price for the stock from $46.00 to $54.00 in a report on Tuesday, December 10th. Wells Fargo & Company reissued an “underweight” rating on shares of General Motors in a research note on Monday, February 3rd. Piper Sandler lifted their price objective on General Motors from $45.00 to $48.00 and gave the stock a “neutral” rating in a research note on Thursday, March 20th. Finally, JPMorgan Chase & Co. cut their target price on General Motors from $64.00 to $53.00 and set an “overweight” rating on the stock in a research note on Thursday. Three analysts have rated the stock with a sell rating, eight have issued a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $62.11.

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.