Cannell & Spears LLC Reduces Holdings in General Motors (NYSE:GM)

Cannell & Spears LLC reduced its position in General Motors (NYSE:GM) (TSE:GMM.U) by 28.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 785,942 shares of the auto manufacturer’s stock after selling 315,587 shares during the period. Cannell & Spears LLC’s holdings in General Motors were worth $41,867,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Blue Trust Inc. grew its stake in General Motors by 19.7% during the 4th quarter. Blue Trust Inc. now owns 9,164 shares of the auto manufacturer’s stock valued at $488,000 after purchasing an additional 1,510 shares in the last quarter. SYM FINANCIAL Corp acquired a new stake in shares of General Motors during the fourth quarter worth approximately $474,000. Asset Management One Co. Ltd. increased its stake in shares of General Motors by 9.3% in the fourth quarter. Asset Management One Co. Ltd. now owns 463,848 shares of the auto manufacturer’s stock worth $25,178,000 after buying an additional 39,474 shares during the last quarter. Avantra Family Wealth Inc. bought a new position in General Motors during the 4th quarter valued at $1,044,000. Finally, Handelsbanken Fonder AB increased its position in shares of General Motors by 10.9% in the 4th quarter. Handelsbanken Fonder AB now owns 202,054 shares of the auto manufacturer’s stock worth $10,763,000 after purchasing an additional 19,924 shares during the last quarter. 92.67% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

GM has been the subject of a number of research reports. Hsbc Global Res downgraded General Motors from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 11th. The Goldman Sachs Group set a $73.00 target price on General Motors in a research report on Saturday, March 1st. Wells Fargo & Company reissued an “underweight” rating on shares of General Motors in a research report on Monday, February 3rd. Piper Sandler lifted their price objective on shares of General Motors from $45.00 to $48.00 and gave the stock a “neutral” rating in a report on Thursday, March 20th. Finally, Cowen assumed coverage on shares of General Motors in a report on Thursday, March 6th. They set a “buy” rating on the stock. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $62.11.

General Motors Trading Down 1.2 %

Shares of GM stock opened at $46.65 on Monday. General Motors has a 1 year low of $38.96 and a 1 year high of $61.24. The firm has a market capitalization of $46.42 billion, a PE ratio of 7.59, a price-to-earnings-growth ratio of 0.67 and a beta of 1.42. The stock has a fifty day moving average of $48.89 and a two-hundred day moving average of $50.61. The company has a debt-to-equity ratio of 1.38, a quick ratio of 0.98 and a current ratio of 1.13.

General Motors (NYSE:GM) (TSE:GMM.U) last posted its quarterly earnings data on Tuesday, January 28th. The auto manufacturer reported $1.92 earnings per share 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, research analysts expect that General Motors will post 11.44 EPS for the current year.

General Motors Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 20th. Investors of record on Friday, March 7th were paid a dividend of $0.12 per share. The ex-dividend date of this dividend was Friday, March 7th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.03%. General Motors’s dividend payout ratio is presently 7.80%.

General Motors declared that its board has authorized a stock buyback plan on Wednesday, February 26th that allows the company to buyback $6.00 billion in shares. This buyback authorization allows the auto manufacturer to buy up to 12.5% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.

Insider Buying and Selling

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 purchased at an average cost of $50.66 per share, with a total value of $607,920.00. Following the completion of the acquisition, the director now directly owns 13,714 shares in the company, valued at approximately $694,751.24. The trade was a 700.12 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.72% of the stock is owned by corporate insiders.

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.