AustralianSuper Pty Ltd Trims Stock Holdings in General Motors (NYSE:GM)

31 Oct 2024, 11:54 by Doug Wharley · The Cerbat Gem

AustralianSuper Pty Ltd trimmed its position in shares of General Motors (NYSE:GM – Free Report) (TSE:GMM.U) by 4.8% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,239,591 shares of the auto manufacturer’s stock after selling 164,117 shares during the period. AustralianSuper Pty Ltd owned 0.29% of General Motors worth $145,263,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of GM. GHP Investment Advisors Inc. boosted its position in General Motors by 35.6% during the third quarter. GHP Investment Advisors Inc. now owns 1,827 shares of the auto manufacturer’s stock valued at $82,000 after purchasing an additional 480 shares during the last quarter. ACR Alpine Capital Research LLC raised its stake in shares of General Motors by 8.4% during the first quarter. ACR Alpine Capital Research LLC now owns 6,337,547 shares of the auto manufacturer’s stock worth $287,408,000 after buying an additional 492,693 shares during the last quarter. BDF Gestion bought a new stake in General Motors in the second quarter valued at approximately $2,886,000. Atomi Financial Group Inc. acquired a new stake in General Motors during the 1st quarter worth $244,000. Finally, Cetera Investment Advisers grew its position in shares of General Motors by 98.5% in the 1st quarter. Cetera Investment Advisers now owns 330,611 shares of the auto manufacturer’s stock valued at $14,993,000 after purchasing an additional 164,083 shares during the period. 92.67% of the stock is currently owned by institutional investors.

General Motors Price Performance

Shares of GM stock traded down $0.94 during mid-day trading on Thursday, hitting $51.03. The company had a trading volume of 2,608,743 shares, compared to its average volume of 15,020,637. The company has a debt-to-equity ratio of 1.24, a current ratio of 1.21 and a quick ratio of 0.99. The stock’s 50 day moving average price is $48.17 and its 200-day moving average price is $46.37. The company has a market capitalization of $56.11 billion, a P/E ratio of 5.54, a P/E/G ratio of 0.60 and a beta of 1.42. General Motors has a 52-week low of $26.30 and a 52-week high of $54.29.

General Motors (NYSE:GM – Get Free Report) (TSE:GMM.U) last announced its quarterly earnings data on Tuesday, October 22nd. The auto manufacturer reported $2.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.49 by $0.47. General Motors had a net margin of 6.06% and a return on equity of 16.30%. The company had revenue of $48.76 billion during the quarter, compared to analysts’ expectations of $44.67 billion. During the same quarter in the prior year, the company earned $2.28 EPS. General Motors’s revenue was up 10.5% compared to the same quarter last year. Equities research analysts forecast that General Motors will post 10.05 earnings per share for the current year.

General Motors Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 19th. Stockholders of record on Friday, December 6th will be given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.94%. The ex-dividend date of this dividend is Friday, December 6th. General Motors’s dividend payout ratio is currently 5.12%.

Analysts Set New Price Targets

GM has been the subject of a number of research analyst reports. Wedbush lifted their price target on General Motors from $55.00 to $60.00 and gave the stock an “outperform” rating in a report on Wednesday, October 23rd. StockNews.com cut General Motors from a “buy” rating to a “hold” rating in a research report on Wednesday, July 24th. Nomura lowered General Motors from a “neutral” rating to a “reduce” rating and set a $34.00 price target for the company. in a research report on Monday, August 5th. Barclays upped their target price on shares of General Motors from $64.00 to $70.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 23rd. Finally, Nomura Securities raised shares of General Motors to a “strong sell” rating in a research report on Monday, August 5th. Four analysts have rated the stock with a sell rating, seven have given a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $56.92.

Check Out Our Latest Stock Analysis on GM

Insider Activity at General Motors

In related news, EVP Rory Harvey sold 2,302 shares of the stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $47.31, for a total transaction of $108,907.62. Following the sale, the executive vice president now owns 10,356 shares of the company’s stock, valued at $489,942.36. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other General Motors news, CEO Mary T. Barra sold 506,824 shares of the stock in a transaction on Wednesday, October 23rd. The stock was sold at an average price of $53.33, for a total transaction of $27,028,923.92. Following the transaction, the chief executive officer now owns 694,548 shares of the company’s stock, valued at $37,040,244.84. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Rory Harvey sold 2,302 shares of the firm’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $47.31, for a total value of $108,907.62. Following the sale, the executive vice president now owns 10,356 shares in the company, valued at $489,942.36. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 531,228 shares of company stock valued at $28,267,714. Insiders own 0.72% of the company’s stock.

General Motors Profile

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