Arrowstreet Capital Limited Partnership Sells 8,347,526 Shares of General Motors (NYSE:GM)

Arrowstreet Capital Limited Partnership cut its position in General Motors (NYSE:GM) (TSE:GMM.U) by 27.7% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 21,784,372 shares of the auto manufacturer’s stock after selling 8,347,526 shares during the quarter. General Motors comprises 0.9% of Arrowstreet Capital Limited Partnership’s investment portfolio, making the stock its 11th biggest position. Arrowstreet Capital Limited Partnership owned about 2.19% of General Motors worth $1,160,453,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Golden State Wealth Management LLC purchased a new stake in General Motors in the fourth quarter valued at approximately $25,000. Crews Bank & Trust purchased a new stake in shares of General Motors during the 4th quarter valued at $26,000. Compass Planning Associates Inc bought a new stake in shares of General Motors during the 4th quarter worth $27,000. Duncker Streett & Co. Inc. grew 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 acquiring an additional 498 shares in the last quarter. Finally, Whittier Trust Co. increased its stake in General Motors by 551.9% in the fourth quarter. Whittier Trust Co. now owns 502 shares of the auto manufacturer’s stock valued at $27,000 after acquiring an additional 425 shares during the last quarter. 92.67% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Alfred F. Kelly, Jr. purchased 12,000 shares of the company’s stock in a transaction dated 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 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 purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.72% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on GM shares. Piper Sandler upped their price objective on General Motors from $45.00 to $48.00 and gave the stock a “neutral” rating in a report on Thursday, March 20th. Deutsche Bank Aktiengesellschaft upgraded shares of General Motors from a “hold” rating to a “buy” rating and increased their price target for the company from $56.00 to $60.00 in a research report on Tuesday, January 21st. The Goldman Sachs Group set a $73.00 price objective on shares of General Motors in a research note on Saturday, March 1st. HSBC cut shares of General Motors from a “buy” rating to a “hold” rating and set a $58.00 target price on the stock. in a research report on Wednesday, December 11th. Finally, Hsbc Global Res lowered shares of General Motors from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 11th. 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’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $62.11.

General Motors Price Performance

Shares of NYSE GM opened at $46.65 on Friday. General Motors has a 1 year low of $38.96 and a 1 year high of $61.24. The stock has a market capitalization of $46.42 billion, a P/E ratio of 7.59, a P/E/G ratio of 0.67 and a beta of 1.42. The company’s 50-day moving average is $48.89 and its 200 day moving average is $50.56. The company has a debt-to-equity ratio of 1.38, a current ratio of 1.13 and a quick ratio of 0.98.

General Motors (NYSE:GM) (TSE:GMM.U) last posted its earnings results on Tuesday, January 28th. The auto manufacturer reported $1.92 earnings per share for the quarter, topping analysts’ consensus estimates of $1.75 by $0.17. General Motors had a return on equity of 15.29% and a net margin of 3.21%. On average, sell-side analysts expect that General Motors will post 11.44 earnings per share for the current year.

General Motors announced that its board has approved a stock buyback program on Wednesday, February 26th that authorizes the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization authorizes the auto manufacturer to repurchase up to 12.5% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s management believes its stock is undervalued.

General Motors Dividend Announcement

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

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.