Hoey Investments Inc. Reduces Stock Holdings in General Motors (NYSE:GM)

Hoey Investments Inc. reduced its position in shares of General Motors (NYSE:GM) (TSE:GMM.U) by 23.7% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 8,511 shares of the auto manufacturer’s stock after selling 2,650 shares during the quarter. Hoey Investments Inc.’s holdings in General Motors were worth $453,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Geode Capital Management LLC lifted its position in General Motors by 0.5% during the third quarter. Geode Capital Management LLC now owns 23,620,533 shares of the auto manufacturer’s stock valued at $1,055,395,000 after purchasing an additional 106,878 shares in the last quarter. Hotchkis & Wiley Capital Management LLC raised its stake in shares of General Motors by 6.1% in the third quarter. Hotchkis & Wiley Capital Management LLC now owns 17,278,448 shares of the auto manufacturer’s stock worth $774,766,000 after buying an additional 989,750 shares during the period. Norges Bank bought a new position in shares of General Motors during the 4th quarter valued at approximately $592,321,000. ACR Alpine Capital Research LLC increased its holdings in General Motors by 39.8% in the 4th quarter. ACR Alpine Capital Research LLC now owns 7,397,404 shares of the auto manufacturer’s stock worth $394,060,000 after acquiring an additional 2,104,528 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. increased its holdings in General Motors by 6.6% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 5,798,131 shares of the auto manufacturer’s stock worth $259,988,000 after acquiring an additional 358,507 shares in the last quarter. Hedge funds and other institutional investors own 92.67% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have weighed in on GM. Mizuho upped their price target on shares of General Motors from $59.00 to $62.00 and gave the stock an “outperform” rating in a research report on Monday, December 9th. StockNews.com downgraded shares of General Motors from a “buy” rating to a “hold” rating in a report on Wednesday, February 5th. Piper Sandler boosted their price objective on General Motors from $45.00 to $48.00 and gave the company a “neutral” rating in a research report on Thursday, March 20th. Deutsche Bank Aktiengesellschaft upgraded General Motors from a “hold” rating to a “buy” rating and increased their target price for the stock from $56.00 to $60.00 in a research report on Tuesday, January 21st. Finally, UBS Group reissued a “buy” rating on shares of General Motors in a report on Monday, February 3rd. Three analysts have rated the stock with a sell rating, eight have issued a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $62.11.

Insider Buying and Selling

In other General Motors news, Director Alfred F. Kelly, Jr. acquired 12,000 shares of the business’s stock in a transaction on Thursday, January 30th. The shares were bought at an average price of $50.66 per share, with a total value of $607,920.00. Following the transaction, the director now directly owns 13,714 shares of the company’s stock, valued at $694,751.24. The trade was a 700.12 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this link. 0.72% of the stock is currently owned by corporate insiders.

General Motors Trading Down 1.2 %

Shares of GM stock opened at $46.65 on Monday. The company has a market cap 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. General Motors has a 1 year low of $38.96 and a 1 year high of $61.24. The stock’s 50 day simple moving average is $48.89 and its two-hundred day simple moving average is $50.61. 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 released its quarterly earnings results on Tuesday, January 28th. The auto manufacturer reported $1.92 earnings per share for the quarter, beating the consensus estimate of $1.75 by $0.17. General Motors had a return on equity of 15.29% and a net margin of 3.21%. Research analysts predict that General Motors will post 11.44 earnings per share for the current year.

General Motors Dividend Announcement

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

General Motors declared that its board has approved a share 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 purchase up to 12.5% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

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.