General Motors (NYSE:GM) Shares Sold by Corebridge Financial Inc.

Corebridge Financial Inc. reduced its holdings in shares of General Motors (NYSE:GM - Free Report) TSE: GMM.U by 6.6% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 252,721 shares of the auto manufacturer's stock after selling 17,967 shares during the quarter. Corebridge Financial Inc.'s holdings in General Motors were worth $13,462,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in GM. Mountain Hill Investment Partners Corp. purchased a new position in shares of General Motors in the 4th quarter valued at $5,759,000. LPL Financial LLC increased its position in shares of General Motors by 8.5% during the fourth quarter. LPL Financial LLC now owns 640,491 shares of the auto manufacturer's stock worth $34,119,000 after purchasing an additional 50,031 shares in the last quarter. KLP Kapitalforvaltning AS purchased a new stake in shares of General Motors in the 4th quarter valued at about $28,298,000. Knights of Columbus Asset Advisors LLC boosted its position in shares of General Motors by 1.9% in the 4th quarter. Knights of Columbus Asset Advisors LLC now owns 189,240 shares of the auto manufacturer's stock valued at $10,081,000 after purchasing an additional 3,579 shares during the period. Finally, Hillsdale Investment Management Inc. grew its stake in General Motors by 4.4% during the 4th quarter. Hillsdale Investment Management Inc. now owns 16,750 shares of the auto manufacturer's stock worth $892,000 after buying an additional 700 shares during the last quarter. Hedge funds and other institutional investors own 92.67% of the company's stock.

Remove Ads

Insider Transactions at General Motors

In other news, Director Alfred F. Kelly, Jr. acquired 12,000 shares of the business's stock in a transaction dated Thursday, January 30th. The stock was acquired at an average price of $50.66 per share, with a total value of $607,920.00. Following the completion of the transaction, the director now directly owns 13,714 shares in the company, valued at approximately $694,751.24. This represents a 700.12 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.72% of the company's stock.

General Motors Price Performance

Shares of NYSE:GM traded down $0.55 during trading on Friday, hitting $46.65. 18,815,180 shares of the stock were exchanged, compared to its average volume of 13,329,089. General Motors has a 12-month low of $38.96 and a 12-month high of $61.24. The company has a market cap of $46.42 billion, a PE ratio of 7.59, a P/E/G ratio of 0.67 and a beta of 1.42. The company has a fifty day moving average price of $48.89 and a two-hundred day moving average price of $50.61. The company has a current ratio of 1.13, a quick ratio of 0.98 and a debt-to-equity ratio of 1.38.

General Motors (NYSE:GM - Get Free Report) TSE: GMM.U last announced its quarterly earnings results on Tuesday, January 28th. The auto manufacturer reported $1.92 earnings per share for the quarter, beating 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, analysts forecast that General Motors will post 11.44 EPS for the current year.

General Motors declared that its Board of Directors has authorized a share repurchase program on Wednesday, February 26th that allows the company to buyback $6.00 billion in outstanding shares. This buyback authorization allows the auto manufacturer to buy up to 12.5% of its shares through open market purchases. Shares buyback programs are often an indication that the company's leadership believes its stock is undervalued.

General Motors Dividend Announcement

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

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on GM shares. Cowen assumed coverage on General Motors in a report on Thursday, March 6th. They issued a "buy" rating for the company. Piper Sandler increased their price target on shares of General Motors from $45.00 to $48.00 and gave the stock a "neutral" rating in a research note on Thursday, March 20th. Deutsche Bank Aktiengesellschaft raised shares of General Motors from a "hold" rating to a "buy" rating and raised their price objective for the stock from $56.00 to $60.00 in a research report on Tuesday, January 21st. HSBC cut shares of General Motors from a "buy" rating to a "hold" rating and set a $58.00 target price for the company. in a report on Wednesday, December 11th. Finally, The Goldman Sachs Group set a $73.00 price target on General Motors in a report on Saturday, March 1st. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and twelve have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price 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.