Renaissance Technologies LLC Sells 1,583,117 Shares of General Motors (NYSE:GM)

Renaissance Technologies LLC cut its position in shares of General Motors (NYSE:GM - Free Report) TSE: GMM.U by 62.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 933,305 shares of the auto manufacturer's stock after selling 1,583,117 shares during the period. Renaissance Technologies LLC owned 0.09% of General Motors worth $49,717,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Golden State Wealth Management LLC bought a new position in General Motors during the fourth quarter worth about $25,000. Crews Bank & Trust acquired a new position in General Motors in the 4th quarter valued at $26,000. Compass Planning Associates Inc bought a new stake in shares of General Motors during the 4th quarter valued at $27,000. Duncker Streett & Co. Inc. grew its holdings in shares of General Motors by 9,960.0% during the 4th quarter. Duncker Streett & Co. Inc. now owns 503 shares of the auto manufacturer's stock worth $27,000 after purchasing an additional 498 shares in the last quarter. Finally, Whittier Trust Co. increased its position in shares of General Motors by 551.9% in the fourth quarter. Whittier Trust Co. now owns 502 shares of the auto manufacturer's stock worth $27,000 after purchasing an additional 425 shares during the period. Institutional investors own 92.67% of the company's stock.

General Motors Stock Up 3.3 %

GM stock traded up $1.42 during mid-day trading on Monday, reaching $45.05. 22,015,481 shares of the company traded hands, compared to its average volume of 13,583,292. The stock has a market cap of $44.82 billion, a price-to-earnings ratio of 7.33, a P/E/G ratio of 0.67 and a beta of 1.27. General Motors has a fifty-two week low of $38.96 and a fifty-two week high of $61.24. The firm's 50 day moving average price is $47.36 and its 200 day moving average price is $50.39. The company has a quick ratio of 0.98, a current ratio of 1.13 and a debt-to-equity ratio of 1.38.

Remove Ads

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

General Motors announced that its Board of Directors has initiated a share repurchase program on Wednesday, February 26th that permits the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization permits the auto manufacturer to purchase up to 12.5% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company's management believes its stock is undervalued.

General Motors Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 20th. Investors of record on Friday, March 7th were given a dividend of $0.12 per share. The ex-dividend date of this dividend was Friday, March 7th. This represents a $0.48 annualized dividend and a yield of 1.07%. General Motors's payout ratio is currently 7.80%.

Insider Buying and Selling at General Motors

In other General Motors news, Director Alfred F. Kelly, Jr. purchased 12,000 shares of the company's stock in a transaction that occurred on Thursday, January 30th. The shares were bought at an average cost of $50.66 per share, for a total transaction of $607,920.00. Following the purchase, the director now owns 13,714 shares of the company's stock, valued at $694,751.24. This represents a 700.12 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.72% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have weighed in on GM shares. Sanford C. Bernstein cut General Motors from a "market perform" rating to an "underperform" rating and cut their target price for the stock from $50.00 to $35.00 in a research note on Monday, April 7th. UBS Group reiterated a "neutral" rating and issued a $51.00 target price (down previously from $64.00) on shares of General Motors in a research report on Thursday. StockNews.com cut shares of General Motors from a "buy" rating to a "hold" rating in a report on Wednesday, February 5th. Wells Fargo & Company reaffirmed an "underweight" rating on shares of General Motors in a report on Monday, February 3rd. Finally, Piper Sandler increased their price objective on shares of General Motors from $45.00 to $48.00 and gave the company a "neutral" rating in a research note on Thursday, March 20th. Four investment analysts have rated the stock with a sell rating, nine have given a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, General Motors presently has an average rating of "Hold" and a consensus target price of $58.39.

About General Motors

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.