Lord Abbett & CO. LLC Trims Stake in General Motors (NYSE:GM)

Lord Abbett & CO. LLC cut its holdings in shares of General Motors (NYSE:GM - Free Report) TSE: GMM.U by 48.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 820,009 shares of the auto manufacturer's stock after selling 764,585 shares during the period. Lord Abbett & CO. LLC owned 0.08% of General Motors worth $43,682,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the business. Hancock Whitney Corp acquired a new position in shares of General Motors during the fourth quarter worth $5,646,000. Integrated Wealth Concepts LLC increased its position in shares of General Motors by 16.4% in the 4th quarter. Integrated Wealth Concepts LLC now owns 23,656 shares of the auto manufacturer's stock valued at $1,260,000 after acquiring an additional 3,336 shares during the period. Adage Capital Partners GP L.L.C. increased its position in shares of General Motors by 13.0% in the 4th quarter. Adage Capital Partners GP L.L.C. now owns 1,027,386 shares of the auto manufacturer's stock valued at $54,729,000 after acquiring an additional 118,000 shares during the period. MGO One Seven LLC increased its position in shares of General Motors by 10.8% in the 4th quarter. MGO One Seven LLC now owns 27,572 shares of the auto manufacturer's stock valued at $1,469,000 after acquiring an additional 2,688 shares during the period. Finally, Quantessence Capital LLC acquired a new position in shares of General Motors in the 4th quarter valued at $710,000. 92.67% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

GM has been the topic of several research reports. Mizuho cut their target price on General Motors from $63.00 to $55.00 and set an "outperform" rating on the stock in a research report on Thursday, April 10th. The Goldman Sachs Group cut their target price on General Motors from $73.00 to $63.00 and set a "buy" rating on the stock in a research report on Thursday, April 10th. UBS Group reaffirmed a "neutral" rating and issued a $51.00 price target (down from $64.00) on shares of General Motors in a report on Thursday, April 10th. Citigroup assumed coverage on shares of General Motors in a report on Wednesday, April 23rd. They issued a "buy" rating and a $62.00 price target on the stock. Finally, Piper Sandler upped their price target on shares of General Motors from $45.00 to $48.00 and gave the company a "neutral" rating in a report on Thursday, March 20th. Five research analysts have rated the stock with a sell rating, nine have issued a hold rating and nine have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, General Motors presently has an average rating of "Hold" and a consensus target price of $54.83.

General Motors Price Performance

GM traded up $0.07 during trading on Monday, hitting $47.18. The company's stock had a trading volume of 15,243,758 shares, compared to its average volume of 13,349,049. 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 has a twelve month low of $38.96 and a twelve month high of $61.24. The business's fifty day simple moving average is $46.86 and its 200 day simple moving average is $50.33. The firm has a market capitalization of $46.94 billion, a price-to-earnings ratio of 7.67, a P/E/G ratio of 0.67 and a beta of 1.27.

General Motors (NYSE:GM - Get Free Report) TSE: GMM.U last issued its quarterly earnings data on Tuesday, January 28th. The auto manufacturer reported $1.92 EPS 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%. On average, equities research analysts forecast that General Motors will post 11.44 EPS for the current fiscal year.

General Motors declared that its board has authorized a share buyback program on Wednesday, February 26th that authorizes the company to buyback $6.00 billion in outstanding shares. This buyback authorization authorizes the auto manufacturer to reacquire up to 12.5% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's board believes its stock is undervalued.

Insider Transactions at General Motors

In related news, Director Alfred F. Kelly, Jr. acquired 12,000 shares of the 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 completion of the purchase, the director now owns 13,714 shares of the company's stock, 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 Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.72% of the company's stock.

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.