Mystic Asset Management Inc. Acquires New Shares in General Motors (NYSE:GM)

Mystic Asset Management Inc. purchased a new stake in General Motors (NYSE:GM - Free Report) TSE: GMM.U during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 8,307 shares of the auto manufacturer's stock, valued at approximately $443,000.

Other institutional investors also recently modified their holdings of the company. Amundi increased its position in shares of General Motors by 75.5% in the fourth quarter. Amundi now owns 4,914,256 shares of the auto manufacturer's stock valued at $250,627,000 after acquiring an additional 2,113,973 shares during the last quarter. ACR Alpine Capital Research LLC increased its position in shares of General Motors by 39.8% in the fourth quarter. ACR Alpine Capital Research LLC now owns 7,397,404 shares of the auto manufacturer's stock valued at $394,060,000 after acquiring an additional 2,104,528 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in shares of General Motors in the fourth quarter valued at about $108,366,000. Caisse DE Depot ET Placement DU Quebec increased its position in shares of General Motors by 972.6% in the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 2,103,036 shares of the auto manufacturer's stock valued at $94,300,000 after acquiring an additional 1,906,964 shares during the last quarter. Finally, Jennison Associates LLC increased its position in shares of General Motors by 123.1% in the third quarter. Jennison Associates LLC now owns 3,226,027 shares of the auto manufacturer's stock valued at $144,655,000 after acquiring an additional 1,779,897 shares during the last quarter. 92.67% of the stock is currently owned by institutional investors.

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Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on GM shares. Hsbc Global Res downgraded General Motors from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, December 11th. Morgan Stanley raised General Motors from an "underweight" rating to an "equal weight" rating and boosted their price target for the stock from $46.00 to $54.00 in a research report on Tuesday, December 10th. Piper Sandler boosted their price target on General Motors from $45.00 to $48.00 and gave the stock a "neutral" rating in a research report on Thursday. HSBC downgraded General Motors from a "buy" rating to a "hold" rating and set a $58.00 price target on the stock. in a research report on Wednesday, December 11th. Finally, Cowen began coverage on General Motors in a research report on Thursday, March 6th. They set a "buy" rating on the stock. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, General Motors has an average rating of "Hold" and a consensus target price of $63.06.

Insider Buying and Selling at General Motors

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

General Motors Price Performance

NYSE:GM traded up $0.33 during trading hours on Friday, reaching $49.77. 37,623,460 shares of the company were exchanged, compared to its average volume of 12,866,566. The company has a market capitalization of $49.53 billion, a P/E ratio of 8.09, a P/E/G 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 company has a debt-to-equity ratio of 1.38, a current ratio of 1.13 and a quick ratio of 0.98. The business has a 50 day moving average of $49.02 and a 200 day moving average of $50.46.

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

General Motors Dividend Announcement

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. This represents a $0.48 dividend on an annualized basis and a yield of 0.96%. The ex-dividend date was Friday, March 7th. General Motors's dividend payout ratio is currently 7.80%.

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

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.