Norges Bank Buys Shares of 11,119,231 General Motors (NYSE:GM)

Norges Bank bought a new position in General Motors (NYSE:GM - Free Report) TSE: GMM.U in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 11,119,231 shares of the auto manufacturer's stock, valued at approximately $592,321,000. Norges Bank owned about 1.12% of General Motors as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in GM. Golden State Wealth Management LLC acquired a new position in shares of General Motors during the fourth quarter worth approximately $25,000. Crews Bank & Trust bought a new stake in General Motors in the 4th quarter valued at $26,000. Truvestments Capital LLC acquired a new stake in General Motors in the 3rd quarter worth $27,000. Compass Planning Associates Inc bought a new position in shares of General Motors during the 4th quarter worth about $27,000. Finally, Duncker Streett & Co. Inc. raised its position in shares of General Motors by 9,960.0% during the fourth quarter. Duncker Streett & Co. Inc. now owns 503 shares of the auto manufacturer's stock valued at $27,000 after buying an additional 498 shares during the last quarter. Institutional investors own 92.67% of the company's stock.

Insider Transactions at General Motors

In other news, Director Alfred F. Kelly, Jr. acquired 12,000 shares of General Motors stock in a transaction that occurred on Thursday, January 30th. The shares were acquired at an average price of $50.66 per share, with a total value of $607,920.00. Following the purchase, 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 ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.72% of the stock is owned by corporate insiders.

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Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on GM shares. JPMorgan Chase & Co. decreased their target price on General Motors from $64.00 to $53.00 and set an "overweight" rating on the stock in a research report on Thursday. 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. TD Cowen started coverage on General Motors in a research report on Friday, March 7th. They issued a "buy" rating and a $105.00 target price for the company. Mizuho lifted their price target on shares of General Motors from $59.00 to $62.00 and gave the stock an "outperform" rating in a research note on Monday, December 9th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of General Motors from a "hold" rating to a "buy" rating and increased their price objective for the company from $56.00 to $60.00 in a research note on Tuesday, January 21st. Three 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. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $62.11.

General Motors Trading Up 0.8 %

Shares of GM stock traded up $0.38 on Monday, reaching $47.06. 15,876,347 shares of the stock were exchanged, compared to its average volume of 13,339,240. The stock has a 50 day moving average price of $48.89 and a 200 day moving average price of $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. The stock has a market cap of $46.82 billion, a PE ratio of 7.65, a P/E/G ratio of 0.67 and a beta of 1.42. General Motors has a one year low of $38.96 and a one year high of $61.24.

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

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

General Motors Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 20th. Stockholders of record on Friday, March 7th were paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.02%. The ex-dividend date was Friday, March 7th. General Motors's dividend payout ratio (DPR) is currently 7.80%.

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.