Resona Asset Management Co. Ltd. Takes $19.30 Million Position in General Motors (NYSE:GM)

Resona Asset Management Co. Ltd. bought a new position in General Motors (NYSE:GM - Free Report) TSE: GMM.U during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 361,520 shares of the auto manufacturer's stock, valued at approximately $19,304,000.

Several other institutional investors and hedge funds have also recently modified their holdings of GM. Franklin Resources Inc. increased its holdings in shares of General Motors by 4.2% in the 4th quarter. Franklin Resources Inc. now owns 29,273,136 shares of the auto manufacturer's stock worth $1,559,380,000 after purchasing an additional 1,170,816 shares in the last quarter. Geode Capital Management LLC raised its position in General Motors by 0.7% in the 4th quarter. Geode Capital Management LLC now owns 23,796,969 shares of the auto manufacturer's stock worth $1,264,567,000 after buying an additional 176,436 shares during the last quarter. Norges Bank purchased a new stake in shares of General Motors during the 4th quarter valued at about $592,321,000. ACR Alpine Capital Research LLC grew its stake 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 worth $394,060,000 after acquiring an additional 2,104,528 shares during the period. Finally, Amundi lifted its position in General Motors by 75.5% during the fourth quarter. Amundi now owns 4,914,256 shares of the auto manufacturer's stock valued at $250,627,000 after purchasing an additional 2,113,973 shares during the period. 92.67% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have commented on GM. Deutsche Bank Aktiengesellschaft raised shares of General Motors from a "hold" rating to a "buy" rating and lifted their target price for the stock from $56.00 to $60.00 in a research report on Tuesday, January 21st. TD Cowen initiated coverage on General Motors in a research note on Friday, March 7th. They set a "buy" rating and a $105.00 price target for the company. Mizuho lowered their price objective on shares of General Motors from $63.00 to $55.00 and set an "outperform" rating on the stock in a research note on Thursday. Cowen initiated coverage on shares of General Motors in a research note on Thursday, March 6th. They set a "buy" rating on the stock. Finally, Piper Sandler raised their price objective on General Motors from $45.00 to $48.00 and gave the stock a "neutral" rating in a research note on Thursday, March 20th. Four equities research analysts have rated the stock with a sell rating, eight have given a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, General Motors presently has an average rating of "Hold" and a consensus price target of $59.33.

General Motors Trading Down 1.5 %

NYSE GM traded down $0.68 during trading hours on Friday, hitting $43.05. 3,120,056 shares of the company were exchanged, compared to its average volume of 13,537,059. General Motors has a 52 week low of $38.96 and a 52 week high of $61.24. The company has a quick ratio of 0.98, a current ratio of 1.13 and a debt-to-equity ratio of 1.38. The stock has a 50-day moving average price of $47.46 and a 200 day moving average price of $50.37. The stock has a market cap of $42.84 billion, a PE ratio of 7.01, a price-to-earnings-growth ratio of 0.67 and a beta of 1.27.

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

General Motors Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 20th. Investors of record on Friday, March 7th were paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.11%. The ex-dividend date was Friday, March 7th. General Motors's dividend payout ratio (DPR) is currently 7.80%.

General Motors declared that its board has initiated a share repurchase plan on Wednesday, February 26th that allows the company to buyback $6.00 billion in shares. This buyback authorization allows the auto manufacturer to repurchase up to 12.5% of its stock through open market purchases. Stock buyback plans are typically a sign that the company's board of directors believes its stock is undervalued.

Insider Buying and Selling at General Motors

In related news, Director Alfred F. Kelly, Jr. purchased 12,000 shares of the business's stock in a transaction on Thursday, January 30th. The shares were acquired at an average price 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 trade represents a 700.12 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.72% of the stock is owned by insiders.

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.