Westpac Banking Corp Has $1.25 Million Stock Holdings in General Motors (NYSE:GM)

Westpac Banking Corp cut its stake in shares of General Motors (NYSE:GM - Free Report) TSE: GMM.U by 49.9% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 23,460 shares of the auto manufacturer's stock after selling 23,328 shares during the period. Westpac Banking Corp's holdings in General Motors were worth $1,250,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Trust Point Inc. raised its position in General Motors by 2.7% during the fourth quarter. Trust Point Inc. now owns 7,241 shares of the auto manufacturer's stock valued at $386,000 after acquiring an additional 193 shares in the last quarter. Continuum Advisory LLC increased its position in General Motors by 7.9% during the third quarter. Continuum Advisory LLC now owns 2,925 shares of the auto manufacturer's stock worth $131,000 after buying an additional 213 shares during the last quarter. Holistic Planning LLC lifted its position in shares of General Motors by 3.9% in the fourth quarter. Holistic Planning LLC now owns 5,759 shares of the auto manufacturer's stock worth $307,000 after buying an additional 214 shares during the last quarter. Nemes Rush Group LLC raised its stake in shares of General Motors by 18.7% in the 4th quarter. Nemes Rush Group LLC now owns 1,379 shares of the auto manufacturer's stock valued at $73,000 after acquiring an additional 217 shares in the last quarter. Finally, Norden Group LLC boosted its position in General Motors by 3.0% during the fourth quarter. Norden Group LLC now owns 7,906 shares of the auto manufacturer's stock worth $421,000 after purchasing an additional 229 shares during the period. 92.67% of the stock is currently owned by hedge funds and other institutional investors.

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General Motors Price Performance

NYSE:GM traded down $1.08 during mid-day trading on Tuesday, reaching $42.45. 10,220,743 shares of the company were exchanged, compared to its average volume of 13,451,280. General Motors has a 12 month low of $38.96 and a 12 month high of $61.24. The stock has a market cap of $42.24 billion, a PE ratio of 6.92, a PEG ratio of 0.67 and a beta of 1.27. 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 company has a fifty day moving average of $47.99 and a 200 day moving average of $50.55.

General Motors (NYSE:GM - Get Free Report) TSE: GMM.U last posted its quarterly earnings data 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 return on equity of 15.29% and a net margin of 3.21%. On average, research analysts anticipate that General Motors will post 11.44 EPS for the current fiscal year.

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

General Motors Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 20th. Shareholders 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 dividend on an annualized basis and a yield of 1.13%. General Motors's payout ratio is presently 7.80%.

Insider Activity

In related news, Director Alfred F. Kelly, Jr. purchased 12,000 shares of the business's stock in a transaction dated 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 purchase, the director now directly 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 SEC, which is available at this link. Insiders own 0.72% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts recently commented on GM shares. Piper Sandler lifted their target price on shares of General Motors from $45.00 to $48.00 and gave the stock a "neutral" rating in a report on Thursday, March 20th. Deutsche Bank Aktiengesellschaft raised General Motors from a "hold" rating to a "buy" rating and lifted their price target for the stock from $56.00 to $60.00 in a research report on Tuesday, January 21st. Morgan Stanley raised shares of General Motors from an "underweight" rating to an "equal weight" rating and boosted their target price for the stock from $46.00 to $54.00 in a research report on Tuesday, December 10th. Wells Fargo & Company reissued an "underweight" rating on shares of General Motors in a report on Monday, February 3rd. Finally, JPMorgan Chase & Co. decreased their price target on shares of General Motors from $64.00 to $53.00 and set an "overweight" rating on the stock in a research report on Thursday, March 27th. Four analysts have rated the stock with a sell rating, seven have assigned a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, General Motors currently has a consensus rating of "Hold" and a consensus target price of $61.00.

General Motors 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.