Pitcairn Co. Boosts Stake in General Motors (NYSE:GM)

Pitcairn Co. lifted its position in General Motors (NYSE:GM) (TSE:GMM.U) by 106.3% in the 4th quarter, Holdings Channel reports. The fund owned 15,181 shares of the auto manufacturer’s stock after acquiring an additional 7,822 shares during the quarter. Pitcairn Co.’s holdings in General Motors were worth $809,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in GM. Public Sector Pension Investment Board boosted its stake in General Motors by 11.2% during the third quarter. Public Sector Pension Investment Board now owns 46,744 shares of the auto manufacturer’s stock worth $2,096,000 after acquiring an additional 4,700 shares in the last quarter. Benjamin Edwards Inc. boosted its position in shares of General Motors by 138.6% in the 3rd quarter. Benjamin Edwards Inc. now owns 13,722 shares of the auto manufacturer’s stock worth $615,000 after purchasing an additional 7,970 shares in the last quarter. IHT Wealth Management LLC grew its stake in shares of General Motors by 79.2% in the 3rd quarter. IHT Wealth Management LLC now owns 15,136 shares of the auto manufacturer’s stock worth $679,000 after buying an additional 6,689 shares during the last quarter. Redwood Investment Management LLC increased its position in General Motors by 4.1% during the 3rd quarter. Redwood Investment Management LLC now owns 31,283 shares of the auto manufacturer’s stock valued at $1,454,000 after buying an additional 1,224 shares in the last quarter. Finally, National Bank of Canada FI raised its stake in General Motors by 158.8% during the third quarter. National Bank of Canada FI now owns 2,171,587 shares of the auto manufacturer’s stock valued at $97,374,000 after buying an additional 1,332,450 shares during the last quarter. Hedge funds and other institutional investors own 92.67% of the company’s stock.

General Motors Stock Performance

Shares of NYSE GM opened at $44.22 on Friday. General Motors has a 12-month low of $38.96 and a 12-month high of $61.24. The firm has a market capitalization of $44.00 billion, a price-to-earnings ratio of 7.19, a price-to-earnings-growth ratio of 0.67 and a beta of 1.27. The company has a current ratio of 1.13, a quick ratio of 0.98 and a debt-to-equity ratio of 1.38. The firm has a 50 day moving average of $48.22 and a 200 day moving average of $50.55.

General Motors (NYSE:GM) (TSE:GMM.U) last issued its quarterly earnings results on Tuesday, January 28th. The auto manufacturer reported $1.92 earnings per share for the quarter, topping 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%. On average, research analysts anticipate that General Motors will post 11.44 earnings per share for the current year.

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

General Motors Dividend Announcement

The business also recently disclosed 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 annualized dividend and a dividend yield of 1.09%. The ex-dividend date of this dividend was Friday, March 7th. General Motors’s dividend payout ratio (DPR) is currently 7.80%.

Insider Activity

In other news, Director Alfred F. Kelly, Jr. bought 12,000 shares of the stock in a transaction that occurred on Thursday, January 30th. The shares were bought 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 in the company, valued at $694,751.24. This represents a 700.12 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Insiders own 0.72% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the company. Wells Fargo & Company reissued an “underweight” rating on shares of General Motors in a research note on Monday, February 3rd. Morgan Stanley raised shares of General Motors from an “underweight” rating to an “equal weight” rating and increased their price objective for the company from $46.00 to $54.00 in a research report on Tuesday, December 10th. Hsbc Global Res cut shares of General Motors from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 11th. UBS Group reiterated a “buy” rating on shares of General Motors in a report on Monday, February 3rd. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of General Motors from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $56.00 to $60.00 in a report on Tuesday, January 21st. Three research analysts have rated the stock with a sell rating, eight have given a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, General Motors presently has a consensus rating of “Hold” and an average price target of $62.11.

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.