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

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

Several other large investors have also recently bought and sold shares of GM. Golden State Wealth Management LLC acquired a new position in shares of General Motors during the fourth quarter worth $25,000. Crews Bank & Trust acquired a new position in General Motors during the 4th quarter worth about $26,000. Compass Planning Associates Inc bought a new stake in shares of General Motors in the 4th quarter valued at about $27,000. 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 worth $27,000 after acquiring an additional 498 shares during the last quarter. Finally, Whittier Trust Co. lifted its stake in shares of General Motors by 551.9% in the fourth quarter. Whittier Trust Co. now owns 502 shares of the auto manufacturer’s stock worth $27,000 after acquiring an additional 425 shares during the period. 92.67% of the stock is currently owned by institutional investors.

Insider Buying and Selling at General Motors

In related news, Director Alfred F. Kelly, Jr. purchased 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, with a total value of $607,920.00. Following the acquisition, 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 purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.72% of the company’s stock.

General Motors Trading Down 3.7 %

Shares of General Motors stock opened at $44.22 on Friday. The company has a market capitalization of $44.00 billion, a P/E ratio of 7.19, a price-to-earnings-growth ratio of 0.67 and a beta of 1.27. The stock has a fifty day simple moving average of $48.22 and a 200 day simple moving average of $50.57. General Motors has a 12-month low of $38.96 and a 12-month high of $61.24. The company has a current ratio of 1.13, a quick ratio of 0.98 and a debt-to-equity ratio of 1.38.

General Motors (NYSE:GM) (TSE:GMM.U) last posted its earnings results 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 net margin of 3.21% and a return on equity of 15.29%. On average, sell-side analysts anticipate that General Motors will post 11.44 earnings per share for the current fiscal year.

General Motors announced that its board has initiated a stock buyback plan on Wednesday, February 26th that allows the company to buyback $6.00 billion in shares. This buyback authorization allows the auto manufacturer to buy up to 12.5% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its shares are undervalued.

General Motors Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 20th. Shareholders of record on Friday, March 7th were given a $0.12 dividend. The ex-dividend date of this dividend was Friday, March 7th. This represents a $0.48 annualized dividend and a yield of 1.09%. General Motors’s dividend payout ratio is currently 7.80%.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on GM shares. Mizuho increased their target price on shares of General Motors from $59.00 to $62.00 and gave the company an “outperform” rating in a research report on Monday, December 9th. JPMorgan Chase & Co. dropped their target price on shares of General Motors from $64.00 to $53.00 and set an “overweight” rating on the stock in a report on Thursday, March 27th. HSBC downgraded General Motors from a “buy” rating to a “hold” rating and set a $58.00 price target for the company. in a report on Wednesday, December 11th. Deutsche Bank Aktiengesellschaft raised General Motors from a “hold” rating to a “buy” rating and boosted their price objective for the company from $56.00 to $60.00 in a research note on Tuesday, January 21st. Finally, Piper Sandler raised their target price on General Motors from $45.00 to $48.00 and gave the stock a “neutral” rating in a research note on Thursday, March 20th. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $62.11.

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.