New York Life Investment Management LLC Cuts Stake in General Motors (NYSE:GM)

New York Life Investment Management LLC lessened its position in General Motors (NYSE:GM) (TSE:GMM.U) by 1.1% in the 4th quarter, Holdings Channel reports. The fund owned 203,237 shares of the auto manufacturer’s stock after selling 2,265 shares during the period. New York Life Investment Management LLC’s holdings in General Motors were worth $7,300,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in GM. Handelsbanken Fonder AB increased its stake in General Motors by 18.5% in the 4th quarter. Handelsbanken Fonder AB now owns 475,061 shares of the auto manufacturer’s stock valued at $17,064,000 after purchasing an additional 74,194 shares in the last quarter. Cerity Partners LLC grew its holdings in shares of General Motors by 361.1% during the fourth quarter. Cerity Partners LLC now owns 119,714 shares of the auto manufacturer’s stock worth $4,300,000 after buying an additional 93,754 shares in the last quarter. Foundry Partners LLC raised its position in shares of General Motors by 15.0% in the third quarter. Foundry Partners LLC now owns 394,047 shares of the auto manufacturer’s stock valued at $12,992,000 after buying an additional 51,336 shares during the last quarter. Public Sector Pension Investment Board boosted its position in General Motors by 10.5% during the third quarter. Public Sector Pension Investment Board now owns 147,383 shares of the auto manufacturer’s stock worth $4,859,000 after acquiring an additional 14,002 shares during the last quarter. Finally, AM Squared Ltd raised its holdings in General Motors by 195.0% in the 4th quarter. AM Squared Ltd now owns 41,300 shares of the auto manufacturer’s stock valued at $1,483,000 after acquiring an additional 27,300 shares during the last quarter. 92.67% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on GM. Piper Sandler raised their price objective on General Motors from $44.00 to $45.00 and gave the stock a “neutral” rating in a report on Wednesday, April 24th. StockNews.com raised General Motors from a “hold” rating to a “buy” rating in a research report on Thursday, April 25th. Tigress Financial increased their price objective on shares of General Motors from $86.00 to $88.00 and gave the company a “strong-buy” rating in a research report on Thursday, February 15th. Sanford C. Bernstein initiated coverage on shares of General Motors in a research report on Thursday, April 25th. They set an “outperform” rating and a $55.00 target price on the stock. Finally, Royal Bank of Canada upped their target price on shares of General Motors from $54.00 to $56.00 and gave the company an “overweight” rating in a research note on Tuesday, April 23rd. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $54.65.

General Motors Stock Performance

General Motors stock opened at $44.67 on Friday. The company has a market cap of $50.97 billion, a PE ratio of 5.46, a P/E/G ratio of 0.52 and a beta of 1.49. General Motors has a 12 month low of $26.30 and a 12 month high of $46.17. The company has a fifty day moving average price of $42.74 and a two-hundred day moving average price of $36.69. The company has a debt-to-equity ratio of 1.22, a current ratio of 1.16 and a quick ratio of 0.97.

General Motors (NYSE:GM) (TSE:GMM.U) last announced its quarterly earnings data on Tuesday, April 23rd. The auto manufacturer reported $2.62 earnings per share for the quarter, beating analysts’ consensus estimates of $2.02 by $0.60. General Motors had a net margin of 6.13% and a return on equity of 14.40%. The business had revenue of $43.01 billion during the quarter, compared to the consensus estimate of $41.09 billion. During the same quarter in the prior year, the firm earned $2.21 EPS. The company’s revenue for the quarter was up 7.6% compared to the same quarter last year. Research analysts expect that General Motors will post 9.44 earnings per share for the current year.

General Motors Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 20th. Investors of record on Friday, June 7th will be given a dividend of $0.12 per share. The ex-dividend date of this dividend is Friday, June 7th. This represents a $0.48 dividend on an annualized basis and a yield of 1.07%. General Motors’s dividend payout ratio is currently 5.87%.

Insider Buying and Selling

In other news, CAO Christopher Hatto sold 15,510 shares of the business’s stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $40.02, for a total transaction of $620,710.20. Following the completion of the transaction, the chief accounting officer now directly owns 21,507 shares in the company, valued at $860,710.14. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, EVP Gerald Johnson sold 27,122 shares of the stock in a transaction on Thursday, March 28th. The stock was sold at an average price of $45.26, for a total value of $1,227,541.72. Following the completion of the sale, the executive vice president now owns 71,506 shares in the company, valued at $3,236,361.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Christopher Hatto sold 15,510 shares of the firm’s stock in a transaction on Monday, February 26th. The stock was sold at an average price of $40.02, for a total value of $620,710.20. Following the completion of the sale, the chief accounting officer now directly owns 21,507 shares of the company’s stock, valued at approximately $860,710.14. The disclosure for this sale can be found here. Insiders sold a total of 86,248 shares of company stock worth $3,614,078 in the last three months. 0.54% of the stock is owned by insiders.

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.