Sumitomo Life Insurance Co. cut its holdings in General Motors (NYSE:GM) (TSE:GMM.U) by 9.1% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 68,364 shares of the auto manufacturer’s stock after selling 6,877 shares during the quarter. Sumitomo Life Insurance Co.’s holdings in General Motors were worth $2,302,000 at the end of the most recent quarter.
Other hedge funds have also added to or reduced their stakes in the company. Qube Research & Technologies Ltd bought a new position in shares of General Motors during the 2nd quarter valued at $115,000. MUFG Americas Holdings Corp bought a new position in shares of General Motors during the 2nd quarter valued at $123,000. Kaizen Advisory LLC lifted its holdings in shares of General Motors by 163.6% during the 2nd quarter. Kaizen Advisory LLC now owns 3,298 shares of the auto manufacturer’s stock valued at $130,000 after buying an additional 2,047 shares during the period. CWM LLC lifted its holdings in shares of General Motors by 108.4% during the 2nd quarter. CWM LLC now owns 3,510 shares of the auto manufacturer’s stock valued at $138,000 after buying an additional 1,826 shares during the period. Finally, Gilder Gagnon Howe & Co. LLC bought a new position in shares of General Motors during the 2nd quarter valued at $169,000. 75.25% of the stock is currently owned by institutional investors and hedge funds.
Shares of GM stock opened at $31.08 on Friday. General Motors has a 52-week low of $30.97 and a 52-week high of $46.76. The company has a quick ratio of 0.74, a current ratio of 0.88 and a debt-to-equity ratio of 1.81. The firm has a market capitalization of $45.05 billion, a price-to-earnings ratio of 5.14, a price-to-earnings-growth ratio of 0.66 and a beta of 1.55.
General Motors (NYSE:GM) (TSE:GMM.U) last issued its quarterly earnings results on Wednesday, July 25th. The auto manufacturer reported $1.81 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.78 by $0.03. General Motors had a positive return on equity of 23.39% and a negative net margin of 3.26%. The business had revenue of $36.80 billion during the quarter, compared to analyst estimates of $36.62 billion. During the same quarter in the prior year, the business posted $1.89 EPS. General Motors’s revenue for the quarter was down .5% compared to the same quarter last year. Analysts expect that General Motors will post 5.94 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 21st. Shareholders of record on Friday, September 7th were paid a $0.38 dividend. The ex-dividend date of this dividend was Thursday, September 6th. This represents a $1.52 dividend on an annualized basis and a yield of 4.89%. General Motors’s payout ratio is presently 22.96%.
Several equities research analysts have recently commented on GM shares. Citigroup reduced their price objective on General Motors to $60.00 and set a “buy” rating for the company in a research note on Thursday, July 26th. Morgan Stanley reduced their price objective on General Motors from $50.00 to $46.00 and set an “overweight” rating for the company in a research note on Friday, August 17th. Zacks Investment Research lowered General Motors from a “hold” rating to a “strong sell” rating in a research note on Wednesday, September 5th. Goldman Sachs Group set a $36.00 price objective on General Motors and gave the stock a “neutral” rating in a research note on Tuesday, September 11th. Finally, Bank of America restated a “buy” rating and issued a $60.00 price objective on shares of General Motors in a research note on Wednesday, September 12th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and twelve have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $46.83.
General Motors Profile
General Motors Company, together with its subsidiaries, designs, builds, and sells cars, trucks, crossovers, and automobile parts worldwide. The company operates through GM North America, GM International, and GM Financial segments. It markets its vehicles primarily under the Buick, Cadillac, Chevrolet, GMC, Holden, Baojun, Jiefang, and Wuling brand names.
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