Allstate Corp Invests $1.78 Million in General Motors (NYSE:GM)

Allstate Corp bought a new position in shares of General Motors (NYSE:GM) (TSE:GMM.U) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 33,482 shares of the auto manufacturer’s stock, valued at approximately $1,784,000.

Other hedge funds have also modified their holdings of the company. Golden State Wealth Management LLC purchased a new stake in General Motors during the fourth quarter valued at about $25,000. Crews Bank & Trust acquired a new stake in shares of General Motors during the fourth quarter valued at approximately $26,000. Compass Planning Associates Inc purchased a new stake in shares of General Motors in the 4th quarter valued at approximately $27,000. Duncker Streett & Co. Inc. boosted its stake in General Motors by 9,960.0% in the 4th quarter. Duncker Streett & Co. Inc. now owns 503 shares of the auto manufacturer’s stock worth $27,000 after purchasing an additional 498 shares during the period. Finally, Whittier Trust Co. grew its position in General Motors by 551.9% during the 4th quarter. Whittier Trust Co. now owns 502 shares of the auto manufacturer’s stock worth $27,000 after purchasing an additional 425 shares in the last quarter. 92.67% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently commented on the company. Wells Fargo & Company reaffirmed an “underweight” rating on shares of General Motors in a research report on Monday, February 3rd. The Goldman Sachs Group set a $73.00 price objective on General Motors in a research report on Saturday, March 1st. Hsbc Global Res cut General Motors from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 11th. HSBC lowered shares of General Motors from a “buy” rating to a “hold” rating and set a $58.00 price target for the company. in a research report on Wednesday, December 11th. Finally, Cowen started coverage on shares of General Motors in a research report on Thursday, March 6th. They set a “buy” rating on the stock. Three 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 company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $62.11.

Insider Buying and Selling

In other General Motors news, Director Alfred F. Kelly, Jr. purchased 12,000 shares of the company’s stock in a transaction on Thursday, January 30th. The shares were bought at an average cost of $50.66 per share, with a total value of $607,920.00. Following the transaction, the director now directly owns 13,714 shares in the company, valued at approximately $694,751.24. This represents a 700.12 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 0.72% of the stock is owned by insiders.

General Motors Stock Down 1.2 %

Shares of GM stock opened at $46.65 on Friday. The company has a market capitalization of $46.42 billion, a price-to-earnings ratio of 7.59, a PEG ratio of 0.67 and a beta of 1.42. The company has a debt-to-equity ratio of 1.38, a quick ratio of 0.98 and a current ratio of 1.13. The stock’s 50 day simple moving average is $48.89 and its 200 day simple moving average is $50.56. General Motors has a twelve month low of $38.96 and a twelve month high of $61.24.

General Motors (NYSE:GM) (TSE:GMM.U) last issued its quarterly earnings data on Tuesday, January 28th. The auto manufacturer reported $1.92 earnings per share for the quarter, topping analysts’ consensus estimates of $1.75 by $0.17. General Motors had a net margin of 3.21% and a return on equity of 15.29%. As a group, research analysts predict that General Motors will post 11.44 EPS for the current year.

General Motors Announces Dividend

The firm 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. The ex-dividend date of this dividend was Friday, March 7th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.03%. General Motors’s payout ratio is presently 7.80%.

General Motors declared that its Board of Directors has initiated a share buyback program on Wednesday, February 26th that authorizes the company to buyback $6.00 billion in outstanding shares. This buyback authorization authorizes the auto manufacturer to buy up to 12.5% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s management believes its stock is undervalued.

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.