General Motors (NYSE:GM) Shares Purchased by Bank of Nova Scotia

Bank of Nova Scotia lifted its holdings in General Motors (NYSE:GM) (TSE:GMM.U) by 411.5% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 916,177 shares of the auto manufacturer’s stock after buying an additional 737,052 shares during the quarter. Bank of Nova Scotia’s holdings in General Motors were worth $48,806,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of the business. Norges Bank bought a new stake in shares of General Motors in the 4th quarter worth approximately $592,321,000. Amundi increased its position in General Motors by 75.5% in the fourth quarter. Amundi now owns 4,914,256 shares of the auto manufacturer’s stock worth $250,627,000 after buying an additional 2,113,973 shares during the period. ACR Alpine Capital Research LLC lifted its stake in General Motors by 39.8% in the fourth quarter. ACR Alpine Capital Research LLC now owns 7,397,404 shares of the auto manufacturer’s stock valued at $394,060,000 after buying an additional 2,104,528 shares during the last quarter. Raymond James Financial Inc. acquired a new position in shares of General Motors during the fourth quarter valued at $108,366,000. Finally, National Bank of Canada FI grew its position in shares of General Motors by 54.4% during the fourth quarter. National Bank of Canada FI now owns 3,352,523 shares of the auto manufacturer’s stock worth $178,593,000 after acquiring an additional 1,180,936 shares during the last quarter. 92.67% of the stock is currently owned by institutional investors.

Insider Transactions at General Motors

In other General Motors news, Director Alfred F. Kelly, Jr. bought 12,000 shares of the firm’s stock in a transaction dated Thursday, January 30th. The stock was acquired at an average price of $50.66 per share, with a total value of $607,920.00. Following the completion of 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 filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.72% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several analysts recently weighed in on the stock. Sanford C. Bernstein downgraded shares of General Motors from a “market perform” rating to an “underperform” rating and cut their price objective for the company from $50.00 to $35.00 in a research report on Monday. Hsbc Global Res downgraded General Motors from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 11th. UBS Group reissued a “buy” rating on shares of General Motors in a report on Monday, February 3rd. JPMorgan Chase & Co. cut their target price on General Motors from $64.00 to $53.00 and set an “overweight” rating on the stock in a research note on Thursday, March 27th. Finally, Morgan Stanley raised General Motors from an “underweight” rating to an “equal weight” rating and raised their price target for the company from $46.00 to $54.00 in a report on Tuesday, December 10th. Four research analysts have rated the stock with a sell rating, seven have issued a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, General Motors presently has a consensus rating of “Hold” and a consensus price target of $61.00.

General Motors Trading Down 2.5 %

General Motors stock opened at $42.46 on Wednesday. General Motors has a 1 year low of $38.96 and a 1 year high of $61.24. The firm’s 50 day moving average price is $47.69 and its two-hundred day moving average price is $50.45. The firm has a market cap of $42.25 billion, a price-to-earnings ratio of 6.90, a price-to-earnings-growth ratio of 0.67 and a beta of 1.27. The company has a debt-to-equity ratio of 1.38, a quick ratio of 0.98 and a current ratio of 1.13.

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

General Motors announced that its Board of Directors has initiated a stock 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 purchase up to 12.5% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its shares are undervalued.

General Motors Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, March 20th. Shareholders of record on Friday, March 7th were issued a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 1.13%. The ex-dividend date of this dividend was Friday, March 7th. General Motors’s payout ratio is 7.80%.

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.