Gamco Investors INC. ET AL Sells 3,565 Shares of General Motors (NYSE:GM)

Gamco Investors INC. ET AL cut its stake in General Motors (NYSE:GM) (TSE:GMM.U) by 6.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 48,200 shares of the auto manufacturer’s stock after selling 3,565 shares during the period. Gamco Investors INC. ET AL’s holdings in General Motors were worth $2,568,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Norges Bank purchased a new position in shares of General Motors during the fourth quarter worth approximately $592,321,000. Amundi increased its holdings in General Motors by 75.5% during the 4th quarter. Amundi now owns 4,914,256 shares of the auto manufacturer’s stock worth $250,627,000 after purchasing an additional 2,113,973 shares during the period. ACR Alpine Capital Research LLC lifted its holdings in shares of General Motors by 39.8% in the 4th quarter. ACR Alpine Capital Research LLC now owns 7,397,404 shares of the auto manufacturer’s stock worth $394,060,000 after buying an additional 2,104,528 shares during the period. Raymond James Financial Inc. purchased a new position in shares of General Motors during the fourth quarter valued at $108,366,000. Finally, National Bank of Canada FI lifted its stake in General Motors by 54.4% in 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 period. Hedge funds and other institutional investors own 92.67% of the company’s stock.

Wall Street Analyst Weigh In

GM has been the topic of a number of recent research reports. TD Cowen initiated coverage on shares of General Motors in a research note on Friday, March 7th. They set a “buy” rating and a $105.00 price objective on the stock. StockNews.com downgraded General Motors from a “buy” rating to a “hold” rating in a report on Wednesday, February 5th. Mizuho decreased their price objective on General Motors from $63.00 to $55.00 and set an “outperform” rating for the company in a research note on Thursday, April 10th. Barclays lowered General Motors from an “overweight” rating to a “negative” rating in a research note on Tuesday. Finally, JPMorgan Chase & Co. decreased their price target on shares of General Motors from $64.00 to $53.00 and set an “overweight” rating for the company in a research report on Thursday, March 27th. Five investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and nine have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $56.72.

General Motors Stock Up 0.7 %

NYSE:GM opened at $44.55 on Friday. The firm has a market capitalization of $44.32 billion, a P/E ratio of 7.24, a PEG ratio of 0.67 and a beta of 1.27. The company’s fifty day moving average price is $47.14 and its 200-day moving average price is $50.29. General Motors has a 1-year low of $38.96 and a 1-year high of $61.24. The company has a debt-to-equity ratio of 1.38, a current ratio of 1.13 and a quick ratio of 0.98.

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

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 issued a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 1.08%. The ex-dividend date was Friday, March 7th. General Motors’s payout ratio is currently 7.80%.

General Motors announced that its Board of Directors has initiated a stock buyback plan on Wednesday, February 26th that authorizes the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization authorizes the auto manufacturer to reacquire up to 12.5% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Insider Activity

In related news, Director Alfred F. Kelly, Jr. purchased 12,000 shares of the company’s stock in a transaction that occurred on Thursday, January 30th. The shares were purchased at an average price of $50.66 per share, with a total value of $607,920.00. Following the purchase, the director now owns 13,714 shares of the company’s stock, valued at $694,751.24. The trade was a 700.12 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.72% of the company’s stock.

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.