Portside Wealth Group LLC Makes New $293,000 Investment in General Motors (NYSE:GM)

Portside Wealth Group LLC purchased a new stake in shares of General Motors (NYSE:GM) (TSE:GMM.U) during the first quarter, Holdings Channel reports. The fund purchased 6,226 shares of the auto manufacturer’s stock, valued at approximately $293,000.

Several other institutional investors and hedge funds have also modified their holdings of GM. Golden State Wealth Management LLC acquired a new stake in shares of General Motors in the fourth quarter worth $25,000. Compass Planning Associates Inc acquired a new position in General Motors in the 4th quarter valued at $27,000. Duncker Streett & Co. Inc. raised its holdings 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 acquiring an additional 498 shares during the period. Whittier Trust Co. lifted 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 acquiring an additional 425 shares during the last quarter. Finally, Measured Risk Portfolios Inc. acquired a new position in General Motors during the 4th quarter worth $27,000. Institutional investors and hedge funds own 92.67% of the company’s stock.

General Motors Stock Performance

NYSE GM opened at $47.22 on Friday. General Motors has a twelve month low of $38.96 and a twelve month high of $61.24. The company has a quick ratio of 0.98, a current ratio of 1.13 and a debt-to-equity ratio of 1.38. The stock has a market cap of $45.40 billion, a P/E ratio of 7.68, a PEG ratio of 0.67 and a beta of 1.34. The company’s 50-day simple moving average is $46.80 and its 200 day simple moving average is $49.43.

General Motors (NYSE:GM) (TSE:GMM.U) last released its quarterly earnings data on Tuesday, April 29th. The auto manufacturer reported $2.78 earnings per share for the quarter, beating the consensus estimate of $2.63 by $0.15. General Motors had a return on equity of 15.29% and a net margin of 3.21%. The company had revenue of $44.02 billion for the quarter, compared to analyst estimates of $42.64 billion. During the same period in the prior year, the company posted $2.62 EPS. The company’s revenue was up 2.3% compared to the same quarter last year. As a group, research analysts forecast that General Motors will post 11.44 earnings per share for the current fiscal year.

General Motors announced that its Board of Directors has approved a stock buyback plan on Wednesday, February 26th that permits the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization permits the auto manufacturer to buy up to 12.5% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

General Motors Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 19th. Shareholders of record on Friday, June 6th will be given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.27%. This is a boost from General Motors’s previous quarterly dividend of $0.12. The ex-dividend date of this dividend is Friday, June 6th. General Motors’s dividend payout ratio is 8.65%.

Analyst Upgrades and Downgrades

GM has been the topic of several research analyst reports. Cowen began coverage on General Motors in a research note on Thursday, March 6th. They issued a “buy” rating on the stock. Royal Bank of Canada raised their target price on General Motors from $55.00 to $57.00 and gave the company an “outperform” rating in a report on Friday, May 2nd. Citigroup initiated coverage on General Motors in a research report on Wednesday, April 23rd. They issued a “buy” rating and a $62.00 price target on the stock. Wedbush cut their price target on General Motors from $60.00 to $55.00 and set an “outperform” rating for the company in a report on Friday, May 2nd. Finally, JPMorgan Chase & Co. lowered their price objective on shares of General Motors from $64.00 to $53.00 and set an “overweight” rating on the stock in a research note on Thursday, March 27th. Four analysts have rated the stock with a sell rating, ten have issued a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $54.56.

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.