Resona Asset Management Co. Ltd. Purchases Shares of 361,520 General Motors (NYSE:GM)

Resona Asset Management Co. Ltd. acquired a new position in shares of General Motors (NYSE:GM) (TSE:GMM.U) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 361,520 shares of the auto manufacturer’s stock, valued at approximately $19,304,000.

Other hedge funds also recently modified their holdings of the company. Norges Bank acquired a new position in General Motors during the fourth quarter valued at approximately $592,321,000. Amundi boosted its holdings in shares of General Motors by 75.5% in the 4th quarter. Amundi now owns 4,914,256 shares of the auto manufacturer’s stock valued at $250,627,000 after buying an additional 2,113,973 shares during the last quarter. ACR Alpine Capital Research LLC grew its stake in shares of 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 in the last quarter. Raymond James Financial Inc. acquired a new position in General Motors during the fourth quarter worth $108,366,000. Finally, National Bank of Canada FI raised its position in General Motors by 158.8% during the third quarter. National Bank of Canada FI now owns 2,171,587 shares of the auto manufacturer’s stock worth $97,374,000 after acquiring an additional 1,332,450 shares in the last quarter. Institutional investors own 92.67% of the company’s stock.

Insider Buying and Selling

In other General Motors news, Director Alfred F. Kelly, Jr. acquired 12,000 shares of the company’s stock in a transaction that occurred on Thursday, January 30th. The stock was acquired at an average cost of $50.66 per share, for a total transaction of $607,920.00. Following the transaction, the director now directly owns 13,714 shares in the company, valued at $694,751.24. This represents a 700.12 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. 0.72% of the stock is currently owned by company insiders.

General Motors Trading Down 3.7 %

Shares of NYSE:GM opened at $44.22 on Friday. The business’s 50 day simple moving average is $48.22 and its 200 day simple moving average is $50.57. 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. The company has a market capitalization of $44.00 billion, a P/E ratio of 7.19, a P/E/G ratio of 0.67 and a beta of 1.27.

General Motors (NYSE:GM) (TSE:GMM.U) last released its earnings results on Tuesday, January 28th. The auto manufacturer reported $1.92 earnings per share (EPS) for the quarter, topping 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%. On average, research analysts anticipate that General Motors will post 11.44 EPS for the current fiscal year.

General Motors declared that its board has approved a share repurchase program on Wednesday, February 26th that authorizes the company to repurchase $6.00 billion in shares. This repurchase authorization authorizes the auto manufacturer to reacquire up to 12.5% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

General Motors Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, March 20th. Stockholders of record on Friday, March 7th were issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.09%. The ex-dividend date was Friday, March 7th. General Motors’s dividend payout ratio (DPR) is presently 7.80%.

Analyst Ratings Changes

Several research analysts have recently weighed in on GM shares. Hsbc Global Res lowered shares of General Motors from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 11th. Piper Sandler boosted their price target on General Motors from $45.00 to $48.00 and gave the stock a “neutral” rating in a research report on Thursday, March 20th. UBS Group reaffirmed a “buy” rating on shares of General Motors in a research report on Monday, February 3rd. Wells Fargo & Company reissued an “underweight” rating on shares of General Motors in a report on Monday, February 3rd. Finally, TD Cowen began coverage on General Motors in a report on Friday, March 7th. They set a “buy” rating and a $105.00 price target for the company. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $62.11.

General Motors Company 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.