Renaissance Technologies LLC Has $68.83 Million Holdings in General Motors (NYSE:GM)

Renaissance Technologies LLC lessened its stake in General Motors (NYSE:GMFree Report) (TSE:GMM.U) by 50.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,481,445 shares of the auto manufacturer’s stock after selling 1,536,555 shares during the quarter. Renaissance Technologies LLC’s holdings in General Motors were worth $68,828,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the stock. Citizens Financial Group Inc. RI acquired a new stake in General Motors during the 2nd quarter valued at $231,000. Quantbot Technologies LP lifted its holdings in General Motors by 128.6% during the 2nd quarter. Quantbot Technologies LP now owns 63,241 shares of the auto manufacturer’s stock valued at $2,938,000 after purchasing an additional 35,579 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in General Motors by 9.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 12,922,021 shares of the auto manufacturer’s stock valued at $600,291,000 after purchasing an additional 1,091,137 shares during the last quarter. Rathbones Group PLC lifted its holdings in General Motors by 6.9% during the 2nd quarter. Rathbones Group PLC now owns 5,858 shares of the auto manufacturer’s stock valued at $272,000 after purchasing an additional 380 shares during the last quarter. Finally, Plato Investment Management Ltd lifted its holdings in General Motors by 3.6% during the 2nd quarter. Plato Investment Management Ltd now owns 57,703 shares of the auto manufacturer’s stock valued at $2,681,000 after purchasing an additional 1,989 shares during the last quarter. Institutional investors and hedge funds own 92.67% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on GM. Wolfe Research began coverage on General Motors in a report on Thursday, September 5th. They set a “peer perform” rating for the company. Wedbush reaffirmed an “outperform” rating and set a $55.00 price target on shares of General Motors in a report on Wednesday, July 24th. Nomura downgraded General Motors from a “neutral” rating to a “reduce” rating and set a $34.00 price target for the company. in a report on Monday, August 5th. Nomura Securities raised General Motors to a “strong sell” rating in a report on Monday, August 5th. Finally, Royal Bank of Canada dropped their target price on General Motors from $58.00 to $54.00 and set an “outperform” rating for the company in a report on Friday, August 9th. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, General Motors currently has a consensus rating of “Moderate Buy” and a consensus price target of $55.27.

Get Our Latest Research Report on General Motors

General Motors Stock Performance

General Motors stock opened at $46.87 on Tuesday. General Motors has a 12-month low of $26.30 and a 12-month high of $50.50. The company has a quick ratio of 0.99, a current ratio of 1.18 and a debt-to-equity ratio of 1.23. The business’s 50-day moving average price is $46.20 and its two-hundred day moving average price is $45.08. The stock has a market cap of $53.48 billion, a PE ratio of 5.73, a P/E/G ratio of 0.52 and a beta of 1.43.

General Motors (NYSE:GMGet Free Report) (TSE:GMM.U) last released its earnings results on Tuesday, July 23rd. The auto manufacturer reported $3.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.67 by $0.39. General Motors had a return on equity of 15.77% and a net margin of 6.22%. The firm had revenue of $47.97 billion for the quarter, compared to analysts’ expectations of $45.13 billion. During the same quarter in the previous year, the business posted $1.91 earnings per share. The business’s revenue for the quarter was up 7.2% on a year-over-year basis. As a group, analysts expect that General Motors will post 9.95 earnings per share for the current fiscal year.

General Motors Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 19th. Shareholders of record on Friday, September 6th will be given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 1.02%. The ex-dividend date is Friday, September 6th. General Motors’s dividend payout ratio is presently 5.87%.

General Motors announced that its board has authorized a stock buyback program on Tuesday, June 11th that permits the company to buyback $6.00 billion in outstanding shares. This buyback authorization permits the auto manufacturer to repurchase up to 10.8% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

Insider Buying and Selling at General Motors

In other news, EVP Rory Harvey sold 12,795 shares of the business’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $49.02, for a total transaction of $627,210.90. Following the sale, the executive vice president now directly owns 8,513 shares in the company, valued at $417,307.26. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, CFO Paul A. Jacobson purchased 25,000 shares of General Motors stock in a transaction dated Friday, July 26th. The shares were bought at an average cost of $44.11 per share, for a total transaction of $1,102,750.00. Following the completion of the acquisition, the chief financial officer now owns 261,872 shares in the company, valued at approximately $11,551,173.92. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Rory Harvey sold 12,795 shares of the business’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $49.02, for a total value of $627,210.90. Following the sale, the executive vice president now owns 8,513 shares in the company, valued at $417,307.26. The disclosure for this sale can be found here. Company insiders own 0.72% of the company’s stock.

General Motors Profile

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for General Motors (NYSE:GM)

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