HBK Sorce Advisory LLC Buys New Shares in General Motors (NYSE:GM)

HBK Sorce Advisory LLC bought a new stake in General Motors (NYSE:GM) (TSE:GMM.U) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 4,075 shares of the auto manufacturer’s stock, valued at approximately $217,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Skandinaviska Enskilda Banken AB publ lifted its stake in General Motors by 46.7% during the fourth quarter. Skandinaviska Enskilda Banken AB publ now owns 330,603 shares of the auto manufacturer’s stock worth $17,740,000 after purchasing an additional 105,167 shares during the period. Tredje AP fonden raised its stake in shares of General Motors by 168.4% in the fourth quarter. Tredje AP fonden now owns 1,046,700 shares of the auto manufacturer’s stock valued at $55,758,000 after acquiring an additional 656,700 shares during the last quarter. Rakuten Securities Inc. raised its stake in shares of General Motors by 195.5% in the fourth quarter. Rakuten Securities Inc. now owns 792 shares of the auto manufacturer’s stock valued at $42,000 after acquiring an additional 524 shares during the last quarter. Great Lakes Advisors LLC raised its stake in shares of General Motors by 2.9% in the fourth quarter. Great Lakes Advisors LLC now owns 1,636,409 shares of the auto manufacturer’s stock valued at $87,172,000 after acquiring an additional 46,537 shares during the last quarter. Finally, Farther Finance Advisors LLC raised its stake in shares of General Motors by 45.3% in the fourth quarter. Farther Finance Advisors LLC now owns 8,748 shares of the auto manufacturer’s stock valued at $466,000 after acquiring an additional 2,727 shares during the last quarter. Institutional investors own 92.67% of the company’s stock.

General Motors Price Performance

Shares of GM stock opened at $48.34 on Friday. General Motors has a 12-month low of $38.96 and a 12-month high of $61.24. The firm has a market capitalization of $48.10 billion, a price-to-earnings ratio of 7.86, a price-to-earnings-growth ratio of 0.67 and a beta of 1.42. 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 firm has a fifty day moving average of $49.23 and a 200-day moving average of $50.47.

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 (EPS) for the quarter, beating the consensus estimate of $1.75 by $0.17. General Motors had a net margin of 3.21% and a return on equity of 15.29%. On average, equities research analysts forecast that General Motors will post 11.44 earnings per share for the current year.

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

General Motors Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 20th. Investors of record on Friday, March 7th will be given a $0.12 dividend. The ex-dividend date is Friday, March 7th. This represents a $0.48 annualized dividend and a yield of 0.99%. General Motors’s dividend payout ratio is currently 7.80%.

Insider Activity at General Motors

In other General Motors news, Director Alfred F. Kelly, Jr. purchased 12,000 shares of the business’s stock in a transaction on Thursday, January 30th. The shares were purchased at an average cost of $50.66 per share, with a total value of $607,920.00. Following the transaction, the director now directly owns 13,714 shares of the company’s stock, valued at $694,751.24. This represents a 700.12 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.72% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on GM shares. Cowen started coverage on shares of General Motors in a research note on Thursday, March 6th. They issued a “buy” rating for the company. The Goldman Sachs Group set a $73.00 target price on shares of General Motors in a research note on Saturday, March 1st. Hsbc Global Res lowered shares of General Motors from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 11th. Mizuho raised their price target on shares of General Motors from $59.00 to $62.00 and gave the company an “outperform” rating in a report on Monday, December 9th. Finally, Morgan Stanley raised shares of 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. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $62.89.

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.