Carret Asset Management LLC Reduces Stake in General Motors (NYSE:GM)

Carret Asset Management LLC lowered its holdings in General Motors (NYSE:GM) (TSE:GMM.U) by 17.3% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 7,881 shares of the auto manufacturer’s stock after selling 1,650 shares during the quarter. Carret Asset Management LLC’s holdings in General Motors were worth $420,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Golden State Wealth Management LLC purchased a new position in shares of General Motors in the 4th quarter valued at about $25,000. Crews Bank & Trust purchased a new position in General Motors during the 4th quarter worth approximately $26,000. Compass Planning Associates Inc purchased a new position in General Motors during the 4th quarter worth approximately $27,000. Duncker Streett & Co. Inc. grew its stake in General Motors by 9,960.0% during the 4th quarter. Duncker Streett & Co. Inc. now owns 503 shares of the auto manufacturer’s stock worth $27,000 after buying an additional 498 shares during the last quarter. Finally, Migdal Insurance & Financial Holdings Ltd. purchased a new position in General Motors during the 4th quarter worth approximately $28,000. Hedge funds and other institutional investors own 92.67% of the company’s stock.

General Motors Stock Up 2.6 %

GM opened at $48.34 on Friday. The business’s fifty day moving average is $49.23 and its two-hundred day moving average is $50.46. The company has a debt-to-equity ratio of 1.38, a quick ratio of 0.98 and a current ratio of 1.13. The company has a market cap of $48.10 billion, a price-to-earnings ratio of 7.86, a PEG ratio of 0.67 and a beta of 1.42. General Motors has a one year low of $38.96 and a one year high of $61.24.

General Motors (NYSE:GM) (TSE:GMM.U) last posted its earnings results on Tuesday, January 28th. The auto manufacturer reported $1.92 EPS for the quarter, topping analysts’ consensus estimates of $1.75 by $0.17. General Motors had a return on equity of 15.29% and a net margin of 3.21%. Analysts anticipate that General Motors will post 11.44 EPS for the current fiscal year.

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 repurchase up to 12.5% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

General Motors Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 20th. Shareholders of record on Friday, March 7th will be given a dividend of $0.12 per share. The ex-dividend date is Friday, March 7th. This represents a $0.48 dividend on an annualized basis and a yield of 0.99%. General Motors’s payout ratio is 7.80%.

Insiders Place Their Bets

In related news, Director Alfred F. Kelly, Jr. acquired 12,000 shares of General Motors stock in a transaction dated Thursday, January 30th. The shares were acquired at an average cost of $50.66 per share, for a total transaction of $607,920.00. Following the completion of the transaction, the director now directly 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 filing with the SEC, which is available through this hyperlink. 0.72% of the stock is owned by company insiders.

Analyst Ratings Changes

GM has been the topic of a number of research reports. StockNews.com downgraded General Motors from a “buy” rating to a “hold” rating in a research note on Wednesday, February 5th. UBS Group restated a “buy” rating on shares of General Motors in a research note on Monday, February 3rd. HSBC downgraded General Motors from a “buy” rating to a “hold” rating and set a $58.00 price target on the stock. in a research note on Wednesday, December 11th. Wells Fargo & Company reiterated an “underweight” rating on shares of General Motors in a research note on Monday, February 3rd. Finally, Mizuho lifted their target price on General Motors from $59.00 to $62.00 and gave the company an “outperform” rating in a research note on Monday, December 9th. Three 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 company. According to data from MarketBeat.com, General Motors currently has an average rating of “Hold” and a consensus target price of $62.89.

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.