Point72 Asia Singapore Pte. Ltd. Raises Position in General Motors (NYSE:GM)

Point72 Asia Singapore Pte. Ltd. lifted its stake in shares of General Motors (NYSE:GM) (TSE:GMM.U) by 71.4% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 112,816 shares of the auto manufacturer’s stock after buying an additional 47,010 shares during the quarter. General Motors accounts for approximately 1.1% of Point72 Asia Singapore Pte. Ltd.’s holdings, making the stock its 19th largest holding. Point72 Asia Singapore Pte. Ltd.’s holdings in General Motors were worth $5,241,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of GM. Point72 Europe London LLP purchased a new position in General Motors in the 2nd quarter valued at about $1,556,000. HITE Hedge Asset Management LLC lifted its stake in shares of General Motors by 201.6% in the second quarter. HITE Hedge Asset Management LLC now owns 117,627 shares of the auto manufacturer’s stock worth $5,465,000 after acquiring an additional 78,622 shares in the last quarter. Insigneo Advisory Services LLC boosted its holdings in General Motors by 47.1% in the second quarter. Insigneo Advisory Services LLC now owns 17,974 shares of the auto manufacturer’s stock valued at $835,000 after purchasing an additional 5,752 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its stake in General Motors by 34.8% during the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 221,115 shares of the auto manufacturer’s stock valued at $10,273,000 after purchasing an additional 57,093 shares in the last quarter. Finally, Sagefield Capital LP increased its holdings in General Motors by 7.7% during the 2nd quarter. Sagefield Capital LP now owns 42,816 shares of the auto manufacturer’s stock worth $1,989,000 after purchasing an additional 3,078 shares during the last quarter. 92.67% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

GM has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. raised their price target on shares of General Motors from $60.00 to $61.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 24th. Nomura lowered shares of General Motors from a “neutral” rating to a “reduce” rating and set a $34.00 price objective for the company. in a report on Monday, August 5th. Wolfe Research began coverage on shares of General Motors in a research note on Thursday, September 5th. They issued a “peer perform” rating on the stock. Sanford C. Bernstein downgraded General Motors from an “outperform” rating to a “market perform” rating and set a $53.00 price target for the company. in a research note on Monday. Finally, Wells Fargo & Company cut their price objective on General Motors from $34.00 to $33.00 and set an “underweight” rating on the stock in a research note on Tuesday, September 10th. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, eleven 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 “Hold” and an average price target of $55.17.

Insider Activity at General Motors

In other news, EVP Rory Harvey sold 2,302 shares of the stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $47.31, for a total value of $108,907.62. Following the completion of the transaction, the executive vice president now owns 10,356 shares of the company’s stock, valued at $489,942.36. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, CFO Paul A. Jacobson bought 25,000 shares of the company’s stock in a transaction that occurred on Friday, July 26th. The shares were purchased at an average price of $44.11 per share, with a total value of $1,102,750.00. Following the completion of the acquisition, the chief financial officer now directly owns 261,872 shares in the company, valued at $11,551,173.92. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Rory Harvey sold 2,302 shares of the stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $47.31, for a total value of $108,907.62. Following the transaction, the executive vice president now directly owns 10,356 shares of the company’s stock, valued at $489,942.36. The disclosure for this sale can be found here. 0.72% of the stock is owned by insiders.

General Motors Stock Performance

GM stock opened at $48.07 on Wednesday. General Motors has a 1 year low of $26.30 and a 1 year high of $50.50. The stock has a market capitalization of $54.03 billion, a price-to-earnings ratio of 5.88, a PEG ratio of 0.56 and a beta of 1.43. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.99 and a current ratio of 1.18. The stock’s fifty day moving average is $46.22 and its two-hundred day moving average is $45.42.

General Motors (NYSE:GM) (TSE:GMM.U) last issued its quarterly earnings data on Tuesday, July 23rd. The auto manufacturer reported $3.06 earnings per share for the quarter, beating the consensus estimate of $2.67 by $0.39. General Motors had a net margin of 6.22% and a return on equity of 15.77%. The firm had revenue of $47.97 billion for the quarter, compared to the consensus estimate of $45.13 billion. During the same period last year, the firm posted $1.91 EPS. General Motors’s quarterly revenue was up 7.2% compared to the same quarter last year. On average, research analysts predict that General Motors will post 9.95 EPS for the current year.

General Motors Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 19th. Investors of record on Friday, September 6th were issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 1.00%. The ex-dividend date was Friday, September 6th. General Motors’s dividend payout ratio (DPR) is 5.87%.

General Motors declared that its Board of Directors has authorized a stock buyback plan on Tuesday, June 11th that permits the company to buyback $6.00 billion in shares. This buyback authorization permits the auto manufacturer to reacquire up to 10.8% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.

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.