Point72 Hong Kong Ltd Reduces Holdings in General Motors (NYSE:GM)

Point72 Hong Kong Ltd reduced its stake in General Motors (NYSE:GM) (TSE:GMM.U) by 98.3% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,269 shares of the auto manufacturer’s stock after selling 74,811 shares during the quarter. Point72 Hong Kong Ltd’s holdings in General Motors were worth $59,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of GM. Public Employees Retirement Association of Colorado raised its holdings in shares of General Motors by 1,213.0% in the fourth quarter. Public Employees Retirement Association of Colorado now owns 2,203,771 shares of the auto manufacturer’s stock worth $79,159,000 after buying an additional 2,035,925 shares during the last quarter. US Bancorp DE lifted its position in General Motors by 59.3% during the 4th quarter. US Bancorp DE now owns 86,888 shares of the auto manufacturer’s stock worth $3,121,000 after acquiring an additional 32,331 shares during the period. GSA Capital Partners LLP grew its stake in General Motors by 317.6% during the 4th quarter. GSA Capital Partners LLP now owns 67,807 shares of the auto manufacturer’s stock valued at $2,436,000 after purchasing an additional 51,571 shares during the last quarter. ACR Alpine Capital Research LLC increased its holdings in shares of General Motors by 8.4% in the first quarter. ACR Alpine Capital Research LLC now owns 6,337,547 shares of the auto manufacturer’s stock valued at $287,408,000 after purchasing an additional 492,693 shares during the period. Finally, BDF Gestion purchased a new position in shares of General Motors in the second quarter worth about $2,886,000. 92.67% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on GM shares. Nomura lowered General Motors from a “neutral” rating to a “reduce” rating and set a $34.00 target price on the stock. in a research report on Monday, August 5th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $53.00 price objective on shares of General Motors in a report on Tuesday, September 10th. Wedbush reissued an “outperform” rating and set a $55.00 target price on shares of General Motors in a report on Wednesday, July 24th. Wells Fargo & Company lowered their price target on shares of General Motors from $34.00 to $33.00 and set an “underweight” rating on the stock in a report on Tuesday, September 10th. Finally, JPMorgan Chase & Co. lifted their price objective on General Motors from $60.00 to $61.00 and gave the company an “overweight” rating in a research note on Wednesday, July 24th. Four analysts have rated the stock with a sell rating, six have assigned a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, General Motors currently has an average rating of “Hold” and a consensus target price of $54.92.

Insiders Place Their Bets

In other news, CFO Paul A. Jacobson purchased 25,000 shares of the stock in a transaction dated 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 transaction, 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 legal filing with the SEC, which can be accessed through this hyperlink. In other news, CFO Paul A. Jacobson purchased 25,000 shares of the business’s stock in a transaction dated Friday, July 26th. The stock was acquired at an average price of $44.11 per share, for a total transaction of $1,102,750.00. Following the acquisition, the chief financial officer now directly owns 261,872 shares of the company’s stock, valued at $11,551,173.92. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Rory Harvey sold 2,302 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the executive vice president now owns 10,356 shares in the company, valued at $489,942.36. The disclosure for this sale can be found here. Corporate insiders own 0.72% of the company’s stock.

General Motors Stock Performance

NYSE:GM opened at $46.47 on Friday. The company has a market cap of $53.02 billion, a P/E ratio of 5.68, a P/E/G ratio of 0.56 and a beta of 1.43. General Motors has a twelve month low of $26.30 and a twelve month high of $50.50. The company’s 50-day moving average price is $46.02 and its 200-day moving average price is $45.47. The company has a current ratio of 1.18, a quick ratio of 0.99 and a debt-to-equity ratio of 1.23.

General Motors (NYSE:GM) (TSE:GMM.U) last released its earnings results on Tuesday, July 23rd. The auto manufacturer reported $3.06 earnings per share for the quarter, topping analysts’ consensus estimates of $2.67 by $0.39. The business had revenue of $47.97 billion for the quarter, compared to analyst estimates of $45.13 billion. General Motors had a net margin of 6.22% and a return on equity of 15.77%. The business’s revenue was up 7.2% on a year-over-year basis. During the same period last year, the company posted $1.91 EPS. On average, sell-side analysts forecast that General Motors will post 9.95 earnings per share for the current fiscal year.

General Motors Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, September 19th. Shareholders of record on Friday, September 6th were issued a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 1.03%. The ex-dividend date of this dividend was Friday, September 6th. General Motors’s payout ratio is currently 5.87%.

General Motors announced that its Board of Directors has initiated a share repurchase program on Tuesday, June 11th that allows the company to buyback $6.00 billion in shares. This buyback authorization allows the auto manufacturer to purchase up to 10.8% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.

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.