Abacus Planning Group Inc. Has $457,000 Stake in General Motors (NYSE:GM)

Abacus Planning Group Inc. grew its holdings in shares of General Motors (NYSE:GM) (TSE:GMM.U) by 3.4% during the third quarter, HoldingsChannel.com reports. The firm owned 10,202 shares of the auto manufacturer’s stock after acquiring an additional 332 shares during the quarter. Abacus Planning Group Inc.’s holdings in General Motors were worth $457,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in the business. The Manufacturers Life Insurance Company lifted its position in General Motors by 6.0% during the fourth quarter. The Manufacturers Life Insurance Company now owns 1,017,337 shares of the auto manufacturer’s stock worth $36,543,000 after purchasing an additional 57,568 shares during the period. Belpointe Asset Management LLC bought a new stake in shares of General Motors during the 4th quarter worth approximately $494,000. CIBC Private Wealth Group LLC boosted its position in shares of General Motors by 28.6% during the 4th quarter. CIBC Private Wealth Group LLC now owns 57,716 shares of the auto manufacturer’s stock worth $2,073,000 after acquiring an additional 12,826 shares in the last quarter. Capital International Sarl increased its stake in General Motors by 13.9% in the fourth quarter. Capital International Sarl now owns 90,048 shares of the auto manufacturer’s stock valued at $3,235,000 after acquiring an additional 11,022 shares during the last quarter. Finally, Tower Research Capital LLC TRC increased its stake in General Motors by 135.6% in the fourth quarter. Tower Research Capital LLC TRC now owns 207,028 shares of the auto manufacturer’s stock valued at $7,436,000 after acquiring an additional 119,143 shares during the last quarter. 92.67% of the stock is owned by institutional investors.

Insider Activity

In related news, CFO Paul A. Jacobson acquired 25,000 shares of General Motors stock in a transaction dated Friday, July 26th. The stock was bought 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 directly owns 261,872 shares in the company, valued at approximately $11,551,173.92. The purchase was disclosed in a filing with the SEC, which is accessible through this link. In other news, CFO Paul A. Jacobson bought 25,000 shares of the firm’s stock in a transaction that occurred on Friday, July 26th. The stock was acquired at an average cost of $44.11 per share, with a total value of $1,102,750.00. Following the transaction, the chief financial officer now directly owns 261,872 shares of the company’s stock, valued at approximately $11,551,173.92. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available 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 stock was 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 in the company, valued at $489,942.36. The disclosure for this sale can be found here. 0.72% of the stock is owned by company insiders.

Analysts Set New Price Targets

GM has been the topic of a number of research analyst reports. Sanford C. Bernstein downgraded General Motors from an “outperform” rating to a “market perform” rating and set a $53.00 target price on the stock. in a report on Monday, September 23rd. Wells Fargo & Company reduced 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. Royal Bank of Canada decreased their target price on General Motors from $58.00 to $54.00 and set an “outperform” rating on the stock in a research report on Friday, August 9th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $53.00 target price on shares of General Motors in a report on Tuesday, September 10th. Finally, Morgan Stanley lowered shares of General Motors from an “equal weight” rating to an “underweight” rating and decreased their price target for the company from $47.00 to $42.00 in a report on Wednesday, September 25th. Four equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $55.47.

General Motors Price Performance

General Motors stock opened at $44.82 on Thursday. The company has a debt-to-equity ratio of 1.23, a current ratio of 1.18 and a quick ratio of 0.99. General Motors has a one year low of $26.30 and a one year high of $50.50. The stock’s 50 day moving average is $45.86 and its 200 day moving average is $45.61. The firm has a market cap of $51.13 billion, a P/E ratio of 5.48, a P/E/G ratio of 0.56 and a beta of 1.42.

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

General Motors declared that its board has authorized a stock buyback program on Tuesday, June 11th that allows the company to buyback $6.00 billion in outstanding shares. This buyback authorization allows the auto manufacturer to reacquire 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.

General Motors Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 19th. Stockholders of record on Friday, September 6th were paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.07%. The ex-dividend date was Friday, September 6th. General Motors’s dividend payout ratio is 5.87%.

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.