Assetmark Inc. Increases Stock Holdings in General Motors (NYSE:GM)

Posted by Defense World Staff on Aug 9th, 2023

Assetmark Inc. boosted its position in shares of General Motors (NYSE:GM – Free Report) (TSE:GMM.U) by 9.0% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 82,670 shares of the auto manufacturer’s stock after purchasing an additional 6,792 shares during the period. Assetmark Inc.’s holdings in General Motors were worth $3,032,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Morgan Stanley raised its holdings in General Motors by 6.5% in the 4th quarter. Morgan Stanley now owns 15,011,042 shares of the auto manufacturer’s stock valued at $504,972,000 after buying an additional 921,435 shares during the period. Arrowstreet Capital Limited Partnership raised its stake in shares of General Motors by 93.0% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 14,763,488 shares of the auto manufacturer’s stock valued at $496,644,000 after acquiring an additional 7,115,861 shares during the period. Norges Bank acquired a new position in shares of General Motors in the 4th quarter worth approximately $493,248,000. Putnam Investments LLC increased its holdings in General Motors by 17.0% in the 4th quarter. Putnam Investments LLC now owns 12,884,970 shares of the auto manufacturer’s stock valued at $433,450,000 after purchasing an additional 1,872,986 shares during the last quarter. Finally, Diamond Hill Capital Management Inc. raised its position in General Motors by 1.4% in the fourth quarter. Diamond Hill Capital Management Inc. now owns 11,644,987 shares of the auto manufacturer’s stock valued at $391,737,000 after purchasing an additional 158,827 shares during the period. 78.83% of the stock is currently owned by institutional investors and hedge funds.

General Motors Price Performance

Shares of GM opened at $36.84 on Wednesday. The firm has a fifty day moving average price of $37.63 and a 200 day moving average price of $36.71. The stock has a market cap of $50.69 billion, a PE ratio of 5.15, a price-to-earnings-growth ratio of 0.50 and a beta of 1.37. General Motors has a 1-year low of $31.10 and a 1-year high of $43.63. The company has a debt-to-equity ratio of 1.08, a current ratio of 1.15 and a quick ratio of 0.96.

General Motors (NYSE:GM – Get Free Report) (TSE:GMM.U) last announced its earnings results on Tuesday, July 25th. The auto manufacturer reported $1.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.86 by $0.05. General Motors had a return on equity of 16.70% and a net margin of 6.05%. The firm had revenue of $44.75 billion during the quarter, compared to analysts’ expectations of $42.13 billion. During the same period in the prior year, the firm earned $1.14 EPS. The business’s revenue was up 25.1% on a year-over-year basis. As a group, sell-side analysts anticipate that General Motors will post 7.59 EPS for the current year.

General Motors Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 14th. Shareholders of record on Friday, September 1st will be given a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a yield of 0.98%. The ex-dividend date of this dividend is Thursday, August 31st. General Motors’s payout ratio is currently 5.03%.

Insider Buying and Selling at General Motors

In other General Motors news, President Mark L. Reuss sold 9,300 shares of the company’s stock in a transaction that occurred on Thursday, July 13th. The stock was sold at an average price of $41.00, for a total transaction of $381,300.00. Following the completion of the sale, the president now directly owns 282,973 shares of the company’s stock, valued at approximately $11,601,893. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other General Motors news, President Mark L. Reuss sold 9,300 shares of the business’s stock in a transaction on Thursday, July 13th. The shares were sold at an average price of $41.00, for a total value of $381,300.00. Following the transaction, the president now directly owns 282,973 shares of the company’s stock, valued at approximately $11,601,893. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Paul A. Jacobson bought 31,000 shares of General Motors stock in a transaction dated Friday, May 19th. The stock was purchased at an average price of $32.60 per share, with a total value of $1,010,600.00. Following the purchase, the chief financial officer now directly owns 186,847 shares in the company, valued at approximately $6,091,212.20. The disclosure for this purchase can be found here. 0.54% of the stock is currently owned by company insiders.

Analyst Ratings Changes

GM has been the subject of a number of research reports. Mizuho dropped their price objective on General Motors to $40.00 in a research note on Wednesday, July 19th. Citigroup boosted their price target on shares of General Motors from $85.00 to $89.00 and gave the stock a “buy” rating in a research note on Wednesday, July 12th. Tigress Financial reissued a “strong-buy” rating and issued a $86.00 price objective on shares of General Motors in a research note on Friday, July 28th. Wells Fargo & Company upped their target price on shares of General Motors from $30.00 to $32.00 in a research note on Monday, July 10th. Finally, The Goldman Sachs Group raised their price target on shares of General Motors from $46.00 to $49.00 and gave the company a “buy” rating in a research report on Friday, July 14th. One research analyst has rated the stock with a sell rating, six have given a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $50.25.

View Our Latest Report on General Motors

General Motors Profile

(Free Report)

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.