OneAscent Financial Services LLC Cuts Stake in General Motors (NYSE:GM)

OneAscent Financial Services LLC decreased its holdings in General Motors (NYSE:GM) (TSE:GMM.U) by 4.0% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 11,134 shares of the auto manufacturer’s stock after selling 461 shares during the period. OneAscent Financial Services LLC’s holdings in General Motors were worth $505,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in General Motors by 1.4% during the 3rd quarter. Vanguard Group Inc. now owns 111,460,756 shares of the auto manufacturer’s stock valued at $3,674,861,000 after buying an additional 1,580,681 shares during the period. Putnam Investments LLC raised its holdings in General Motors by 16.8% in the 4th quarter. Putnam Investments LLC now owns 20,237,820 shares of the auto manufacturer’s stock worth $726,942,000 after purchasing an additional 2,905,689 shares in the last quarter. Hotchkis & Wiley Capital Management LLC raised its holdings in General Motors by 21.9% in the 4th quarter. Hotchkis & Wiley Capital Management LLC now owns 18,097,486 shares of the auto manufacturer’s stock worth $650,062,000 after purchasing an additional 3,247,050 shares in the last quarter. Norges Bank bought a new position in General Motors in the 4th quarter worth $602,280,000. Finally, Morgan Stanley raised its holdings in General Motors by 1.3% in the 3rd quarter. Morgan Stanley now owns 15,212,672 shares of the auto manufacturer’s stock worth $501,562,000 after purchasing an additional 201,080 shares in the last quarter. Hedge funds and other institutional investors own 92.67% of the company’s stock.

Insider Activity

In other news, President Mark L. Reuss sold 150,000 shares of the firm’s stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $43.44, for a total transaction of $6,516,000.00. Following the sale, the president now owns 176,907 shares of the company’s stock, valued at approximately $7,684,840.08. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, CEO Mary T. Barra sold 626,316 shares of the firm’s stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $43.46, for a total value of $27,219,693.36. Following the transaction, the chief executive officer now owns 1,198,648 shares of the company’s stock, valued at $52,093,242.08. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, President Mark L. Reuss sold 150,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $43.44, for a total transaction of $6,516,000.00. Following the completion of the transaction, the president now directly owns 176,907 shares in the company, valued at approximately $7,684,840.08. The disclosure for this sale can be found here. Insiders have sold a total of 1,152,621 shares of company stock valued at $51,818,111 in the last 90 days. 0.72% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

GM has been the subject of several research reports. Morgan Stanley upped their price objective on shares of General Motors from $43.00 to $46.00 and gave the stock an “overweight” rating in a report on Wednesday, April 10th. Piper Sandler upped their price objective on shares of General Motors from $44.00 to $45.00 and gave the stock a “neutral” rating in a report on Wednesday, April 24th. StockNews.com upgraded shares of General Motors from a “hold” rating to a “buy” rating in a report on Saturday, June 1st. Mizuho increased their price target on shares of General Motors from $48.00 to $52.00 and gave the stock a “buy” rating in a research note on Wednesday, April 24th. Finally, UBS Group increased their price target on shares of General Motors from $58.00 to $61.00 and gave the stock a “buy” rating in a research note on Thursday, June 20th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $54.91.

General Motors Stock Performance

Shares of NYSE GM opened at $46.46 on Friday. The firm’s 50-day moving average price is $45.60 and its 200-day moving average price is $41.40. The company has a quick ratio of 0.97, a current ratio of 1.16 and a debt-to-equity ratio of 1.22. The company has a market cap of $53.01 billion, a PE ratio of 5.68, a PEG ratio of 0.49 and a beta of 1.46. General Motors has a 52-week low of $26.30 and a 52-week high of $49.35.

General Motors (NYSE:GM) (TSE:GMM.U) last announced its quarterly earnings results on Tuesday, April 23rd. The auto manufacturer reported $2.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.02 by $0.60. The firm had revenue of $43.01 billion for the quarter, compared to the consensus estimate of $41.09 billion. General Motors had a net margin of 6.13% and a return on equity of 14.40%. The business’s quarterly revenue was up 7.6% compared to the same quarter last year. During the same quarter last year, the firm posted $2.21 EPS. As a group, analysts anticipate that General Motors will post 9.43 EPS for the current year.

General Motors announced that its board has approved a share repurchase program on Tuesday, June 11th that permits the company to buyback $6.00 billion in outstanding shares. This buyback authorization permits the auto manufacturer to reacquire up to 10.8% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s management believes its shares are undervalued.

General Motors Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, June 20th. Stockholders of record on Friday, June 7th were issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.03%. The ex-dividend date was Friday, June 7th. General Motors’s payout ratio is presently 5.87%.

General Motors 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.