Granite Bay Wealth Management LLC Makes New Investment in General Motors (NYSE:GM)

Granite Bay Wealth Management LLC acquired a new stake in shares of General Motors (NYSE:GM) (TSE:GMM.U) in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 30,920 shares of the auto manufacturer’s stock, valued at approximately $1,407,000.

Other institutional investors have also recently made changes to their positions in the company. LifeSteps Financial Inc. purchased a new stake in General Motors in the first quarter valued at about $25,000. Wellington Shields Capital Management LLC purchased a new position in shares of General Motors in the 2nd quarter valued at approximately $28,000. Fortitude Family Office LLC raised its position in shares of General Motors by 56.1% in the 2nd quarter. Fortitude Family Office LLC now owns 626 shares of the auto manufacturer’s stock valued at $29,000 after purchasing an additional 225 shares during the last quarter. Montag A & Associates Inc. acquired a new stake in General Motors in the 1st quarter worth approximately $30,000. Finally, YHB Investment Advisors Inc. purchased a new stake in General Motors during the 1st quarter worth approximately $32,000. Institutional investors and hedge funds own 92.67% of the company’s stock.

Insider Activity at General Motors

In other news, CFO Paul A. Jacobson acquired 25,000 shares of the business’s stock in a transaction on Friday, July 26th. The stock was bought at an average cost of $44.11 per share, for a total transaction of $1,102,750.00. Following the purchase, the chief financial officer now 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 at this hyperlink. In other news, EVP Rory Harvey sold 2,302 shares of the firm’s stock in a transaction dated 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Paul A. Jacobson acquired 25,000 shares of the company’s stock in a transaction that occurred on Friday, July 26th. The shares were acquired at an average cost of $44.11 per share, with a total value of $1,102,750.00. Following the purchase, the chief financial officer now owns 261,872 shares in the company, valued at approximately $11,551,173.92. The disclosure for this purchase can be found here. 0.72% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research firms have recently commented on GM. Wolfe Research began coverage on shares of General Motors in a research note on Thursday, September 5th. They set a “peer perform” rating for the company. Royal Bank of Canada dropped their price target on General Motors from $58.00 to $54.00 and set an “outperform” rating on the stock in a research note on Friday, August 9th. JPMorgan Chase & Co. increased their price objective on General Motors from $60.00 to $61.00 and gave the company an “overweight” rating in a report on Wednesday, July 24th. Morgan Stanley downgraded General Motors from an “equal weight” rating to an “underweight” rating and decreased their target price for the stock from $47.00 to $42.00 in a report on Wednesday, September 25th. Finally, UBS Group increased their price target on shares of General Motors from $61.00 to $64.00 and gave the stock a “buy” rating in a report on Wednesday, July 10th. Four research analysts have rated the stock with a sell rating, six have issued a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, General Motors has a consensus rating of “Hold” and a consensus target price of $54.92.

General Motors Stock Performance

Shares of GM stock opened at $44.83 on Tuesday. 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 has a 12-month low of $26.30 and a 12-month high of $50.50. The business’s 50 day moving average is $45.92 and its two-hundred day moving average is $45.59. The company has a market capitalization of $51.15 billion, a P/E ratio of 5.48, a P/E/G ratio of 0.56 and a beta of 1.43.

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

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

General Motors Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, September 19th. Investors of record on Friday, September 6th were given a dividend of $0.12 per share. The ex-dividend date was Friday, September 6th. This represents a $0.48 annualized dividend and a dividend yield of 1.07%. General Motors’s dividend payout ratio (DPR) is presently 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.