Artemis Investment Management LLP Purchases 1,366,768 Shares of General Motors (NYSE:GM)

Artemis Investment Management LLP increased its holdings in shares of General Motors (NYSE:GM) (TSE:GMM.U) by 581.4% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,601,856 shares of the auto manufacturer’s stock after purchasing an additional 1,366,768 shares during the period. General Motors makes up about 1.1% of Artemis Investment Management LLP’s holdings, making the stock its 26th biggest position. Artemis Investment Management LLP owned 0.14% of General Motors worth $71,827,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Atomi Financial Group Inc. grew its stake in General Motors by 10.4% in the 3rd quarter. Atomi Financial Group Inc. now owns 9,436 shares of the auto manufacturer’s stock valued at $423,000 after purchasing an additional 888 shares during the period. Dynamic Advisor Solutions LLC boosted its stake in General Motors by 2.2% in the third quarter. Dynamic Advisor Solutions LLC now owns 14,832 shares of the auto manufacturer’s stock valued at $665,000 after acquiring an additional 314 shares during the last quarter. Miracle Mile Advisors LLC purchased a new position in General Motors in the third quarter valued at approximately $220,000. GAMMA Investing LLC grew its stake in shares of General Motors by 9.6% during the 3rd quarter. GAMMA Investing LLC now owns 15,528 shares of the auto manufacturer’s stock worth $696,000 after acquiring an additional 1,356 shares during the period. Finally, Handelsbanken Fonder AB lifted its holdings in General Motors by 9.0% during the third quarter. Handelsbanken Fonder AB now owns 182,130 shares of the auto manufacturer’s stock valued at $8,167,000 after purchasing an additional 15,018 shares during the last quarter. Institutional investors own 92.67% of the company’s stock.

General Motors Price Performance

Shares of General Motors stock opened at $46.01 on Wednesday. The stock has a 50 day moving average price of $45.95 and a 200-day moving average price of $45.71. General Motors has a one year low of $26.30 and a one year high of $50.50. The stock has a market cap of $52.50 billion, a price-to-earnings ratio of 5.62, a price-to-earnings-growth ratio of 0.56 and a beta of 1.42. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.99 and a current ratio of 1.18.

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, beating analysts’ consensus estimates of $2.67 by $0.39. The business had revenue of $47.97 billion for 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%. The business’s revenue was up 7.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.91 earnings per share. Equities analysts expect that General Motors will post 9.95 EPS for the current year.

General Motors declared that its board 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 often a sign that the company’s management believes its stock is undervalued.

General Motors Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 19th. Investors of record on Friday, September 6th were issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 1.04%. The ex-dividend date was Friday, September 6th. General Motors’s payout ratio is currently 5.87%.

Insider Buying and Selling at General Motors

In related news, CFO Paul A. Jacobson bought 25,000 shares of the company’s stock in a transaction on Friday, July 26th. The shares were acquired 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 directly owns 261,872 shares of the company’s stock, valued at approximately $11,551,173.92. The trade was a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other General Motors news, CFO Paul A. Jacobson purchased 25,000 shares of the stock in a transaction dated Friday, July 26th. The stock was 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 of the company’s stock, valued at approximately $11,551,173.92. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Rory Harvey sold 2,302 shares of General Motors stock in a transaction 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. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.72% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on GM. JPMorgan Chase & Co. lifted their target price on General Motors from $60.00 to $61.00 and gave the company an “overweight” rating in a report on Wednesday, July 24th. 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. Wedbush restated an “outperform” rating and set a $55.00 target price on shares of General Motors in a report on Wednesday, July 24th. The Goldman Sachs Group raised their price target on shares of General Motors from $53.00 to $61.00 and gave the company a “buy” rating in a research report on Tuesday, October 1st. Finally, Wells Fargo & Company decreased their price objective on shares of General Motors from $34.00 to $33.00 and set an “underweight” rating for the company in a report on Tuesday, September 10th. Four research analysts have rated the stock with a sell rating, six have issued a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, General Motors presently has an average rating of “Hold” and an average price target of $55.47.

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.