Prio Wealth Limited Partnership Has $13.72 Million Holdings in General Motors (NYSE:GM)

Prio Wealth Limited Partnership trimmed its stake in shares of General Motors (NYSE:GM) (TSE:GMM.U) by 19.4% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 295,392 shares of the auto manufacturer’s stock after selling 71,191 shares during the period. Prio Wealth Limited Partnership’s holdings in General Motors were worth $13,724,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Eagle Asset Management Inc. bought a new stake in shares of General Motors in the fourth quarter valued at about $4,722,000. The Manufacturers Life Insurance Company lifted its stake in General Motors by 6.0% in the 4th quarter. The Manufacturers Life Insurance Company now owns 1,017,337 shares of the auto manufacturer’s stock valued at $36,543,000 after acquiring an additional 57,568 shares in the last quarter. NEOS Investment Management LLC lifted its stake in General Motors by 24.5% in the 4th quarter. NEOS Investment Management LLC now owns 19,460 shares of the auto manufacturer’s stock valued at $699,000 after acquiring an additional 3,825 shares in the last quarter. Belpointe Asset Management LLC acquired a new position in General Motors during the 4th quarter worth approximately $494,000. Finally, CIBC Private Wealth Group LLC grew its stake 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. 92.67% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, EVP Rory Harvey sold 12,795 shares of General Motors stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $49.02, for a total transaction of $627,210.90. Following the sale, the executive vice president now directly owns 8,513 shares in the company, valued at approximately $417,307.26. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other General Motors news, EVP Rory Harvey sold 12,795 shares of the company’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $49.02, for a total value of $627,210.90. Following the sale, the executive vice president now owns 8,513 shares in the company, valued at approximately $417,307.26. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Paul A. Jacobson purchased 25,000 shares of the firm’s stock in a transaction dated Friday, July 26th. The stock was bought 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 of the company’s stock, 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 insiders.

General Motors Price Performance

Shares of NYSE:GM opened at $44.87 on Wednesday. General Motors has a one year low of $26.30 and a one year high of $50.50. The company has a debt-to-equity ratio of 1.23, a current ratio of 1.18 and a quick ratio of 0.99. The company has a market cap of $51.19 billion, a price-to-earnings ratio of 5.49, a PEG ratio of 0.56 and a beta of 1.43. The firm has a 50 day simple moving average of $45.89 and a 200 day simple moving average of $45.62.

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

General Motors declared that its Board of Directors has initiated a share repurchase plan on Tuesday, June 11th that allows the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization allows the auto manufacturer to purchase up to 10.8% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

General Motors Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, September 19th. Stockholders of record on Friday, September 6th were issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 1.07%. The ex-dividend date was Friday, September 6th. General Motors’s dividend payout ratio (DPR) is currently 5.87%.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on GM. UBS Group boosted their price objective on shares of General Motors from $61.00 to $64.00 and gave the stock a “buy” rating in a research report on Wednesday, July 10th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $53.00 price objective on shares of General Motors in a research note on Tuesday, September 10th. StockNews.com downgraded General Motors from a “buy” rating to a “hold” rating in a research report on Wednesday, July 24th. Wolfe Research began coverage on General Motors in a research report on Thursday, September 5th. They set a “peer perform” rating for the company. Finally, Sanford C. Bernstein lowered General Motors from an “outperform” rating to a “market perform” rating and set a $53.00 price target on the stock. in a research report on Monday, September 23rd. Four investment analysts have rated the stock with a sell rating, six have issued a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price 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.