General Motors (NYSE:GM) Stake Cut by Procyon Advisors LLC

Procyon Advisors LLC cut its position in shares of General Motors (NYSE:GM) (TSE:GMM.U) by 15.3% during the 4th quarter, HoldingsChannel.com reports. The firm owned 23,576 shares of the auto manufacturer’s stock after selling 4,263 shares during the period. Procyon Advisors LLC’s holdings in General Motors were worth $847,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently added to or reduced their stakes in GM. Penserra Capital Management LLC lifted its stake in General Motors by 85.8% in the first quarter. Penserra Capital Management LLC now owns 613 shares of the auto manufacturer’s stock valued at $26,000 after buying an additional 283 shares during the last quarter. VisionPoint Advisory Group LLC acquired a new stake in General Motors in the second quarter worth about $25,000. SouthState Corp lifted its holdings in General Motors by 173.8% in the third quarter. SouthState Corp now owns 764 shares of the auto manufacturer’s stock worth $25,000 after purchasing an additional 485 shares during the period. BluePath Capital Management LLC acquired a new stake in General Motors in the third quarter worth about $33,000. Finally, VitalStone Financial LLC lifted its holdings in General Motors by 8,026.7% in the first quarter. VitalStone Financial LLC now owns 1,219 shares of the auto manufacturer’s stock worth $71,000 after purchasing an additional 1,204 shares during the period. 92.67% of the stock is currently owned by institutional investors.

General Motors Price Performance

Shares of General Motors stock traded up $0.58 during trading on Thursday, reaching $45.17. 2,618,546 shares of the company’s stock were exchanged, compared to its average volume of 18,300,623. The company has a debt-to-equity ratio of 1.21, a quick ratio of 0.90 and a current ratio of 1.08. General Motors has a 1-year low of $26.30 and a 1-year high of $45.54. The company has a market cap of $52.15 billion, a P/E ratio of 6.10, a PEG ratio of 0.54 and a beta of 1.50. The firm’s 50-day moving average price is $39.08 and its 200 day moving average price is $34.46.

General Motors (NYSE:GM) (TSE:GMM.U) last released its quarterly earnings results on Tuesday, January 30th. The auto manufacturer reported $1.24 earnings per share for the quarter, topping the consensus estimate of $1.16 by $0.08. The company had revenue of $42.98 billion for the quarter, compared to analysts’ expectations of $38.81 billion. General Motors had a return on equity of 14.34% and a net margin of 5.89%. The business’s quarterly revenue was down .3% compared to the same quarter last year. During the same period in the previous year, the business posted $2.12 earnings per share. As a group, research analysts anticipate that General Motors will post 9 earnings per share for the current year.

General Motors Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 14th. Investors of record on Friday, March 1st were paid a $0.12 dividend. This is a positive change from General Motors’s previous quarterly dividend of $0.09. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.06%. The ex-dividend date of this dividend was Thursday, February 29th. General Motors’s payout ratio is currently 6.57%.

Wall Street Analysts Forecast Growth

Several brokerages have commented on GM. Piper Sandler initiated coverage on shares of General Motors in a research report on Friday, March 15th. They issued a “neutral” rating and a $44.00 price target on the stock. Wedbush upped their target price on General Motors from $40.00 to $45.00 and gave the company an “outperform” rating in a report on Wednesday, January 31st. Royal Bank of Canada boosted their price target on General Motors from $52.00 to $54.00 and gave the company an “outperform” rating in a research note on Wednesday, January 31st. The Goldman Sachs Group boosted their price target on General Motors from $45.00 to $50.00 and gave the company a “buy” rating in a research note on Wednesday, January 31st. Finally, Citigroup upped their target price on General Motors from $90.00 to $95.00 and gave the stock a “buy” rating in a research report on Monday, December 4th. One analyst has rated the stock with a sell rating, four have given a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $50.63.

Insider Buying and Selling

In related news, EVP Julian G. Blissett sold 13,826 shares of General Motors stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $38.24, for a total value of $528,706.24. Following the transaction, the executive vice president now directly owns 87,567 shares of the company’s stock, valued at $3,348,562.08. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, EVP Julian G. Blissett sold 13,826 shares of the company’s stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $38.24, for a total transaction of $528,706.24. Following the completion of the sale, the executive vice president now owns 87,567 shares in the company, valued at $3,348,562.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Christopher Hatto sold 6,000 shares of the company’s stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $42.01, for a total value of $252,060.00. Following the sale, the chief accounting officer now owns 15,507 shares of the company’s stock, valued at approximately $651,449.07. The disclosure for this sale can be found here. Insiders have sold a total of 55,626 shares of company stock valued at $2,229,036 over the last ninety days. 0.54% of the stock is owned by company insiders.

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.