General Motors Company $GM Stock: Sumitomo Mitsui Trust Group Inc. Cuts Position

Sumitomo Mitsui Trust Group Inc. decreased its holdings in General Motors Company (NYSE:GM) (TSE:GMM.U) by 3.7% in the third quarter, Holdings Channel reports. The firm owned 2,031,694 shares of the auto manufacturer’s stock after selling 78,569 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in General Motors were worth $156,440,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Evergreen Advisors LLC bought a new position in shares of General Motors during the first quarter valued at $26,000. Comprehensive Financial Planning Inc. PA bought a new stake in General Motors in the 2nd quarter worth about $31,000. Burk Holdings LLC bought a new stake in General Motors in the 2nd quarter worth about $31,000. Premier Financial Group purchased a new position in General Motors in the 2nd quarter worth about $31,000. Finally, Elevation Wealth Partners LLC raised its position in General Motors by 70.6% in the 2nd quarter. Elevation Wealth Partners LLC now owns 464 shares of the auto manufacturer’s stock worth $36,000 after buying an additional 192 shares during the last quarter. Hedge funds and other institutional investors own 92.67% of the company’s stock.

General Motors News Roundup

Here are the key news stories impacting General Motors this week:

• Positive Sentiment: Hybrid expansion strengthens product strategy: GM confirmed that its Lansing Delta Township plant will produce hybrid vehicles, including anticipated Chevrolet Traverse, GMC Acadia and Buick Enclave hybrids. The company and the Department of Energy are restructuring a previously awarded $500 million grant to support the investment, helping GM address demand for vehicles between traditional internal-combustion models and EVs. GM confirms Lansing Delta Township plant will produce hybrid vehicles
• Neutral Sentiment: Nasdaq listing planned: GM is reportedly shifting its stock listing to Nasdaq, potentially improving visibility among technology-oriented investors and aligning the automaker with other major companies that have made similar moves. The change is mainly a trading and branding development rather than an immediate change to GM’s operating fundamentals. GM is shifting gears to the Nasdaq
• Negative Sentiment: $220 million driver-data settlement adds legal and reputational costs: GM agreed to pay 36 states to resolve allegations that it sold or shared drivers’ vehicle-use, location and braking-behavior data with data brokers and insurers. The agreement requires affirmative express consent before collecting or sharing such information. State allocations include $7.2 million to Michigan, more than $6 million to Connecticut, $3 million to Maine, over $2.5 million to Alaska and $8 million to Ohio; drivers generally will not receive direct payments. The settlement could increase compliance costs and scrutiny of GM’s connected-car and OnStar data practices. GM reaches $220M settlement over selling drivers’ private data

General Motors Stock Performance

Shares of GM opened at $87.33 on Monday. The firm has a market capitalization of $73.67 billion, a P/E ratio of 20.03, a PEG ratio of 0.49 and a beta of 1.40. The company has a debt-to-equity ratio of 1.32, a current ratio of 1.09 and a quick ratio of 0.94. General Motors Company has a one year low of $66.75 and a one year high of $91.85. The business has a fifty day moving average of $83.09 and a 200 day moving average of $80.62.

General Motors (NYSE:GM) (TSE:GMM.U) last posted its earnings results on Tuesday, October 20th. The auto manufacturer reported $3.70 earnings per share for the quarter, beating analysts’ consensus estimates of $3.69 by $0.01. The company had revenue of $50.02 billion for the quarter, compared to the consensus estimate of $48.78 billion. General Motors had a return on equity of 19.36% and a net margin of 2.12%. General Motors’s revenue was up 2.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.80 earnings per share. As a group, sell-side analysts anticipate that General Motors Company will post 13.38 EPS for the current year.

General Motors Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 17th. Stockholders of record on Friday, December 4th will be paid a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 0.8%. The ex-dividend date is Friday, December 4th. General Motors’s dividend payout ratio is 16.51%.

General Motors announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, October 20th that allows the company to repurchase $20 billion in shares. This buyback authorization allows the auto manufacturer to repurchase up to 27.5% of its shares through open market purchases. Stock buyback plans are often an indication that the company’s leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the stock. TD Cowen restated a “buy” rating and set a $132.00 target price on shares of General Motors in a research note on Wednesday, October 21st. Morgan Stanley reduced their price target on shares of General Motors from $101.00 to $95.00 and set an “overweight” rating for the company in a research note on Wednesday, October 21st. Wells Fargo & Company boosted their price objective on shares of General Motors from $60.00 to $61.00 and gave the company an “underweight” rating in a report on Wednesday, July 22nd. The Goldman Sachs Group lowered their price objective on shares of General Motors from $112.00 to $96.00 and set a “buy” rating on the stock in a research report on Wednesday, October 21st. Finally, Benchmark restated a “buy” rating and issued a $105.00 target price (up from $90.00) on shares of General Motors in a report on Tuesday, July 21st. One research analyst has rated the stock with a Strong Buy rating, twenty-two have given a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $101.44.

General Motors Company Profile

General Motors Company (NYSE: GM) is a global automotive company headquartered in Detroit, Michigan. Founded in 1908, GM designs, manufactures and sells vehicles and related services through brands including Chevrolet, Buick, GMC and Cadillac.

GM’s product lineup includes passenger cars, pickup trucks, sport utility vehicles, commercial vehicles and electric vehicles. The company is also developing connected-vehicle technologies, driver-assistance systems and charging and energy-management solutions.