Convergence Investment Partners LLC Takes $1.23 Million Position in General Motors (GM)

Convergence Investment Partners LLC acquired a new stake in General Motors (NYSE:GM) (TSE:GMM.U) in the 1st quarter, Holdings Channel reports. The institutional investor acquired 33,036 shares of the auto manufacturer’s stock, valued at approximately $1,226,000.

Other institutional investors have also recently made changes to their positions in the company. Signet Investment Advisory Group Inc. bought a new position in shares of General Motors during the fourth quarter valued at approximately $26,000. Cornerstone Advisors Inc. grew its holdings in shares of General Motors by 63.0% during the fourth quarter. Cornerstone Advisors Inc. now owns 895 shares of the auto manufacturer’s stock valued at $30,000 after purchasing an additional 346 shares during the last quarter. NuWave Investment Management LLC grew its holdings in shares of General Motors by 198.6% during the fourth quarter. NuWave Investment Management LLC now owns 884 shares of the auto manufacturer’s stock valued at $30,000 after purchasing an additional 588 shares during the last quarter. Liberty Wealth Management LLC bought a new position in shares of General Motors during the fourth quarter valued at approximately $30,000. Finally, Advisors Preferred LLC bought a new position in shares of General Motors during the fourth quarter valued at approximately $31,000. 77.16% of the stock is owned by hedge funds and other institutional investors.

Several research firms have recently commented on GM. Nomura set a $42.00 target price on General Motors and gave the company a “hold” rating in a report on Thursday, May 2nd. Zacks Investment Research lowered General Motors from a “strong-buy” rating to a “hold” rating in a report on Wednesday, April 10th. Goldman Sachs Group reissued a “neutral” rating and issued a $36.00 price objective on shares of General Motors in a report on Tuesday, March 26th. Seaport Global Securities started coverage on General Motors in a report on Wednesday, February 13th. They issued a “buy” rating for the company. Finally, Citigroup increased their price objective on General Motors to $67.00 and gave the stock a “buy” rating in a report on Friday, February 8th. Six investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $47.60.

Shares of GM stock opened at $38.09 on Tuesday. General Motors has a 12-month low of $30.56 and a 12-month high of $45.00. The company has a market capitalization of $55.03 billion, a P/E ratio of 5.82, a price-to-earnings-growth ratio of 0.66 and a beta of 1.27. The company has a debt-to-equity ratio of 1.65, a current ratio of 0.94 and a quick ratio of 0.81.

General Motors (NYSE:GM) (TSE:GMM.U) last issued its quarterly earnings data on Tuesday, April 30th. The auto manufacturer reported $1.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.09 by $0.32. General Motors had a return on equity of 22.67% and a net margin of 6.26%. The business had revenue of $34.88 billion during the quarter, compared to analyst estimates of $35.56 billion. During the same period in the prior year, the company posted $1.43 EPS. The business’s revenue for the quarter was down 3.4% compared to the same quarter last year. Equities research analysts forecast that General Motors will post 6.59 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, June 21st. Shareholders of record on Friday, June 7th will be given a $0.38 dividend. The ex-dividend date of this dividend is Thursday, June 6th. This represents a $1.52 dividend on an annualized basis and a yield of 3.99%. General Motors’s dividend payout ratio (DPR) is 23.24%.

In other General Motors news, VP Christopher Hatto sold 8,499 shares of the company’s stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $40.00, for a total value of $339,960.00. Following the completion of the sale, the vice president now directly owns 10,040 shares in the company, valued at $401,600. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Dhivya Suryadevara sold 34,756 shares of the company’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $37.40, for a total value of $1,299,874.40. Following the completion of the sale, the chief financial officer now owns 10,741 shares of the company’s stock, valued at $401,713.40. The disclosure for this sale can be found here. Insiders sold 113,521 shares of company stock valued at $4,337,346 over the last 90 days. 0.51% of the stock is currently owned by insiders.

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About General Motors

General Motors Company designs, builds, and sells cars, trucks, crossovers, and automobile parts worldwide. The company operates through GM North America, GM International, GM Cruise, and GM Financial. It markets its vehicles primarily under the Buick, Cadillac, Chevrolet, GMC, Holden, Baojun, Jiefang, and Wuling brand names.

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Institutional Ownership by Quarter for General Motors (NYSE:GM)

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