The Manufacturers Life Insurance Company increased its stake in General Motors (NYSE:GM) by 8.1% during the fourth quarter, according to its latest disclosure with the Securities and Exchange Commission (SEC). The insurance company owned 828,184 shares of General Motors stock after purchasing an additional 62,113 shares during the period, valued at $44,117,000.
Several other large investors have also adjusted their stakes in General Motors. Golden State Wealth Management LLC purchased a new position in General Motors shares worth approximately $25,000, while Crews Bank & Trust acquired a new stake valued at around $26,000. Compass Planning Associates Inc also purchased a new position worth $27,000. Whittier Trust Co. increased its position by 551.9%, now owning 502 shares worth $27,000. Duncker Streett & Co. Inc. lifted its holdings by 9,960.0%, now owning 503 shares valued at $27,000.
Analyst Ratings and Stock Performance
Various brokerages have issued reports on General Motors. UBS Group reaffirmed a “neutral” rating with a $51.00 target price, down from $64.00. JPMorgan Chase & Co. cut their price objective from $64.00 to $53.00 and set an “overweight” rating. Barclays downgraded General Motors from “overweight” to “negative”. StockNews.com lowered their rating from “buy” to “hold”, while Cowen initiated coverage with a “buy” rating. Currently, five analysts have rated the stock as “sell”, nine as “hold”, and nine as “buy”, with a consensus rating of “Hold” and a price target of $54.83.
Financial Highlights
General Motors stock opened at $45.28 on Thursday, with a 50-day moving average price of $46.82 and a 200-day moving average price of $50.27. The company has a quick ratio of 0.98, a current ratio of 1.13, and a debt-to-equity ratio of 1.38. General Motors reported $2.78 EPS for the quarter, beating analysts’ expectations of $2.63. The company had revenue of $44.02 billion, up 2.3% year-over-year.
Dividend and Share Repurchase
General Motors announced a quarterly dividend of $0.15 per share, payable on June 19th to stockholders of record on June 6th. This represents a $0.60 annualized dividend and a dividend yield of 1.33%. The company also declared a share repurchase program allowing for the reacquisition of up to $6.00 billion in shares.
