Norges Bank Invests $340.57 Million in General Motors (GM) Stock

Norges Bank acquired a new stake in General Motors (NYSE:GM) (TSE:GMM.U) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm acquired 10,181,488 shares of the auto manufacturer’s stock, valued at approximately $340,570,000. Norges Bank owned approximately 0.72% of General Motors at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Actinver Wealth Management Inc. purchased a new position in General Motors during the fourth quarter valued at approximately $2,643,000. Pin Oak Investment Advisors Inc. lifted its position in General Motors by 12.1% during the fourth quarter. Pin Oak Investment Advisors Inc. now owns 68,871 shares of the auto manufacturer’s stock valued at $2,304,000 after purchasing an additional 7,425 shares during the last quarter. Coldstream Capital Management Inc. lifted its position in General Motors by 34.7% during the fourth quarter. Coldstream Capital Management Inc. now owns 8,945 shares of the auto manufacturer’s stock valued at $299,000 after purchasing an additional 2,305 shares during the last quarter. Kentucky Retirement Systems Insurance Trust Fund bought a new stake in General Motors during the fourth quarter valued at approximately $868,000. Finally, Equitable Trust Co. lifted its position in General Motors by 4.0% during the fourth quarter. Equitable Trust Co. now owns 17,050 shares of the auto manufacturer’s stock valued at $571,000 after purchasing an additional 650 shares during the last quarter. 77.58% of the stock is currently owned by hedge funds and other institutional investors.

In related news, VP Christopher Hatto sold 8,499 shares of the company’s stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $40.00, for a total value of $339,960.00. Following the transaction, the vice president now owns 10,040 shares in the company, valued at approximately $401,600. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Dhivya Suryadevara sold 34,756 shares of the company’s stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $37.40, for a total transaction of $1,299,874.40. Following the completion of the transaction, the chief financial officer now owns 10,741 shares in the company, valued at approximately $401,713.40. The disclosure for this sale can be found here. Over the last three months, insiders have sold 113,521 shares of company stock worth $4,337,346. Insiders own 0.39% of the company’s stock.

General Motors stock traded up $0.31 during mid-day trading on Friday, reaching $40.30. 10,678,039 shares of the company traded hands, compared to its average volume of 6,866,785. The company has a current ratio of 0.92, a quick ratio of 0.80 and a debt-to-equity ratio of 1.71. The company has a market cap of $56.80 billion, a P/E ratio of 6.16, a PEG ratio of 0.70 and a beta of 1.27. General Motors has a 52-week low of $30.56 and a 52-week high of $45.00.

General Motors (NYSE:GM) (TSE:GMM.U) last issued its quarterly earnings data on Wednesday, February 6th. The auto manufacturer reported $1.43 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.21 by $0.22. The business had revenue of $38.40 billion for the quarter, compared to the consensus estimate of $36.31 billion. General Motors had a net margin of 5.45% and a return on equity of 23.99%. The company’s quarterly revenue was up 1.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.65 EPS. Analysts predict that General Motors will post 6.48 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 22nd. Shareholders of record on Friday, March 8th were given a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 3.77%. The ex-dividend date was Thursday, March 7th. General Motors’s payout ratio is currently 23.24%.

Several brokerages have issued reports on GM. Goldman Sachs Group reiterated a “neutral” rating and set a $36.00 target price on shares of General Motors in a research report on Tuesday, March 26th. Zacks Investment Research lowered shares of General Motors from a “strong-buy” rating to a “hold” rating in a report on Wednesday, April 10th. BMO Capital Markets boosted their price objective on shares of General Motors from $41.00 to $47.00 and gave the stock an “outperform” rating in a report on Monday, January 14th. Barclays restated a “buy” rating and issued a $49.00 price objective on shares of General Motors in a report on Monday, January 14th. Finally, Buckingham Research set a $34.00 price objective on shares of General Motors and gave the stock a “hold” rating in a report on Friday, January 11th. Six analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $47.20.

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General Motors Company Profile

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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