Sumitomo Life Insurance Co. Has $991,000 Position in General Motors (NYSE:GM)

Sumitomo Life Insurance Co. increased its stake in shares of General Motors (NYSE:GM) (TSE:GMM.U) by 3.0% in the third quarter, Holdings Channel.com reports. The firm owned 22,091 shares of the auto manufacturer’s stock after buying an additional 653 shares during the quarter. Sumitomo Life Insurance Co.’s holdings in General Motors were worth $991,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. ACR Alpine Capital Research LLC increased its holdings in shares of General Motors by 8.4% during the first quarter. ACR Alpine Capital Research LLC now owns 6,337,547 shares of the auto manufacturer’s stock worth $287,408,000 after buying an additional 492,693 shares in the last quarter. BDF Gestion bought a new position in General Motors in the second quarter valued at about $2,886,000. Atomi Financial Group Inc. acquired a new stake in shares of General Motors during the first quarter valued at about $244,000. Cetera Investment Advisers grew its holdings in shares of General Motors by 98.5% during the first quarter. Cetera Investment Advisers now owns 330,611 shares of the auto manufacturer’s stock worth $14,993,000 after purchasing an additional 164,083 shares during the last quarter. Finally, HighPoint Advisor Group LLC acquired a new position in shares of General Motors in the fourth quarter valued at approximately $680,000. Institutional investors own 92.67% of the company’s stock.

Insider Transactions at General Motors

In related news, EVP Rory Harvey sold 2,302 shares of the company’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $47.31, for a total transaction of $108,907.62. Following the completion of the sale, the executive vice president now owns 10,356 shares in the company, valued at approximately $489,942.36. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other General Motors news, EVP Rory Harvey sold 2,302 shares of the company’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $47.31, for a total value of $108,907.62. Following the completion of the sale, the executive vice president now directly owns 10,356 shares of the company’s stock, valued at approximately $489,942.36. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Paul A. Jacobson bought 25,000 shares of the company’s stock in a transaction on Friday, July 26th. The shares were purchased at an average cost of $44.11 per share, for a total transaction of $1,102,750.00. Following the transaction, the chief financial officer now owns 261,872 shares in the company, valued at approximately $11,551,173.92. This represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 0.72% of the company’s stock.

Wall Street Analysts Forecast Growth

GM has been the topic of a number of research reports. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $53.00 target price on shares of General Motors in a report on Tuesday, September 10th. JPMorgan Chase & Co. increased their price objective on General Motors from $60.00 to $61.00 and gave the company an “overweight” rating in a report on Wednesday, July 24th. Morgan Stanley downgraded General Motors from an “equal weight” rating to an “underweight” rating and cut their target price for the stock from $47.00 to $42.00 in a report on Wednesday, September 25th. Nomura cut General Motors from a “neutral” rating to a “reduce” rating and set a $34.00 price target for the company. in a research note on Monday, August 5th. Finally, Wolfe Research initiated coverage on General Motors in a research report on Thursday, September 5th. They set a “peer perform” rating for the company. Four investment analysts have rated the stock with a sell rating, seven have given a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $55.35.

General Motors Price Performance

Shares of NYSE:GM opened at $49.00 on Thursday. General Motors has a twelve month low of $26.30 and a twelve month high of $50.50. The stock’s 50 day moving average is $46.76 and its 200-day moving average is $45.87. The company has a quick ratio of 0.99, a current ratio of 1.18 and a debt-to-equity ratio of 1.23. The firm has a market capitalization of $55.90 billion, a price-to-earnings ratio of 5.99, a PEG ratio of 0.56 and a beta of 1.42.

General Motors (NYSE:GM) (TSE:GMM.U) last released its quarterly earnings data on Tuesday, July 23rd. The auto manufacturer reported $3.06 earnings per share for the quarter, beating analysts’ consensus estimates of $2.67 by $0.39. The firm had revenue of $47.97 billion for the quarter, compared to analyst estimates of $45.13 billion. General Motors had a net margin of 6.22% and a return on equity of 15.77%. The business’s quarterly revenue was up 7.2% compared to the same quarter last year. During the same period last year, the firm earned $1.91 earnings per share. Sell-side analysts forecast that General Motors will post 9.95 EPS for the current fiscal year.

General Motors Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 19th. Shareholders of record on Friday, September 6th were issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 0.98%. The ex-dividend date was Friday, September 6th. General Motors’s dividend payout ratio is currently 5.87%.

General Motors Company Profile

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.