Providence Capital Advisors LLC lifted its position in shares of General Motors (NYSE:GM) (TSE:GMM.U) by 9.0% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 28,181 shares of the auto manufacturer’s stock after acquiring an additional 2,332 shares during the quarter. Providence Capital Advisors LLC’s holdings in General Motors were worth $1,024,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in the company. Toronto Dominion Bank raised its position in shares of General Motors by 23.4% during the first quarter. Toronto Dominion Bank now owns 681,772 shares of the auto manufacturer’s stock worth $24,770,000 after acquiring an additional 129,133 shares during the last quarter. Gator Capital Management LLC bought a new stake in shares of General Motors during the first quarter worth $354,000. Advisors Capital Management LLC raised its position in shares of General Motors by 1.7% during the first quarter. Advisors Capital Management LLC now owns 496,364 shares of the auto manufacturer’s stock worth $18,038,000 after acquiring an additional 8,279 shares during the last quarter. Bredin Investment LLC bought a new stake in General Motors in the first quarter valued at about $206,000. Finally, Nippon Life Global Investors Americas Inc. increased its holdings in General Motors by 22.5% in the first quarter. Nippon Life Global Investors Americas Inc. now owns 158,160 shares of the auto manufacturer’s stock valued at $5,748,000 after purchasing an additional 29,010 shares during the last quarter. Institutional investors own 73.09% of the company’s stock.
Shares of General Motors opened at $37.85 on Thursday, MarketBeat reports. General Motors has a 1 year low of $31.92 and a 1 year high of $46.76. The stock has a market capitalization of $53.95 billion, a price-to-earnings ratio of 5.72, a price-to-earnings-growth ratio of 1.09 and a beta of 1.61. The company has a quick ratio of 0.73, a current ratio of 0.86 and a debt-to-equity ratio of 1.96.
The firm also recently declared a quarterly dividend, which will be paid on Friday, June 22nd. Shareholders of record on Friday, June 8th will be issued a $0.38 dividend. The ex-dividend date of this dividend is Thursday, June 7th. This represents a $1.52 annualized dividend and a dividend yield of 4.02%. General Motors’s dividend payout ratio (DPR) is currently 22.96%.
A number of equities research analysts recently commented on the company. Zacks Investment Research upgraded General Motors from a “hold” rating to a “buy” rating and set a $41.00 price objective for the company in a report on Wednesday, May 9th. ValuEngine downgraded General Motors from a “buy” rating to a “hold” rating in a report on Wednesday, May 2nd. Citigroup reiterated a “hold” rating and issued a $70.00 price objective on shares of General Motors in a report on Friday, April 27th. Berenberg Bank set a $34.00 price objective on General Motors and gave the company a “sell” rating in a report on Wednesday, February 7th. Finally, Royal Bank of Canada set a $52.00 price objective on General Motors and gave the company a “buy” rating in a report on Tuesday, February 6th. Two analysts have rated the stock with a sell rating, eleven have given a hold rating and thirteen have issued a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $45.43.
In other news, Director Retiree Medical Benefits T. Uaw sold 40,000,000 shares of the company’s stock in a transaction dated Friday, March 2nd. The stock was sold at an average price of $39.71, for a total transaction of $1,588,400,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Charles K. Stevens III sold 35,000 shares of the company’s stock in a transaction dated Monday, April 2nd. The stock was sold at an average price of $36.10, for a total value of $1,263,500.00. Following the transaction, the insider now directly owns 67,741 shares of the company’s stock, valued at $2,445,450.10. The disclosure for this sale can be found here. 0.39% of the stock is owned by corporate insiders.
About General Motors
General Motors Company, together with its subsidiaries, designs, builds, and sells cars, trucks, crossovers, and automobile parts worldwide. The company operates through GM North America, GM International, and GM Financial segments. It markets its vehicles primarily under the Buick, Cadillac, Chevrolet, GMC, Holden, Baojun, Jiefang, and Wuling brand names.
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