Sumitomo Life Insurance Co. Sells 699 Shares of General Motors (NYSE:GM)

Sumitomo Life Insurance Co. reduced its stake in shares of General Motors (NYSE:GM) (TSE:GMM.U) by 3.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 21,392 shares of the auto manufacturer’s stock after selling 699 shares during the period. Sumitomo Life Insurance Co.’s holdings in General Motors were worth $1,140,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Creative Planning raised its holdings in General Motors by 36.2% in the 2nd quarter. Creative Planning now owns 190,247 shares of the auto manufacturer’s stock worth $8,839,000 after acquiring an additional 50,543 shares during the period. NewEdge Advisors LLC increased its stake in shares of General Motors by 51.3% in the second quarter. NewEdge Advisors LLC now owns 32,915 shares of the auto manufacturer’s stock worth $1,529,000 after purchasing an additional 11,164 shares during the period. Strategic Investment Solutions Inc. IL acquired a new position in shares of General Motors during the 2nd quarter worth about $25,000. Sanctuary Advisors LLC bought a new stake in General Motors during the 2nd quarter valued at approximately $13,924,000. Finally, Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in General Motors in the 2nd quarter valued at approximately $1,580,000. Institutional investors and hedge funds own 92.67% of the company’s stock.

Insiders Place Their Bets

In other General Motors news, EVP Rory Harvey sold 8,919 shares of the stock in a transaction on Monday, November 25th. The stock was sold at an average price of $60.01, for a total value of $535,229.19. Following the transaction, the executive vice president now directly owns 8,513 shares in the company, valued at approximately $510,865.13. This trade represents a 51.16 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Craig B. Glidden sold 383,142 shares of the business’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $56.63, for a total value of $21,697,331.46. Following the sale, the executive vice president now owns 122,465 shares of the company’s stock, valued at approximately $6,935,192.95. The trade was a 75.78 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 514,344 shares of company stock valued at $28,977,691 in the last 90 days. 0.72% of the stock is currently owned by insiders.

General Motors Stock Performance

NYSE GM opened at $49.85 on Thursday. General Motors has a 1-year low of $37.40 and a 1-year high of $61.24. The company has a 50 day moving average of $53.04 and a 200-day moving average of $49.95. The company has a current ratio of 1.21, a quick ratio of 1.03 and a debt-to-equity ratio of 1.24. The firm has a market cap of $54.82 billion, a price-to-earnings ratio of 5.31, a PEG ratio of 0.38 and a beta of 1.42.

General Motors (NYSE:GM) (TSE:GMM.U) last released its quarterly earnings results on Tuesday, January 28th. The auto manufacturer reported $1.92 EPS for the quarter, topping analysts’ consensus estimates of $1.75 by $0.17. General Motors had a return on equity of 16.30% and a net margin of 6.06%. On average, equities analysts forecast that General Motors will post 10.34 earnings per share for the current fiscal year.

General Motors Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 20th. Investors of record on Friday, March 7th will be given a dividend of $0.12 per share. The ex-dividend date of this dividend is Friday, March 7th. This represents a $0.48 annualized dividend and a yield of 0.96%. General Motors’s dividend payout ratio (DPR) is 5.12%.

Analyst Ratings Changes

GM has been the subject of several research reports. StockNews.com raised General Motors from a “hold” rating to a “buy” rating in a research report on Tuesday. Sanford C. Bernstein increased their price target on shares of General Motors from $53.00 to $55.00 and gave the company a “market perform” rating in a report on Friday, October 25th. Mizuho boosted their price objective on shares of General Motors from $59.00 to $62.00 and gave the stock an “outperform” rating in a report on Monday, December 9th. Morgan Stanley upgraded shares of General Motors from an “underweight” rating to an “equal weight” rating and increased their target price for the company from $46.00 to $54.00 in a research note on Tuesday, December 10th. Finally, JPMorgan Chase & Co. boosted their price target on General Motors from $64.00 to $70.00 and gave the company an “overweight” rating in a research note on Wednesday, October 23rd. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, General Motors has an average rating of “Hold” and an average price target of $61.28.

General Motors 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.