Corebridge Financial Inc. Sells 17,967 Shares of General Motors (NYSE:GM)

Corebridge Financial Inc. decreased its stake in shares of General Motors (NYSE:GM) (TSE:GMM.U) by 6.6% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 252,721 shares of the auto manufacturer’s stock after selling 17,967 shares during the quarter. Corebridge Financial Inc.’s holdings in General Motors were worth $13,462,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in GM. Amundi raised its stake in shares of General Motors by 75.5% during the fourth quarter. Amundi now owns 4,914,256 shares of the auto manufacturer’s stock valued at $250,627,000 after acquiring an additional 2,113,973 shares in the last quarter. ACR Alpine Capital Research LLC lifted its holdings in shares of General Motors by 39.8% in the 4th quarter. ACR Alpine Capital Research LLC now owns 7,397,404 shares of the auto manufacturer’s stock worth $394,060,000 after buying an additional 2,104,528 shares during the period. Raymond James Financial Inc. bought a new position in shares of General Motors during the 4th quarter worth $108,366,000. Caisse DE Depot ET Placement DU Quebec increased its stake in shares of General Motors by 972.6% during the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 2,103,036 shares of the auto manufacturer’s stock valued at $94,300,000 after buying an additional 1,906,964 shares during the period. Finally, National Bank of Canada FI lifted its stake in General Motors by 158.8% in the third quarter. National Bank of Canada FI now owns 2,171,587 shares of the auto manufacturer’s stock worth $97,374,000 after acquiring an additional 1,332,450 shares during the period. 92.67% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Director Alfred F. Kelly, Jr. bought 12,000 shares of General Motors stock in a transaction on Thursday, January 30th. The stock was acquired at an average price of $50.66 per share, with a total value of $607,920.00. Following the completion of the acquisition, the director now directly owns 13,714 shares of the company’s stock, valued at $694,751.24. The trade was a 700.12 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.72% of the stock is currently owned by company insiders.

General Motors Stock Up 2.3 %

GM opened at $52.62 on Wednesday. The company has a fifty day moving average of $49.08 and a two-hundred day moving average of $50.55. The stock has a market capitalization of $52.36 billion, a price-to-earnings ratio of 8.56, a PEG ratio of 0.67 and a beta of 1.42. General Motors has a fifty-two week low of $38.96 and a fifty-two week high of $61.24. The company has a debt-to-equity ratio of 1.38, a quick ratio of 0.98 and a current ratio of 1.13.

General Motors (NYSE:GM) (TSE:GMM.U) last released its quarterly earnings results on Tuesday, January 28th. The auto manufacturer reported $1.92 earnings per share for the quarter, topping analysts’ consensus estimates of $1.75 by $0.17. General Motors had a return on equity of 15.29% and a net margin of 3.21%. On average, research analysts expect that General Motors will post 11.44 earnings per share for the current year.

General Motors Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 20th. Investors of record on Friday, March 7th were issued a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 0.91%. The ex-dividend date of this dividend was Friday, March 7th. General Motors’s payout ratio is presently 7.80%.

General Motors declared that its Board of Directors has authorized a share repurchase plan on Wednesday, February 26th that permits the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization permits the auto manufacturer to reacquire up to 12.5% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.

Analyst Ratings Changes

GM has been the subject of several research reports. The Goldman Sachs Group set a $73.00 price target on shares of General Motors in a research report on Saturday, March 1st. Cowen assumed coverage on General Motors in a report on Thursday, March 6th. They issued a “buy” rating on the stock. TD Cowen assumed coverage on General Motors in a research report on Friday, March 7th. They set a “buy” rating and a $105.00 price objective on the stock. Hsbc Global Res downgraded shares of General Motors from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 11th. Finally, HSBC cut shares of General Motors from a “buy” rating to a “hold” rating and set a $58.00 price target on the stock. in a report on Wednesday, December 11th. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, General Motors has an average rating of “Hold” and a consensus price target of $63.06.

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.