OneAscent Wealth Management LLC recently acquired 6,998 shares of General Motors (NYSE:GM) (TSE:GMM.U) in the first quarter, as stated in its most recent filing with the SEC. This new stake amounts to approximately $257,000 and reflects a bullish stance toward the auto manufacturer’s stock. Moreover, General Motors recently announced a quarterly dividend. Stockholders of record on June 2nd were paid a dividend of $0.09 per share on June 15th. This indicates an annualized dividend of $0.36 and a dividend yield of 0.98%. The ex-dividend date was on June 1st.
Following recent events at General Motors, analysts have weighed in on their assessments regarding the company’s financial outlooks and future direction. Royal Bank of Canada increased its price objective from $46 to $48 per share in a research note issued last April while Deutsche Bank Aktiengesellschaft reduced its price objective from $37 to $35 per share- this same note was published on the same day as the announcement by Royal Bank of Canada.
Several other high-profile financial analysts have also given their two cents’ worth regarding where they think General Motor shares are headed in the near-term future. Morgan Stanley – one such example- upgraded shares of General Motors from an “equal weight” rating to “overweight”, and lifted their price objective for the company from $35 to $38 per share; whilst Mizuho lowered their price projection from a former level of $39 per share down to $37.
Overall, specialists seem relatively positive about GM’s stock performance albeit several others remained somewhat hesitant – with Barclays reducing their price target prices for its stock down to a mere $42per cent last month! However, Bloomberg reports that GM shares enjoy an average rating among analysts of moderate buy with an average target price hovering around at approximately$49.81. In sum, it remains to be seen what the future holds for General Motors shares, but their recent moves suggest that expansion is likely to ensue in the forthcoming days.
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Institutional Investors Increase or Decrease Stakes in General Motors as CFO Makes Large Stock Purchase
Institutional investors, including Penserra Capital Management LLC, Elequin Securities LLC, Affiance Financial LLC, Focused Wealth Management Inc, and Sittner & Nelson LLC have recently made moves to increase or decrease their stakes in the auto-manufacturing giant General Motors. Penserra Capital raised its holdings in the company by an impressive 85.8% during Q1 of this year and now owns over 600 shares worth $26,000. The other investors mentioned also made significant purchases of GM stock at various times throughout last year and into this year. Institutional investors now own 78.83% of the corporation’s stock.
CFO Paul A. Jacobson also made a splash in the news when he bought 31,000 shares of GM stock on May 19th for a total transaction sum of over $1 million dollars. Following his purchase, Jacobsen now directly holds nearly 187,000 shares in GM valued at over $6 million dollars.
General Motors recently paid out a quarterly dividend to shareholders who were recorded as such on June 2nd which equated to $0.09 per share. This payout ratio represents roughly 5.56% overall.
GM opened on Tuesday priced at just under $37 per share with a market capitalization amounting to over $51 billion dollars.
The company has had some good news earlier this year as they released their latest quarterly earnings report back in April showing an impressive earnings per share (EPS) figure of $2.21 during that quarter alone – surpassing analyst expectations by nearly half a dollar per share ($0.68). They earned roughly $39 billion dollars in revenue with virtually no significant loss reported across the board for any sector within their purview.
As we move through what has so far been an economically challenging period globally due to COVID-19 pandemic concerns it will be important to watch how General Motors specifically as well as other major corporations fare in the market. While investor confidence remains relatively high with General Motors, continued uncertainty regarding the pandemic’s impact on the global economy may cause some cautious approaches to be taken moving forward to ensure positive earnings and returns are able to be maintained overall.