CI Investments Inc. Acquires 122,750 Shares of General Motors (NYSE:GM)

Posted by Maddie Sorensen on Feb 23rd, 2021 // Comments off

CI Investments Inc. raised its stake in General Motors (NYSE:GM) (TSE:GMM.U) by 10.2% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 1,329,855 shares of the auto manufacturer’s stock after acquiring an additional 122,750 shares during the period. CI Investments Inc.’s holdings in General Motors were worth $55,375,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Global Trust Asset Management LLC lifted its position in General Motors by 4,715.4% in the 4th quarter. Global Trust Asset Management LLC now owns 626 shares of the auto manufacturer’s stock valued at $26,000 after acquiring an additional 613 shares in the last quarter. Jeppson Wealth Management LLC bought a new position in General Motors during the 3rd quarter worth about $27,000. Danda Trouve Investment Management Inc. increased its holdings in General Motors by 1,200.0% during the 4th quarter. Danda Trouve Investment Management Inc. now owns 650 shares of the auto manufacturer’s stock worth $27,000 after purchasing an additional 600 shares in the last quarter. DB Wealth Management Group LLC bought a new stake in shares of General Motors in the fourth quarter valued at about $27,000. Finally, Highlander Capital Management LLC bought a new stake in shares of General Motors in the third quarter valued at about $30,000. Institutional investors own 77.70% of the company’s stock.

A number of research firms recently issued reports on GM. The Goldman Sachs Group reiterated a “buy” rating and set a $52.00 price objective on shares of General Motors in a report on Thursday, December 3rd. Benchmark lifted their price objective on shares of General Motors from $47.00 to $51.00 and gave the company a “buy” rating in a report on Monday, December 21st. TheStreet upgraded shares of General Motors from a “c+” rating to a “b” rating in a report on Wednesday, February 10th. JPMorgan Chase & Co. lifted their price target on shares of General Motors from $44.00 to $46.00 and gave the company an “overweight” rating in a research note on Friday, November 6th. Finally, Barclays increased their price objective on shares of General Motors from $56.00 to $64.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 9th. They noted that the move was a valuation call. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $54.95.

In other General Motors news, EVP Stephen K. Carlisle sold 10,217 shares of General Motors stock in a transaction dated Wednesday, December 23rd. The shares were sold at an average price of $42.85, for a total value of $437,798.45. Following the completion of the sale, the executive vice president now owns 65,626 shares in the company, valued at approximately $2,812,074.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Craig B. Glidden sold 454,187 shares of the business’s stock in a transaction dated Thursday, December 10th. The shares were sold at an average price of $43.14, for a total transaction of $19,593,627.18. Following the completion of the sale, the executive vice president now directly owns 441,686 shares of the company’s stock, valued at approximately $19,054,334.04. The disclosure for this sale can be found here. Insiders sold a total of 643,604 shares of company stock valued at $28,348,245 over the last 90 days. 0.65% of the stock is currently owned by corporate insiders.

Shares of GM stock opened at $51.98 on Tuesday. General Motors has a 52 week low of $14.32 and a 52 week high of $57.05. The company has a market capitalization of $74.90 billion, a price-to-earnings ratio of 23.31, a PEG ratio of 0.85 and a beta of 1.42. The company has a 50-day simple moving average of $51.06 and a 200 day simple moving average of $39.44. The company has a debt-to-equity ratio of 1.70, a quick ratio of 0.97 and a current ratio of 1.11.

General Motors (NYSE:GM) (TSE:GMM.U) last issued its quarterly earnings data on Tuesday, February 9th. The auto manufacturer reported $1.93 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.60 by $0.33. The firm had revenue of $37.50 billion during the quarter, compared to the consensus estimate of $36.34 billion. General Motors had a net margin of 2.92% and a return on equity of 9.78%. The business’s revenue for the quarter was up 21.7% compared to the same quarter last year. During the same period last year, the business posted $0.05 earnings per share. Sell-side analysts forecast that General Motors will post 4.68 EPS for the current year.

About General Motors

General Motors Company designs, builds, and sells cars, trucks, crossovers, and automobile parts 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, Holden, Baojun, and Wuling brand names.

CI Investments Inc. Acquires 122,750 Shares of General Motors (NYSE:GM)

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