5 Stocks to Sell Now According to Billionaire Ken Fisher

2. General Motors Company (NYSE:GM)

Number of Hedge Fund Holders: 75

General Motors Company (NYSE:GM) is the USA’s largest automotive manufacturing company. In Q1 2022, Fisher Asset Management increased its holding in the company by 68% to 9,065 shares worth $397,000. However, the firm closed out the entirety of the stock in Q2 2022.

General Motors Company (NYSE:GM) had previously discontinued dividend payments. On August 19, the company announced the reinstatement of its quarterly dividend at $0.09, payable on September 15 to the shareholders of record on August 31. General Motors Company (NYSE:GM) further announced that it will increase its current share repurchase program to $5 billion from the previous $3.3 billion remaining under the program.

On July 27, Wedbush analyst Daniel Ives maintained an Outperform rating on General Motors Company (NYSE:GM) and lowered the price target to $42 from $50. The analyst added that the company’s Q2 results were mixed and faced tons of supply chain issues. However, Ives noted that the company has a strong EV vision towards the end of the decade.

Here is what Diamond Hill Capital had to say about General Motors Company (NYSE:GM) in its Q1 2022 investor letter:

“General Motors—and the auto industry in general—continues to face headwinds related to supply chain disruptions and raw material cost inflation. In addition, uncertainty surrounding global energy markets due to inflation and the conflict in Ukraine has created a greater economic burden on consumers, which tends to slow automotive sales.”