Hedge fund Worldquant Millennium Quantitative Strategies LLC bought a substantial stake in General Motors during the second quarter, according to the firm’s most recent disclosures with the Securities and Exchange Commission (SEC).
The fund purchased 143,909 shares of GM stock valued at roughly $5,670,000.
Worldquant wasn’t the only hedge fund to have increased its position in The General, as other funds have done so as well, including:
- Reliance Trust Co. of Delaware increased its position in GM by 17.5 percent during Q2. It now owns 9,679 GM shares $382,000 after buying an additional 1,439 shares in the last quarter.
- BKD Wealth Advisors LLC increased its holdings in GM by 1,445 percent during Q1. It now owns 78,623 GM shares valued at $2,857,000.
- Stellar Capital Management LLC increased its holdings in General Motors by 1,555 shares during the second quarter. It now owns 52,472 GM shares valued at $2,067,000.
- NEXT Financial Group Inc boosted its holdings in GM by 1,647 shares in the first quarter. It now owns 19,145 GM shares valued at $696,000.
- Affiance Financial LLC increased its position in General Motors by 1,693 shares during the second quarter. It now owns 16,270 GM shares valued at $641,000.
Notably, over 75.22 percent of GM stock is owned by institutional investors and hedge funds.
Since the Initial Public Offering (IPO) of the new GM in November 2010, the automaker has been doing its best to increase its share price. The firm has left unprofitable markets, divested of loss-making divisions, made adjustments to its business model in order to prioritize profit over market share, and also invested heavily into new-age mobility ventures such as electric and autonomous vehicles. However, GM stock continues to float around its yearly low, despite an occasional rally.