5 Best Car Stocks To Buy Right Now

1. General Motors Company (NYSE:GM)

Number of Hedge Fund Holders: 83

General Motors Company (NYSE:GM) is a global automotive company that designs, manufactures, and sells trucks, crossovers, cars, and automotive parts. The company operates through GM North America, GM International, Cruise, and GM Financial segments. It is one of the best auto stocks to invest in. On January 29, General Motors Company (NYSE:GM) declared a $0.12 per share quarterly dividend, a 33% increase from its prior dividend of $0.09. The dividend is payable on March 14, to shareholders on record as of March 1. 

According to Insider Monkey’s fourth quarter database, 83 hedge funds were bullish on General Motors Company (NYSE:GM), up from 66 funds in the last quarter. Harris Associates is the largest stakeholder of the company, with 35.75 million shares worth $1.28 billion. 

Diamond Hill Large Cap Strategy made the following comment about General Motors Company (NYSE:GM) in its Q3 2023 investor letter:

“Several of our bottom contributors were in the consumer area, including auto retailer CarMax and auto manufacturer General Motors Company (NYSE:GM). In general, rising interest rates have priced out a large portion of the population who simply can’t afford to buy a car given where financing costs stand today. These challenges have weighed on both companies. General Motors was also impacted by the UAW strike, which put a damper on the automotive industry in general.”

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