5 Best Lithium Stocks To Buy Now

2. General Motors Company (NYSE:GM)

Number of Hedge Fund Holders: 66

General Motors Company (NYSE:GM) is a prominent multinational automotive corporation engaged in the manufacturing and global sale of trucks, crossovers, cars, and automotive parts and accessories. The company oversees major brands such as Buick, Cadillac, Chevrolet, GMC, Holden, Baojun, and Wuling. In August of 2023, General Motors Company (NYSE:GM) announced its leadership in a $60 million investment in Mitra Chem, a two-year-old company based in Mountain View, California. Mitra Chem specializes in utilizing artificial intelligence to expedite the development of lithium-ion battery materials. This collaboration aims to assist GM in advancing iron-based cathode active materials, including lithium manganese iron phosphate (LMFP), for potential use in some of GM’s next-generation Ultium batteries post-2025.

In Q3 2023, General Motors Company (NYSE:GM) showcased a robust quarterly performance. Its revenue experienced a 5% year-over-year increase, reaching $44.1 billion, while net income, although down by 7% year-over-year, amounted to $3.1 billion. The company surpassed consensus estimates for EPS by $0.37, reporting quarterly figures of $2.20. Following the earnings release, RBC Capital analyst Tom Narayan increased the price target for General Motors Company (NYSE:GM) shares to $48 from $47, maintaining an ‘Outperform’ rating.

By the close of the third quarter of this year, 68 out of 910 hedge funds tracked by Insider Monkey’s database had also invested in General Motors Company (NYSE:GM) shares. The largest investor is Natixis Global Asset Management’s Harris Associates, with a substantial $1.17 billion investment.

Patient Capital Opportunity Equity Strategy made the following comment about General Motors Company (NYSE:GM) in its Q2 2023 investor letter:

“We like other names mostly ignored by the market for similar reasons. Names like Expedia (EXPE), General Motors Company (NYSE:GM), and Delta Air Lines. These companies have strong returns on capital (14%+), good competitive positions, cheap valuations (all double-digit free cash flow yields), and are returning capital to shareholders. We trust the managements to take advantage of their depressed stock prices and create long-term shareholder value.”