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Is General Motors Company (GM) Well Positioned in the Market?

Soumya Eswaran
·2-min read

Diamond Hill Capital, an investment management company, released its “Large Cap Strategy” first-quarter 2024 investor letter.  A copy of the letter can be downloaded here. Markets rose significantly in the first quarter of 2024, providing positive returns across most regions and countries. The strategy outperformed the Russell 1000 Index in Q1 and returned 10.64% (net) vs 10.30% for the index. In addition, you can check the top 5 holdings of the strategy to know its best picks in 2024.

Diamond Hill Large Cap Strategy highlighted stocks like General Motors Company (NYSE:GM) in the first quarter 2024 investor letter. General Motors Company (NYSE:GM) designs, builds, and sells automobiles and automobile parts; and provides software-enabled services and subscriptions. General Motors Company's (NYSE:GM) one-month return was 1.02%, and its shares gained 29.80% of their value over the last 52 weeks. On June 3, 2024, General Motors Company (NYSE:GM) stock closed at $45.74 per share with a market capitalization of $52.161 billion.

Diamond Hill Large Cap Strategy stated the following regarding General Motors Company (NYSE:GM) in its first quarter 2024 investor letter:

"Other top contributors included Allstate, Caterpillar and General Motors Company (NYSE:GM). Automobile manufacturer General Motors continues capitalizing on the shift to electric vehicles (EVs) while maintaining the strength of its core gas-engine truck and SUV business. Though it has experienced some setbacks — such as needing to roll back its Cruise driverless car project — we believe the company remains well-positioned relative to secular tailwinds within the automobile business."

Photo by carlos aranda on Unsplash

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General Motors Company (NYSE:GM) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 78 hedge fund portfolios held General Motors Company (NYSE:GM) at the end of the first quarter which was 83 in the previous quarter. General Motors Company's (NYSE:GM) overall revenue increased by 8% in the first quarter to $43 billion driven by increased wholesale volumes in North America.

In another article, we discussed General Motors Company (NYSE:GM) and shared the list of best cheap stocks to buy for 2024.  In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.

If you are looking for an AI stock that is as promising as Microsoft but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: Michael Burry Is Selling These Stocks and A New Dawn Is Coming to US Stocks.

Disclosure: None. This article is originally published at Insider Monkey.