The Manufacturers Life Insurance Company Lowers Stock Holdings in General Motors (NYSE:GM)

The Manufacturers Life Insurance Company lessened its holdings in shares of General Motors (NYSE:GM) (TSE:GMM.U) by 4.7% during the third quarter, HoldingsChannel reports. The firm owned 766,071 shares of the auto manufacturer’s stock after selling 37,786 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in General Motors were worth $34,351,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the business. Chicago Partners Investment Group LLC increased its stake in General Motors by 15.9% in the third quarter. Chicago Partners Investment Group LLC now owns 11,382 shares of the auto manufacturer’s stock valued at $510,000 after purchasing an additional 1,559 shares during the last quarter. Donald Smith & CO. Inc. grew its holdings in General Motors by 12.1% in the 3rd quarter. Donald Smith & CO. Inc. now owns 1,629,573 shares of the auto manufacturer’s stock valued at $73,070,000 after buying an additional 175,860 shares during the period. Foster & Motley Inc. lifted its holdings in shares of General Motors by 121.5% during the 3rd quarter. Foster & Motley Inc. now owns 47,169 shares of the auto manufacturer’s stock worth $2,115,000 after acquiring an additional 25,869 shares during the period. Stoneridge Investment Partners LLC boosted its position in shares of General Motors by 115.1% in the third quarter. Stoneridge Investment Partners LLC now owns 178,443 shares of the auto manufacturer’s stock worth $8,001,000 after acquiring an additional 95,484 shares during the last quarter. Finally, Olstein Capital Management L.P. grew its holdings in General Motors by 14.9% in the third quarter. Olstein Capital Management L.P. now owns 162,000 shares of the auto manufacturer’s stock valued at $7,264,000 after purchasing an additional 21,000 shares during the period. Institutional investors and hedge funds own 92.67% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have weighed in on GM shares. Royal Bank of Canada increased their price target on shares of General Motors from $58.00 to $65.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 23rd. DZ Bank downgraded General Motors from a “buy” rating to a “hold” rating and set a $49.00 price target for the company. in a research report on Friday, October 11th. Morgan Stanley lowered General Motors from an “equal weight” rating to an “underweight” rating and reduced their price objective for the company from $47.00 to $42.00 in a research note on Wednesday, September 25th. Wolfe Research began coverage on shares of General Motors in a research report on Thursday, September 5th. They set a “peer perform” rating for the company. Finally, The Goldman Sachs Group lifted their price target on shares of General Motors from $53.00 to $61.00 and gave the company a “buy” rating in a research report on Tuesday, October 1st. Four analysts have rated the stock with a sell rating, seven have issued a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $56.92.

Insider Activity at General Motors

In other General Motors news, CEO Mary T. Barra sold 506,824 shares of General Motors stock in a transaction on Wednesday, October 23rd. The shares were sold at an average price of $53.33, for a total value of $27,028,923.92. Following the completion of the transaction, the chief executive officer now owns 694,548 shares of the company’s stock, valued at $37,040,244.84. The trade was a 42.19 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Rory Harvey sold 8,919 shares of the stock in a transaction on Monday, November 25th. The stock was sold at an average price of $60.01, for a total transaction of $535,229.19. Following the sale, the executive vice president now directly owns 8,513 shares in the company, valued at $510,865.13. This trade represents a 51.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,030,475 shares of company stock valued at $56,509,286 over the last three months. 0.72% of the stock is owned by insiders.

General Motors Trading Up 0.2 %

Shares of GM opened at $55.62 on Friday. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.03 and a current ratio of 1.21. General Motors has a one year low of $31.52 and a one year high of $61.24. The stock has a 50-day moving average price of $51.56 and a 200 day moving average price of $48.06. The company has a market capitalization of $61.16 billion, a P/E ratio of 5.93, a P/E/G ratio of 0.42 and a beta of 1.40.

General Motors (NYSE:GM) (TSE:GMM.U) last issued its quarterly earnings results on Tuesday, October 22nd. The auto manufacturer reported $2.96 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.49 by $0.47. General Motors had a net margin of 6.06% and a return on equity of 16.30%. The business had revenue of $48.76 billion during the quarter, compared to analyst estimates of $44.67 billion. During the same quarter in the previous year, the firm earned $2.28 earnings per share. The business’s revenue was up 10.5% compared to the same quarter last year. Sell-side analysts forecast that General Motors will post 10.35 EPS for the current fiscal year.

General Motors Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 19th. Investors of record on Friday, December 6th will be paid a $0.12 dividend. The ex-dividend date of this dividend is Friday, December 6th. This represents a $0.48 dividend on an annualized basis and a yield of 0.86%. General Motors’s dividend payout ratio (DPR) is 5.12%.

About General Motors

General Motors Company designs, builds, and sells trucks, crossovers, cars, and automobile parts; and provide software-enabled services and subscriptions worldwide. The company operates through GM North America, GM International, Cruise, and GM Financial segments. It markets its vehicles primarily under the Buick, Cadillac, Chevrolet, GMC, Baojun, and Wuling brand names.