Kovitz Investment Group Partners LLC Decreases Stake in General Motors (NYSE:GM)

Kovitz Investment Group Partners LLC lessened its stake in shares of General Motors (NYSE:GM) (TSE:GMM.U) by 71.9% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 448,910 shares of the auto manufacturer’s stock after selling 1,150,250 shares during the period. Kovitz Investment Group Partners LLC’s holdings in General Motors were worth $19,098,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Hotchkis & Wiley Capital Management LLC lifted its position in General Motors by 6.1% during the third quarter. Hotchkis & Wiley Capital Management LLC now owns 17,278,448 shares of the auto manufacturer’s stock valued at $774,766,000 after purchasing an additional 989,750 shares during the period. Bank of New York Mellon Corp boosted its stake in shares of General Motors by 1.1% in the second quarter. Bank of New York Mellon Corp now owns 12,951,561 shares of the auto manufacturer’s stock worth $601,730,000 after buying an additional 135,717 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in General Motors by 9.2% during the second quarter. Dimensional Fund Advisors LP now owns 12,922,021 shares of the auto manufacturer’s stock worth $600,291,000 after acquiring an additional 1,091,137 shares during the period. Diamond Hill Capital Management Inc. lifted its holdings in General Motors by 3.9% in the third quarter. Diamond Hill Capital Management Inc. now owns 11,113,063 shares of the auto manufacturer’s stock valued at $498,310,000 after acquiring an additional 421,989 shares during the period. Finally, LSV Asset Management boosted its position in General Motors by 2.6% in the 2nd quarter. LSV Asset Management now owns 8,847,440 shares of the auto manufacturer’s stock worth $411,052,000 after purchasing an additional 223,260 shares in the last quarter. Hedge funds and other institutional investors own 92.67% of the company’s stock.

General Motors Price Performance

Shares of GM opened at $53.39 on Friday. The firm has a 50-day simple moving average of $52.12 and a two-hundred day simple moving average of $48.29. The stock has a market cap of $58.71 billion, a PE ratio of 5.69, a P/E/G ratio of 0.40 and a beta of 1.42. General Motors has a 1-year low of $32.81 and a 1-year high of $61.24. The company has a debt-to-equity ratio of 1.24, a current ratio of 1.21 and a quick ratio of 1.03.

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

General Motors Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 19th. Shareholders of record on Friday, December 6th will be paid a dividend of $0.12 per share. 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 0.90%. General Motors’s dividend payout ratio (DPR) is presently 5.12%.

Wall Street Analyst Weigh In

Several research firms recently commented on GM. Wells Fargo & Company raised their price target on shares of General Motors from $33.00 to $38.00 and gave the company an “underweight” rating in a research report on Wednesday, October 23rd. Wolfe Research started coverage on shares of General Motors in a research report on Thursday, September 5th. They issued a “peer perform” rating on the stock. UBS Group upped their price target on shares of General Motors from $58.00 to $62.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Morgan Stanley lowered General Motors from an “equal weight” rating to an “underweight” rating and cut their price objective for the stock from $47.00 to $42.00 in a research note on Wednesday, September 25th. Finally, DZ Bank downgraded General Motors from a “buy” rating to a “hold” rating and set a $49.00 target price on the stock. in a research report on Friday, October 11th. Four investment analysts have rated the stock with a sell rating, seven have given a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, General Motors has an average rating of “Hold” and a consensus target price of $57.74.

Insider Transactions at General Motors

In related news, President Mark L. Reuss sold 122,283 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $55.16, for a total value of $6,745,130.28. Following the sale, the president now owns 126,907 shares of the company’s stock, valued at $7,000,190.12. This trade represents a 49.07 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Craig B. Glidden sold 383,142 shares of the business’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $56.63, for a total transaction of $21,697,331.46. Following the transaction, the executive vice president now owns 122,465 shares of the company’s stock, valued at $6,935,192.95. This trade represents a 75.78 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,030,475 shares of company stock valued at $56,509,286. 0.72% of the stock is currently owned by corporate insiders.

General Motors Company Profile

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.