Oppenheimer Asset Management Inc. Sells 212,518 Shares of General Motors (NYSE:GM)

Oppenheimer Asset Management Inc. cut its holdings in General Motors (NYSE:GM) (TSE:GMM.U) by 14.9% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,215,830 shares of the auto manufacturer’s stock after selling 212,518 shares during the quarter. General Motors accounts for approximately 0.7% of Oppenheimer Asset Management Inc.’s holdings, making the stock its 24th largest position. Oppenheimer Asset Management Inc. owned approximately 0.11% of General Motors worth $54,518,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in GM. Strategic Investment Solutions Inc. IL bought a new stake in shares of General Motors in the second quarter worth approximately $25,000. Catalyst Capital Advisors LLC bought a new stake in General Motors in the 3rd quarter worth approximately $27,000. Wellington Shields Capital Management LLC purchased a new stake in General Motors during the 2nd quarter valued at $28,000. Fortitude Family Office LLC lifted its holdings in shares of General Motors by 56.1% during the 2nd quarter. Fortitude Family Office LLC now owns 626 shares of the auto manufacturer’s stock valued at $29,000 after buying an additional 225 shares during the period. Finally, EdgeRock Capital LLC purchased a new position in shares of General Motors in the 2nd quarter worth $33,000. 92.67% of the stock is currently owned by hedge funds and other institutional investors.

General Motors Price Performance

NYSE GM traded up $0.88 during trading on Wednesday, hitting $58.29. 830,640 shares of the stock traded hands, compared to its average volume of 14,865,460. The company has a market capitalization of $64.10 billion, a P/E ratio of 6.12, a price-to-earnings-growth ratio of 0.44 and a beta of 1.40. General Motors has a 12-month low of $27.41 and a 12-month high of $58.41. The firm has a 50-day simple moving average of $49.15 and a 200-day simple moving average of $47.06. The company has a quick ratio of 1.03, a current ratio of 1.21 and a debt-to-equity ratio of 1.24.

General Motors (NYSE:GM) (TSE:GMM.U) last released its quarterly 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 net margin of 6.06% and a return on equity of 16.30%. The company had revenue of $48.76 billion for the quarter, compared to the consensus estimate of $44.67 billion. During the same quarter in the prior year, the firm earned $2.28 earnings per share. General Motors’s revenue was up 10.5% on a year-over-year basis. As a group, analysts predict that General Motors will post 10.35 EPS for the current year.

General Motors Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 19th. Investors of record on Friday, December 6th will be given a $0.12 dividend. The ex-dividend date is Friday, December 6th. This represents a $0.48 annualized dividend and a yield of 0.82%. General Motors’s dividend payout ratio is currently 5.12%.

Insiders Place Their Bets

In related news, EVP Rory Harvey sold 2,302 shares of the stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $47.31, for a total transaction of $108,907.62. Following the sale, the executive vice president now owns 10,356 shares in the company, valued at approximately $489,942.36. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, EVP Rory Harvey sold 2,302 shares of General Motors stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $47.31, for a total transaction of $108,907.62. Following the completion of the transaction, the executive vice president now directly owns 10,356 shares of the company’s stock, valued at approximately $489,942.36. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Mary T. Barra sold 506,824 shares of the firm’s stock in a transaction dated Wednesday, October 23rd. The stock was sold at an average price of $53.33, for a total transaction of $27,028,923.92. Following the completion of the sale, the chief executive officer now directly owns 694,548 shares of the company’s stock, valued at approximately $37,040,244.84. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 653,511 shares of company stock valued at $35,012,844 over the last ninety days. 0.72% of the stock is owned by insiders.

Analyst Ratings Changes

A number of analysts recently commented on GM shares. Wells Fargo & Company increased their target price on General Motors from $33.00 to $38.00 and gave the company an “underweight” rating in a report on Wednesday, October 23rd. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $53.00 price objective on shares of General Motors in a research note on Tuesday, September 10th. Nomura Securities upgraded shares of General Motors to a “strong sell” rating in a research report on Monday, August 5th. Nomura downgraded General Motors from a “neutral” rating to a “reduce” rating and set a $34.00 target price on the stock. in a research report on Monday, August 5th. Finally, Barclays raised their price objective on General Motors from $64.00 to $70.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 23rd. Four analysts have rated the stock with a sell rating, seven have assigned a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $56.92.

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.