CIBC Asset Management Inc Boosts Holdings in General Motors (NYSE:GM)

CIBC Asset Management Inc lifted its position in shares of General Motors (NYSE:GM) (TSE:GMM.U) by 8.0% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 170,693 shares of the auto manufacturer’s stock after buying an additional 12,649 shares during the quarter. CIBC Asset Management Inc’s holdings in General Motors were worth $7,654,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. SJS Investment Consulting Inc. grew its holdings in shares of General Motors by 34.5% during the second quarter. SJS Investment Consulting Inc. now owns 792 shares of the auto manufacturer’s stock worth $37,000 after buying an additional 203 shares in the last quarter. Allworth Financial LP grew its holdings in General Motors by 2.3% in the third quarter. Allworth Financial LP now owns 9,184 shares of the auto manufacturer’s stock valued at $412,000 after purchasing an additional 205 shares during the period. Fortitude Family Office LLC grew its holdings in General Motors by 56.1% in the second quarter. Fortitude Family Office LLC now owns 626 shares of the auto manufacturer’s stock valued at $29,000 after purchasing an additional 225 shares during the period. SeaCrest Wealth Management LLC grew its holdings in General Motors by 3.5% in the second quarter. SeaCrest Wealth Management LLC now owns 6,804 shares of the auto manufacturer’s stock valued at $316,000 after purchasing an additional 227 shares during the period. Finally, Institute for Wealth Management LLC. grew its holdings in General Motors by 0.6% in the second quarter. Institute for Wealth Management LLC. now owns 36,624 shares of the auto manufacturer’s stock valued at $1,702,000 after purchasing an additional 230 shares during the period. 92.67% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on GM shares. JPMorgan Chase & Co. boosted their target price on shares of General Motors from $64.00 to $70.00 and gave the company an “overweight” rating in a report on Wednesday, October 23rd. Morgan Stanley downgraded shares of General Motors from an “equal weight” rating to an “underweight” rating and lowered their target price for the company from $47.00 to $42.00 in a report on Wednesday, September 25th. Nomura downgraded shares of General Motors from a “neutral” rating to a “reduce” rating and set a $34.00 target price for the company. in a report on Monday, August 5th. UBS Group lifted their price target on shares of General Motors from $58.00 to $62.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Finally, Nomura Securities raised shares of General Motors to a “strong sell” rating in a research report on Monday, August 5th. Four investment analysts have rated the stock with a sell rating, seven have given a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, General Motors currently has an average rating of “Hold” and an average target price of $56.92.

General Motors Trading Down 1.0 %

GM opened at $57.04 on Monday. The stock has a market capitalization of $62.72 billion, a PE ratio of 6.08, a P/E/G ratio of 0.43 and a beta of 1.40. The firm’s fifty day moving average price is $49.72 and its 200 day moving average price is $47.32. 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 has a 12-month low of $27.42 and a 12-month high of $59.39.

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

General Motors Dividend Announcement

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 issued a $0.12 dividend. The ex-dividend date is Friday, December 6th. This represents a $0.48 annualized dividend and a yield of 0.84%. General Motors’s dividend payout ratio is presently 5.12%.

Insider Activity at General Motors

In other General Motors news, CEO Mary T. Barra sold 506,824 shares of the business’s stock in a transaction on Wednesday, October 23rd. The shares were 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 owns 694,548 shares in the company, 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 Securities & Exchange Commission, which is available at this link. Also, EVP Rory Harvey sold 2,302 shares of the business’s stock in a transaction on Friday, August 23rd. The shares were 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 of the company’s stock, valued at approximately $489,942.36. The trade was a 18.19 % 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. Corporate insiders own 0.72% of the company’s stock.

General Motors 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.