NFJ Investment Group LLC Trims Stake in General Motors (NYSE:GM)

NFJ Investment Group LLC reduced its position in shares of General Motors (NYSE:GM) (TSE:GMM.U) by 1.4% in the third quarter, Holdings Channel reports. The firm owned 31,940 shares of the auto manufacturer’s stock after selling 469 shares during the period. NFJ Investment Group LLC’s holdings in General Motors were worth $1,432,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in GM. IHT Wealth Management LLC grew its position in General Motors by 79.2% in the third quarter. IHT Wealth Management LLC now owns 15,136 shares of the auto manufacturer’s stock worth $679,000 after acquiring an additional 6,689 shares in the last quarter. Jacobs Levy Equity Management Inc. grew its position in General Motors by 6.6% in the third quarter. Jacobs Levy Equity Management Inc. now owns 5,798,131 shares of the auto manufacturer’s stock worth $259,988,000 after acquiring an additional 358,507 shares in the last quarter. Hotchkis & Wiley Capital Management LLC grew its position in General Motors by 6.1% in the third quarter. Hotchkis & Wiley Capital Management LLC now owns 17,278,448 shares of the auto manufacturer’s stock worth $774,766,000 after acquiring an additional 989,750 shares in the last quarter. Cinctive Capital Management LP grew its position in General Motors by 1,325.3% in the third quarter. Cinctive Capital Management LP now owns 180,718 shares of the auto manufacturer’s stock worth $8,103,000 after acquiring an additional 168,039 shares in the last quarter. Finally, Coastwise Capital Group LLC grew its position in General Motors by 18.9% in the third quarter. Coastwise Capital Group LLC now owns 15,007 shares of the auto manufacturer’s stock worth $673,000 after acquiring an additional 2,382 shares in the last quarter. 92.67% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, President Mark L. Reuss sold 122,283 shares of the stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $55.16, for a total transaction of $6,745,130.28. Following the sale, the president now owns 126,907 shares in the company, valued at $7,000,190.12. This represents a 49.07 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Rory Harvey sold 8,919 shares of the stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $60.01, for a total transaction of $535,229.19. Following the sale, the executive vice president now owns 8,513 shares in the company, valued at approximately $510,865.13. The trade was a 51.16 % 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 worth $56,509,286. 0.72% of the stock is currently owned by company insiders.

General Motors Price Performance

Shares of NYSE GM opened at $53.36 on Thursday. General Motors has a 1 year low of $32.66 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. The company’s 50-day moving average is $51.97 and its 200 day moving average is $48.26. The stock has a market capitalization of $58.67 billion, a P/E ratio of 5.69, a P/E/G ratio of 0.42 and a beta of 1.42.

General Motors (NYSE:GM) (TSE:GMM.U) last announced 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. 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 analysts’ expectations of $44.67 billion. During the same quarter in the previous year, the company earned $2.28 earnings per share. General Motors’s quarterly revenue was up 10.5% on a year-over-year basis. On average, sell-side analysts expect that General Motors will post 10.35 earnings per share for the current year.

General Motors Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 19th. Shareholders of record on Friday, December 6th will be issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 0.90%. The ex-dividend date of this dividend is Friday, December 6th. General Motors’s dividend payout ratio (DPR) is presently 5.12%.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on GM shares. Morgan Stanley lowered shares of General Motors from an “equal weight” rating to an “underweight” rating and cut their target price for the stock from $47.00 to $42.00 in a research report on Wednesday, September 25th. The Goldman Sachs Group upped their target price on shares of General Motors from $53.00 to $61.00 and gave the stock a “buy” rating in a research report on Tuesday, October 1st. JPMorgan Chase & Co. upped their target price on shares of General Motors from $64.00 to $70.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 23rd. Sanford C. Bernstein boosted their price target on shares of General Motors from $53.00 to $55.00 and gave the stock a “market perform” rating in a research note on Friday, October 25th. Finally, Royal Bank of Canada boosted 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. Four investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $57.74.

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.