BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Trims Stock Holdings in General Motors (NYSE:GM)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp cut its holdings in shares of General Motors (NYSE:GM) (TSE:GMM.U) by 13.9% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 190,288 shares of the auto manufacturer’s stock after selling 30,827 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in General Motors were worth $8,533,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Chicago Partners Investment Group LLC raised its holdings 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 acquiring an additional 1,559 shares in the last quarter. Donald Smith & CO. Inc. raised its stake in shares of 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 purchasing an additional 175,860 shares in the last quarter. Foster & Motley Inc. lifted its position in shares of General Motors by 121.5% during the third quarter. Foster & Motley Inc. now owns 47,169 shares of the auto manufacturer’s stock worth $2,115,000 after purchasing an additional 25,869 shares during the last quarter. Stoneridge Investment Partners LLC grew its stake in 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 purchasing an additional 95,484 shares in the last quarter. Finally, Olstein Capital Management L.P. increased 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 buying an additional 21,000 shares during the last quarter. 92.67% of the stock is owned by institutional investors and hedge funds.

General Motors Stock Performance

NYSE:GM opened at $55.59 on Monday. General Motors has a twelve month low of $31.52 and a twelve month high of $61.24. The company has a 50-day moving average of $51.56 and a 200-day moving average of $48.10. The firm has a market cap of $61.13 billion, a price-to-earnings ratio of 5.93, a price-to-earnings-growth ratio of 0.42 and a beta of 1.40. The company has a current ratio of 1.21, a quick ratio of 1.03 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 for the quarter, beating analysts’ consensus estimates of $2.49 by $0.47. The business had revenue of $48.76 billion during the quarter, compared to analyst estimates of $44.67 billion. General Motors had a return on equity of 16.30% and a net margin of 6.06%. General Motors’s revenue for the quarter was up 10.5% on a year-over-year basis. During the same quarter last year, the company posted $2.28 EPS. Analysts forecast that General Motors will post 10.35 earnings per share for the current fiscal year.

General Motors Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 19th. Stockholders 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 dividend on an annualized basis and a dividend yield of 0.86%. General Motors’s payout ratio is currently 5.12%.

Analyst Ratings Changes

A number of research analysts have commented on GM shares. The Goldman Sachs Group increased their target price on General Motors from $53.00 to $61.00 and gave the stock a “buy” rating in a report on Tuesday, October 1st. Royal Bank of Canada lifted their price objective on shares of General Motors from $58.00 to $65.00 and gave the stock an “outperform” rating in a report on Wednesday, October 23rd. Barclays increased their target price on shares of General Motors from $64.00 to $70.00 and gave the stock an “overweight” rating in a report on Wednesday, October 23rd. Nomura lowered shares of General Motors from a “neutral” rating to a “reduce” rating and set a $34.00 price target for the company. in a report on Monday, August 5th. Finally, Wolfe Research began coverage on shares of General Motors in a report on Thursday, September 5th. They issued a “peer perform” rating on the stock. Four investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $56.92.

Insider Transactions at General Motors

In other General Motors news, EVP Rory Harvey sold 9,307 shares of the stock in a transaction that occurred on Wednesday, October 23rd. The shares were sold at an average price of $54.01, for a total value of $502,671.07. Following the completion of the sale, the executive vice president now owns 8,513 shares in the company, valued at $459,787.13. This represents a 52.23 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Mary T. Barra sold 506,824 shares of the company’s stock in a transaction on 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 transaction, the chief executive officer now directly owns 694,548 shares in the company, valued at $37,040,244.84. This trade represents a 42.19 % 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 quarter. Company insiders own 0.72% of the company’s stock.

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.