Jennison Associates LLC Sells 868,757 Shares of General Motors (NYSE:GM)

Jennison Associates LLC lessened its holdings in General Motors (NYSE:GM) (TSE:GMM.U) by 38.4% during the fourth quarter, HoldingsChannel.com reports. The fund owned 1,391,039 shares of the auto manufacturer’s stock after selling 868,757 shares during the period. Jennison Associates LLC’s holdings in General Motors were worth $49,966,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of GM. Highlander Capital Management LLC bought a new stake in shares of General Motors during the fourth quarter worth about $27,000. SouthState Corp grew its holdings in shares of General Motors by 173.8% during the third quarter. SouthState Corp now owns 764 shares of the auto manufacturer’s stock worth $25,000 after purchasing an additional 485 shares during the last quarter. Tennessee Valley Asset Management Partners bought a new stake in shares of General Motors during the fourth quarter worth about $36,000. BluePath Capital Management LLC bought a new stake in shares of General Motors during the third quarter worth about $33,000. Finally, Venturi Wealth Management LLC grew its holdings in shares of General Motors by 74.6% during the fourth quarter. Venturi Wealth Management LLC now owns 1,229 shares of the auto manufacturer’s stock worth $44,000 after purchasing an additional 525 shares during the last quarter. Institutional investors own 92.67% of the company’s stock.

Insider Transactions at General Motors

In other news, EVP Julian G. Blissett sold 13,826 shares of the company’s stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $38.24, for a total transaction of $528,706.24. Following the transaction, the executive vice president now directly owns 87,567 shares of the company’s stock, valued at $3,348,562.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, EVP Julian G. Blissett sold 13,826 shares of the company’s stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $38.24, for a total transaction of $528,706.24. Following the completion of the sale, the executive vice president now owns 87,567 shares in the company, valued at $3,348,562.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Gerald Johnson sold 27,122 shares of the company’s stock in a transaction on Thursday, March 28th. The stock was sold at an average price of $45.26, for a total value of $1,227,541.72. Following the sale, the executive vice president now owns 71,506 shares of the company’s stock, valued at approximately $3,236,361.56. The disclosure for this sale can be found here. Insiders have sold 86,248 shares of company stock valued at $3,614,078 over the last ninety days. 0.54% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of research firms recently commented on GM. Deutsche Bank Aktiengesellschaft lifted their price objective on General Motors from $44.00 to $50.00 and gave the stock a “hold” rating in a research note on Tuesday. Morgan Stanley lifted their price objective on General Motors from $43.00 to $46.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 10th. Barclays lifted their price objective on General Motors from $50.00 to $55.00 and gave the stock an “overweight” rating in a research note on Thursday, April 11th. The Goldman Sachs Group lifted their price objective on General Motors from $45.00 to $50.00 and gave the stock a “buy” rating in a research note on Wednesday, January 31st. Finally, TheStreet raised General Motors from a “c+” rating to a “b-” rating in a research note on Tuesday, March 19th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $52.52.

General Motors Price Performance

Shares of GM opened at $45.10 on Wednesday. General Motors has a 52-week low of $26.30 and a 52-week high of $46.04. The company has a debt-to-equity ratio of 1.21, a quick ratio of 0.90 and a current ratio of 1.08. The business’s 50 day moving average price is $41.86 and its two-hundred day moving average price is $36.06. The firm has a market cap of $52.06 billion, a PE ratio of 6.17, a price-to-earnings-growth ratio of 0.51 and a beta of 1.51.

General Motors (NYSE:GM) (TSE:GMM.U) last issued its earnings results on Tuesday, April 23rd. The auto manufacturer reported $2.62 earnings per share for the quarter, topping analysts’ consensus estimates of $2.02 by $0.60. General Motors had a return on equity of 14.34% and a net margin of 5.89%. The company had revenue of $43.01 billion for the quarter, compared to analyst estimates of $41.09 billion. During the same period in the prior year, the firm earned $2.21 earnings per share. General Motors’s revenue for the quarter was up 7.6% on a year-over-year basis. On average, equities analysts anticipate that General Motors will post 9.12 EPS for the current year.

General Motors Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 20th. Stockholders of record on Friday, June 7th will be given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.06%. The ex-dividend date of this dividend is Friday, June 7th. General Motors’s payout ratio is 6.57%.

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.