General Motors (NYSE:GM) Shares Sold by Patten & Patten Inc. TN

Patten & Patten Inc. TN lowered its stake in General Motors (NYSE:GM) (TSE:GMM.U) by 25.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 32,097 shares of the auto manufacturer’s stock after selling 11,160 shares during the quarter. Patten & Patten Inc. TN’s holdings in General Motors were worth $1,456,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. LifeSteps Financial Inc. acquired a new position in General Motors in the first quarter valued at about $25,000. Montag A & Associates Inc. acquired a new stake in shares of General Motors during the first quarter worth about $30,000. YHB Investment Advisors Inc. acquired a new stake in shares of General Motors during the first quarter worth about $32,000. Highlander Capital Management LLC acquired a new stake in shares of General Motors during the fourth quarter worth about $27,000. Finally, Riverview Trust Co acquired a new stake in shares of General Motors during the first quarter worth about $38,000. Institutional investors and hedge funds own 92.67% of the company’s stock.

Insider Buying and Selling

In other General Motors news, President Mark L. Reuss sold 150,000 shares of the firm’s stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $43.44, for a total value of $6,516,000.00. Following the completion of the sale, the president now owns 176,907 shares of the company’s stock, valued at $7,684,840.08. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other General Motors news, President Mark L. Reuss sold 150,000 shares of the firm’s stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $43.44, for a total value of $6,516,000.00. Following the completion of the sale, the president now owns 176,907 shares of the company’s stock, valued at $7,684,840.08. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, President Mark L. Reuss sold 14,858 shares of the firm’s stock in a transaction on Friday, June 7th. The shares were sold at an average price of $46.01, for a total value of $683,616.58. Following the completion of the sale, the president now directly owns 162,049 shares of the company’s stock, valued at approximately $7,455,874.49. The disclosure for this sale can be found here. Insiders sold a total of 1,152,621 shares of company stock valued at $51,818,111 over the last three months. 0.72% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several analysts have recently issued reports on GM shares. Wells Fargo & Company increased their price target on shares of General Motors from $30.00 to $32.00 and gave the stock an “underweight” rating in a research report on Tuesday, June 25th. Barclays upped their target price on shares of General Motors from $55.00 to $60.00 and gave the stock an “overweight” rating in a research note on Friday, April 26th. Mizuho upped their target price on shares of General Motors from $48.00 to $52.00 and gave the stock a “buy” rating in a research note on Wednesday, April 24th. Wedbush increased their price target on shares of General Motors from $45.00 to $55.00 and gave the company an “outperform” rating in a research note on Wednesday, April 24th. Finally, Morgan Stanley increased their price target on shares of General Motors from $43.00 to $46.00 and gave the company an “overweight” rating in a research note on Wednesday, April 10th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, General Motors presently has an average rating of “Moderate Buy” and a consensus price target of $55.96.

General Motors Stock Performance

Shares of NYSE GM traded up $1.26 during mid-day trading on Monday, hitting $49.56. 17,028,850 shares of the company were exchanged, compared to its average volume of 15,705,100. The company has a quick ratio of 0.97, a current ratio of 1.16 and a debt-to-equity ratio of 1.22. The stock has a 50 day simple moving average of $46.43 and a 200-day simple moving average of $42.71. General Motors has a 1-year low of $26.30 and a 1-year high of $50.50. The firm has a market cap of $56.55 billion, a price-to-earnings ratio of 5.90, a price-to-earnings-growth ratio of 0.51 and a beta of 1.43.

General Motors (NYSE:GM) (TSE:GMM.U) last issued its quarterly earnings results on Tuesday, April 23rd. The auto manufacturer reported $2.62 earnings per share for the quarter, topping the consensus estimate of $2.02 by $0.60. General Motors had a return on equity of 14.40% and a net margin of 6.13%. The firm had revenue of $43.01 billion during the quarter, compared to the consensus estimate of $41.09 billion. During the same period last year, the company earned $2.21 earnings per share. The company’s revenue for the quarter was up 7.6% on a year-over-year basis. On average, sell-side analysts forecast that General Motors will post 9.43 EPS for the current fiscal year.

General Motors declared that its Board of Directors has authorized a share repurchase plan on Tuesday, June 11th that permits the company to repurchase $6.00 billion in shares. This repurchase authorization permits the auto manufacturer to reacquire up to 10.8% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.

General Motors Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 19th. Investors of record on Friday, September 6th will be issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 0.97%. General Motors’s dividend payout ratio is presently 5.87%.

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.