General Motors (NYSE:GM) Stake Cut by Kentucky Retirement Systems

Kentucky Retirement Systems lessened its holdings in shares of General Motors (NYSE:GM) (TSE:GMM.U) by 8.9% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 78,299 shares of the auto manufacturer’s stock after selling 7,679 shares during the period. Kentucky Retirement Systems’ holdings in General Motors were worth $3,511,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the business. Strategic Investment Solutions Inc. IL bought a new position in General Motors in the second quarter worth about $25,000. Catalyst Capital Advisors LLC acquired a new stake in shares of General Motors during the 3rd quarter worth approximately $27,000. Wellington Shields Capital Management LLC bought a new stake in shares of General Motors in the 2nd quarter worth approximately $28,000. Fortitude Family Office LLC boosted its position in General Motors by 56.1% during the 2nd 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. Finally, EdgeRock Capital LLC bought a new position in General Motors during the 2nd quarter worth $33,000. Institutional investors own 92.67% of the company’s stock.

General Motors Stock Performance

GM opened at $57.04 on Friday. The business has a fifty day simple moving average of $49.72 and a 200-day simple moving average of $47.30. The firm has a market cap of $62.72 billion, a PE ratio of 6.08, a P/E/G ratio of 0.44 and a beta of 1.40. The company has a quick ratio of 1.03, a current ratio of 1.21 and a debt-to-equity ratio of 1.24. General Motors has a fifty-two week low of $27.42 and a fifty-two week high of $59.39.

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

General Motors Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 19th. Investors of record on Friday, December 6th will be paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 0.84%. The ex-dividend date is Friday, December 6th. General Motors’s dividend payout ratio is 5.12%.

Insiders Place Their Bets

In other General Motors news, President Mark L. Reuss sold 122,283 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $55.16, for a total transaction of $6,745,130.28. Following the completion of the sale, the president now directly owns 126,907 shares in the company, valued at approximately $7,000,190.12. This trade represents a 49.07 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Mary T. Barra sold 506,824 shares of the company’s stock in a transaction dated Wednesday, October 23rd. The shares were sold at an average price of $53.33, for a total value of $27,028,923.92. Following the completion of the transaction, the chief executive officer now owns 694,548 shares in the company, valued at $37,040,244.84. This represents a 42.19 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 653,511 shares of company stock worth $35,012,844. Corporate insiders own 0.72% of the company’s stock.

Wall Street Analysts Forecast Growth

GM has been the topic of a number of recent research reports. Wells Fargo & Company raised their target price on General Motors from $33.00 to $38.00 and gave the company an “underweight” rating in a research note on Wednesday, October 23rd. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $53.00 target price on shares of General Motors in a research note on Tuesday, September 10th. The Goldman Sachs Group raised their price target on shares of General Motors from $53.00 to $61.00 and gave the company a “buy” rating in a research note on Tuesday, October 1st. JPMorgan Chase & Co. boosted their price objective on General Motors from $64.00 to $70.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 23rd. Finally, Royal Bank of Canada lifted their target price on General Motors from $58.00 to $65.00 and gave the company an “outperform” rating in a research note on Wednesday, October 23rd. Four analysts have rated the stock with a sell rating, seven have given a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $56.92.

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.