General Motors (NYSE:GM) Shares Sold by HITE Hedge Asset Management LLC

HITE Hedge Asset Management LLC lessened its stake in shares of General Motors (NYSE:GM) (TSE:GMM.U) by 86.6% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 15,790 shares of the auto manufacturer’s stock after selling 101,837 shares during the quarter. HITE Hedge Asset Management LLC’s holdings in General Motors were worth $708,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the business. Strategic Investment Solutions Inc. IL purchased a new stake in General Motors during the 2nd quarter valued at $25,000. Catalyst Capital Advisors LLC purchased a new stake in shares of General Motors during the 3rd quarter worth about $27,000. Wellington Shields Capital Management LLC acquired a new position in shares of General Motors in the 2nd quarter valued at $28,000. Truvestments Capital LLC acquired a new stake in shares of General Motors in the third quarter valued at approximately $27,000. Finally, Fortitude Family Office LLC boosted its position in General Motors by 56.1% during the second quarter. Fortitude Family Office LLC now owns 626 shares of the auto manufacturer’s stock worth $29,000 after purchasing an additional 225 shares during the period. 92.67% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. Wedbush lifted their price objective on shares of General Motors from $55.00 to $60.00 and gave the company an “outperform” rating in a research note on Wednesday, October 23rd. Royal Bank of Canada increased their price objective on General Motors from $58.00 to $65.00 and gave the company an “outperform” rating in a research report on Wednesday, October 23rd. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $53.00 price objective on shares of General Motors in a research note on Tuesday, September 10th. JPMorgan Chase & Co. increased their price objective 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. Finally, Nomura Securities upgraded shares of General Motors to a “strong sell” rating in a report on Monday, August 5th. Four investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $56.92.

Insider Activity

In other General Motors news, EVP Craig B. Glidden sold 383,142 shares of the firm’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $56.63, for a total transaction of $21,697,331.46. Following the sale, the executive vice president now owns 122,465 shares in the company, valued at $6,935,192.95. This trade represents a 75.78 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Mary T. Barra sold 506,824 shares of the firm’s stock in a transaction dated Wednesday, October 23rd. The stock was sold at an average price of $53.33, for a total value of $27,028,923.92. Following the completion of the sale, the chief executive officer now directly owns 694,548 shares in the company, valued at $37,040,244.84. The trade was a 42.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,030,475 shares of company stock worth $56,509,286. Insiders own 0.72% of the company’s stock.

General Motors Price Performance

Shares of NYSE:GM opened at $55.04 on Tuesday. The firm has a 50-day simple moving average of $51.56 and a 200 day simple moving average of $48.10. The company has a quick ratio of 1.03, a current ratio of 1.21 and a debt-to-equity ratio of 1.24. The company has a market cap of $60.52 billion, a PE ratio of 5.87, a P/E/G ratio of 0.42 and a beta of 1.42. General Motors has a fifty-two week low of $32.60 and a fifty-two week high of $61.24.

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 firm had revenue of $48.76 billion during the quarter, compared to the consensus estimate of $44.67 billion. During the same period last year, the firm posted $2.28 EPS. The firm’s quarterly revenue was up 10.5% on a year-over-year basis. On average, sell-side analysts anticipate that General Motors will post 10.35 EPS for the current year.

General Motors Announces Dividend

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 given a dividend of $0.12 per share. The ex-dividend date of this dividend is Friday, December 6th. This represents a $0.48 annualized dividend and a yield of 0.87%. General Motors’s dividend payout ratio is 5.12%.

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.