Patten & Patten Inc. TN Sells 4,435 Shares of General Motors (NYSE:GM)

Patten & Patten Inc. TN reduced its holdings in shares of General Motors (NYSE:GM) (TSE:GMM.U) by 14.6% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 25,930 shares of the auto manufacturer’s stock after selling 4,435 shares during the quarter. Patten & Patten Inc. TN’s holdings in General Motors were worth $1,163,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of GM. Capital World Investors increased its stake in shares of General Motors by 14.6% in the first quarter. Capital World Investors now owns 48,767,573 shares of the auto manufacturer’s stock valued at $2,211,609,000 after buying an additional 6,201,777 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of General Motors by 1.1% in the second quarter. Bank of New York Mellon Corp now owns 12,951,561 shares of the auto manufacturer’s stock valued at $601,730,000 after purchasing an additional 135,717 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of General Motors by 9.2% in the second quarter. Dimensional Fund Advisors LP now owns 12,922,021 shares of the auto manufacturer’s stock valued at $600,291,000 after purchasing an additional 1,091,137 shares in the last quarter. Diamond Hill Capital Management Inc. lifted its holdings in shares of General Motors by 3.9% in the third quarter. Diamond Hill Capital Management Inc. now owns 11,113,063 shares of the auto manufacturer’s stock valued at $498,310,000 after purchasing an additional 421,989 shares in the last quarter. Finally, LSV Asset Management increased its position in shares of General Motors by 2.6% during the second quarter. LSV Asset Management now owns 8,847,440 shares of the auto manufacturer’s stock valued at $411,052,000 after acquiring an additional 223,260 shares during the last quarter. 92.67% of the stock is currently owned by institutional investors.

Insider Activity

In other General Motors news, EVP Rory Harvey sold 2,302 shares of the company’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $47.31, for a total value of $108,907.62. Following the sale, the executive vice president now directly owns 10,356 shares of the company’s stock, valued at approximately $489,942.36. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, EVP Rory Harvey sold 2,302 shares of the stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $47.31, for a total transaction of $108,907.62. Following the transaction, the executive vice president now owns 10,356 shares in the company, valued at $489,942.36. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Mary T. Barra sold 506,824 shares of the stock in a transaction that occurred on 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 transaction, the chief executive officer now owns 694,548 shares in the company, valued at $37,040,244.84. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 653,511 shares of company stock valued at $35,012,844 over the last ninety days. 0.72% of the stock is currently owned by insiders.

General Motors Stock Performance

Shares of NYSE:GM opened at $57.66 on Tuesday. The company has a market capitalization of $63.40 billion, a price-to-earnings ratio of 6.15, a price-to-earnings-growth ratio of 0.42 and a beta of 1.40. General Motors has a 52 week low of $26.64 and a 52 week high of $58.22. 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 firm has a 50 day moving average of $48.81 and a 200 day moving average of $46.89.

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 (EPS) for the quarter, topping analysts’ consensus estimates of $2.49 by $0.47. The business had revenue of $48.76 billion for the quarter, compared to the consensus estimate of $44.67 billion. General Motors had a return on equity of 16.30% and a net margin of 6.06%. The business’s quarterly revenue was up 10.5% on a year-over-year basis. During the same period in the prior year, the firm posted $2.28 earnings per share. On average, sell-side analysts predict that General Motors will post 10.34 earnings per share for the current fiscal year.

General Motors Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 19th. Stockholders of record on Friday, December 6th will be issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.83%. The ex-dividend date of this dividend is Friday, December 6th. General Motors’s dividend payout ratio (DPR) is presently 5.12%.

Analysts Set New Price Targets

A number of research firms have issued reports on GM. The Goldman Sachs Group raised their target price on General Motors from $53.00 to $61.00 and gave the stock a “buy” rating in a research report on Tuesday, October 1st. StockNews.com lowered General Motors from a “buy” rating to a “hold” rating in a research note on Wednesday, July 24th. Sanford C. Bernstein increased their target price on General Motors from $53.00 to $55.00 and gave the company a “market perform” rating in a report on Friday, October 25th. DZ Bank lowered General Motors from a “buy” rating to a “hold” rating and set a $49.00 price target for the company. in a research report on Friday, October 11th. Finally, Wolfe Research started coverage on General Motors in a research report on Thursday, September 5th. They issued a “peer perform” rating for the company. Four equities research analysts have rated the stock with a sell rating, seven have given a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price 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.