Beaconlight Capital LLC Sells 90,239 Shares of General Motors (NYSE:GM)

Beaconlight Capital LLC trimmed its holdings in shares of General Motors (NYSE:GM) (TSE:GMM.U) by 34.5% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 171,145 shares of the auto manufacturer’s stock after selling 90,239 shares during the period. General Motors comprises about 3.1% of Beaconlight Capital LLC’s portfolio, making the stock its 15th largest position. Beaconlight Capital LLC’s holdings in General Motors were worth $7,674,000 at the end of the most recent quarter.

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

General Motors Stock Performance

Shares of GM traded up $0.98 during trading hours on Wednesday, hitting $55.77. The stock had a trading volume of 1,332,154 shares, compared to its average volume of 14,898,002. The firm has a 50-day moving average price of $51.15 and a 200 day moving average price of $47.88. General Motors has a fifty-two week low of $28.33 and a fifty-two week high of $61.24. The firm has a market capitalization of $61.32 billion, a price-to-earnings ratio of 5.84, a PEG ratio of 0.45 and a beta of 1.40. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.03 and a current ratio of 1.21.

General Motors (NYSE:GM) (TSE:GMM.U) last posted its earnings results on Tuesday, October 22nd. The auto manufacturer reported $2.96 earnings per share (EPS) for the quarter, topping 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 business had revenue of $48.76 billion for the quarter, compared to analyst estimates of $44.67 billion. During the same period in the prior year, the company posted $2.28 EPS. The company’s revenue for the quarter was up 10.5% on a year-over-year basis. As a group, research analysts anticipate that General Motors will post 10.35 EPS for the current year.

General Motors Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 19th. Stockholders of record on Friday, December 6th will be given a dividend of $0.12 per share. The ex-dividend date is Friday, December 6th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.86%. General Motors’s dividend payout ratio (DPR) is 5.12%.

Wall Street Analyst Weigh In

Several analysts have recently commented on the company. Nomura lowered General Motors from a “neutral” rating to a “reduce” rating and set a $34.00 price objective for the company. in a report on Monday, August 5th. Royal Bank of Canada increased their price target on General Motors from $58.00 to $65.00 and gave the company an “outperform” rating in a research note on Wednesday, October 23rd. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $53.00 price target on shares of General Motors in a research note on Tuesday, September 10th. DZ Bank lowered shares of General Motors from a “buy” rating to a “hold” rating and set a $49.00 price objective for the company. in a research report on Friday, October 11th. Finally, Nomura Securities raised shares of General Motors to a “strong sell” rating in a research report on Monday, August 5th. Four research analysts have rated the stock with a sell rating, seven have assigned a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $56.92.

Insider Activity

In other news, EVP Rory Harvey sold 9,307 shares of the firm’s stock in a transaction that occurred on Wednesday, October 23rd. The stock was sold at an average price of $54.01, for a total value of $502,671.07. Following the transaction, the executive vice president now owns 8,513 shares in the company, valued at $459,787.13. This trade represents a 52.23 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Mary T. Barra sold 506,824 shares of the firm’s stock in a transaction 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 completion of the transaction, the chief executive officer now owns 694,548 shares in the company, valued at $37,040,244.84. The trade was a 42.19 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,021,556 shares of company stock worth $55,974,057 in the last quarter. Corporate insiders own 0.72% of the company’s stock.

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.