HITE Hedge Asset Management LLC Reduces Holdings in General Motors (NYSE:GM)

HITE Hedge Asset Management LLC reduced its stake in shares of General Motors (NYSE:GM) (TSE:GMM.U) by 86.6% in the 3rd quarter, HoldingsChannel reports. The firm 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 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in GM. Strategic Investment Solutions Inc. IL bought a new position in shares of General Motors in the second quarter valued at approximately $25,000. Catalyst Capital Advisors LLC bought a new position in General Motors in the third quarter valued at approximately $27,000. Truvestments Capital LLC bought a new stake in General Motors during the third quarter worth $27,000. Wellington Shields Capital Management LLC acquired a new position in shares of General Motors in the second quarter valued at about $28,000. Finally, 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 worth $29,000 after buying an additional 225 shares during the period. 92.67% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

GM has been the topic of a number of recent analyst reports. Sanford C. Bernstein increased their price target on shares of General Motors from $53.00 to $55.00 and gave the stock a “market perform” rating in a report on Friday, October 25th. Nomura Securities upgraded General Motors to a “strong sell” rating in a report on Monday, August 5th. The Goldman Sachs Group increased their price target on General Motors from $53.00 to $61.00 and gave the stock a “buy” rating in a research report on Tuesday, October 1st. Wedbush upped their price target on General Motors from $55.00 to $60.00 and gave the stock an “outperform” rating in a report on Wednesday, October 23rd. Finally, Royal Bank of Canada increased their target price on General Motors from $58.00 to $65.00 and gave the company an “outperform” rating in a research report on Wednesday, October 23rd. Four equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $56.92.

Insider Buying and Selling at General Motors

In related news, EVP Rory Harvey sold 8,919 shares of the company’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $60.01, for a total value of $535,229.19. Following the completion of the transaction, the executive vice president now directly owns 8,513 shares in the company, valued at approximately $510,865.13. This represents a 51.16 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Mary T. Barra sold 506,824 shares of the business’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 sale, the chief executive officer now directly owns 694,548 shares of the company’s stock, valued at approximately $37,040,244.84. This trade represents a 42.19 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,030,475 shares of company stock worth $56,509,286. 0.72% of the stock is currently owned by insiders.

General Motors Price Performance

Shares of GM stock opened at $55.04 on Tuesday. The company has a debt-to-equity ratio of 1.24, a current ratio of 1.21 and a quick ratio of 1.03. The firm’s 50-day moving average is $51.56 and its two-hundred day moving average is $48.10. General Motors has a 12 month low of $32.60 and a 12 month high of $61.24. The company has a market capitalization of $60.52 billion, a PE ratio of 5.87, a price-to-earnings-growth ratio of 0.42 and a beta of 1.42.

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

General Motors Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 19th. Shareholders of record on Friday, December 6th will be given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 0.87%. The ex-dividend date of this dividend is Friday, December 6th. General Motors’s dividend payout ratio (DPR) is 5.12%.

General Motors Company 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.