Summit Global Investments Boosts Stock Position in General Motors (NYSE:GM)

Summit Global Investments grew its holdings in shares of General Motors (NYSE:GM) (TSE:GMM.U) by 81.4% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 9,336 shares of the auto manufacturer’s stock after buying an additional 4,188 shares during the period. Summit Global Investments’ holdings in General Motors were worth $419,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also made changes to their positions in GM. Strategic Investment Solutions Inc. IL purchased a new stake in General Motors during the second quarter worth approximately $25,000. Catalyst Capital Advisors LLC purchased a new stake in shares of General Motors during the 3rd quarter worth approximately $27,000. Wellington Shields Capital Management LLC purchased a new position in shares of General Motors in the 2nd quarter valued at $28,000. Fortitude Family Office LLC raised its stake 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 acquiring an additional 225 shares in the last quarter. Finally, Montag A & Associates Inc. purchased a new stake in General Motors in the first quarter valued at $30,000. 92.67% of the stock is owned by institutional investors and hedge funds.

General Motors Stock Performance

Shares of GM opened at $55.58 on Monday. The company has a market capitalization of $61.12 billion, a PE ratio of 5.93, a P/E/G ratio of 0.42 and a beta of 1.40. General Motors has a 52-week low of $26.30 and a 52-week high of $56.08. The company has a 50-day simple moving average of $48.81 and a 200-day simple moving average of $46.88. 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 (NYSE:GM) (TSE:GMM.U) last released its quarterly earnings data on Tuesday, October 22nd. The auto manufacturer reported $2.96 earnings per share for the quarter, beating the consensus estimate of $2.49 by $0.47. The firm had revenue of $48.76 billion during 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%. General Motors’s quarterly revenue was up 10.5% on a year-over-year basis. During the same period last year, the business posted $2.28 EPS. Equities research analysts predict that General Motors will post 10.34 earnings per share for the current fiscal year.

General Motors Announces Dividend

The firm 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. The ex-dividend date is Friday, December 6th. This represents a $0.48 dividend on an annualized basis and a yield of 0.86%. General Motors’s payout ratio is 5.12%.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. Nomura downgraded General Motors from a “neutral” rating to a “reduce” rating and set a $34.00 price target on the stock. in a research note on Monday, August 5th. Barclays lifted their target price on shares of General Motors from $64.00 to $70.00 and gave the company an “overweight” rating in a report on Wednesday, October 23rd. Deutsche Bank Aktiengesellschaft reiterated 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 on the stock. in a research note on Friday, October 11th. Finally, The Goldman Sachs Group increased their target price on shares of General Motors from $53.00 to $61.00 and gave the stock a “buy” rating in a research note on Tuesday, October 1st. Four equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, General Motors currently has a consensus rating of “Hold” and an average target price of $56.92.

Insider Activity at General Motors

In other General Motors news, EVP Rory Harvey sold 2,302 shares of General Motors stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $47.31, for a total transaction of $108,907.62. Following the completion of the transaction, the executive vice president now owns 10,356 shares in the company, valued at approximately $489,942.36. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other General Motors news, EVP Rory Harvey sold 2,302 shares of the firm’s stock in a transaction 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 completion of the transaction, the executive vice president now owns 10,356 shares of the company’s stock, valued at approximately $489,942.36. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, President Mark L. Reuss sold 122,283 shares of the company’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $55.16, for a total value of $6,745,130.28. Following the completion of the sale, the president now owns 126,907 shares in the company, valued at $7,000,190.12. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 653,511 shares of company stock valued at $35,012,844. Insiders own 0.72% of the company’s stock.

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.