PNC Financial Services Group Inc. Reduces Stock Holdings in General Motors (NYSE:GM)

PNC Financial Services Group Inc. cut its holdings in General Motors (NYSE:GM) (TSE:GMM.U) by 0.7% in the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 239,029 shares of the auto manufacturer’s stock after selling 1,745 shares during the quarter. PNC Financial Services Group Inc.’s holdings in General Motors were worth $10,718,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in GM. Chicago Partners Investment Group LLC raised its stake in General Motors by 15.9% in the 3rd quarter. Chicago Partners Investment Group LLC now owns 11,382 shares of the auto manufacturer’s stock worth $510,000 after acquiring an additional 1,559 shares during the last quarter. Donald Smith & CO. Inc. boosted its position in General Motors by 12.1% in the third quarter. Donald Smith & CO. Inc. now owns 1,629,573 shares of the auto manufacturer’s stock valued at $73,070,000 after buying an additional 175,860 shares during the last quarter. Foster & Motley Inc. increased its holdings in General Motors by 121.5% in the 3rd quarter. Foster & Motley Inc. now owns 47,169 shares of the auto manufacturer’s stock worth $2,115,000 after buying an additional 25,869 shares during the period. Stoneridge Investment Partners LLC raised its position in General Motors by 115.1% during the 3rd quarter. Stoneridge Investment Partners LLC now owns 178,443 shares of the auto manufacturer’s stock worth $8,001,000 after buying an additional 95,484 shares during the last quarter. Finally, Olstein Capital Management L.P. lifted its stake in General Motors by 14.9% during the 3rd quarter. Olstein Capital Management L.P. now owns 162,000 shares of the auto manufacturer’s stock valued at $7,264,000 after acquiring an additional 21,000 shares during the period. Institutional investors and hedge funds own 92.67% of the company’s stock.

Insider Activity

In related news, EVP Rory Harvey sold 12,795 shares of General Motors stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $49.02, for a total value of $627,210.90. Following the completion of the sale, the executive vice president now owns 8,513 shares in the company, valued at approximately $417,307.26. This trade represents a 60.05 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible 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 stock was 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 of the company’s stock, valued at approximately $37,040,244.84. This represents a 42.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,034,351 shares of company stock valued at $56,601,268 in the last quarter. Insiders own 0.72% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on GM shares. Royal Bank of Canada upped their price target on shares of General Motors from $58.00 to $65.00 and gave the company an “outperform” rating in a report on Wednesday, October 23rd. DZ Bank downgraded General Motors from a “buy” rating to a “hold” rating and set a $49.00 price target for the company. in a report on Friday, October 11th. Barclays raised their price objective on shares of General Motors from $64.00 to $70.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 23rd. Sanford C. Bernstein boosted their target price on shares of General Motors from $53.00 to $55.00 and gave the company a “market perform” rating in a research note on Friday, October 25th. Finally, UBS Group raised their price target on shares of General Motors from $58.00 to $62.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. 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 MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $56.92.

General Motors Stock Performance

Shares of General Motors stock opened at $58.52 on Friday. The business’s 50 day moving average price is $50.74 and its 200 day moving average price is $47.68. The company has a market cap of $64.35 billion, a price-to-earnings ratio of 6.24, a PEG ratio of 0.42 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 has a one year low of $27.93 and a one year high of $59.39.

General Motors (NYSE:GM) (TSE:GMM.U) last posted its quarterly earnings results on Tuesday, October 22nd. The auto manufacturer reported $2.96 EPS for the quarter, topping the consensus estimate of $2.49 by $0.47. General Motors had a return on equity of 16.30% and a net margin of 6.06%. The business had revenue of $48.76 billion for the quarter, compared to analyst estimates of $44.67 billion. During the same quarter in the previous year, the firm earned $2.28 EPS. The company’s quarterly revenue was up 10.5% compared to the same quarter last year. On average, research analysts predict that General Motors will post 10.35 EPS for the current year.

General Motors Dividend Announcement

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 issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 0.82%. The ex-dividend date is Friday, December 6th. General Motors’s dividend payout ratio is presently 5.12%.

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.