140 Summer Partners LP Sells 417,500 Shares of General Motors (NYSE:GM)

140 Summer Partners LP lessened its holdings in shares of General Motors (NYSE:GM) (TSE:GMM.U) by 51.1% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 398,800 shares of the auto manufacturer’s stock after selling 417,500 shares during the quarter. General Motors comprises approximately 1.9% of 140 Summer Partners LP’s portfolio, making the stock its 16th biggest holding. 140 Summer Partners LP’s holdings in General Motors were worth $17,882,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the business. Strategic Investment Solutions Inc. IL bought a new stake in shares of General Motors during the 2nd quarter valued at $25,000. Catalyst Capital Advisors LLC bought a new stake in shares of General Motors during the third quarter valued at about $27,000. Truvestments Capital LLC purchased a new stake in shares of General Motors in the third quarter worth about $27,000. Wellington Shields Capital Management LLC bought a new position in shares of General Motors in the second quarter valued at approximately $28,000. Finally, Fortitude Family Office LLC grew its stake in General Motors by 56.1% during 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.

Insider Buying and Selling at General Motors

In other news, EVP Rory Harvey sold 9,307 shares of General Motors stock in a transaction that occurred on Wednesday, October 23rd. The shares were sold at an average price of $54.01, for a total transaction of $502,671.07. Following the completion of the transaction, the executive vice president now directly owns 8,513 shares in the company, valued at approximately $459,787.13. This trade represents a 52.23 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Mary T. Barra sold 506,824 shares of the company’s stock in a transaction that occurred 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 completion of the sale, 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. In the last three months, insiders have sold 1,030,475 shares of company stock valued at $56,509,286. 0.72% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages have commented on GM. Nomura Securities raised shares of General Motors to a “strong sell” rating in a report on Monday, August 5th. Wolfe Research started coverage on General Motors in a research report on Thursday, September 5th. They issued a “peer perform” rating on the stock. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $53.00 target price on shares of General Motors in a research report on Tuesday, September 10th. Sanford C. Bernstein lifted their price target on General Motors from $53.00 to $55.00 and gave the company a “market perform” rating in a research report on Friday, October 25th. Finally, Nomura cut shares of General Motors from a “neutral” rating to a “reduce” rating and set a $34.00 price objective on the stock. in a research report on Monday, August 5th. Four investment 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 stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $56.92.

General Motors Stock Performance

Shares of GM stock opened at $55.50 on Thursday. 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 fifty-two week low of $28.33 and a fifty-two week high of $61.24. The stock has a 50 day moving average price of $51.29 and a two-hundred day moving average price of $47.94. The company has a market capitalization of $61.03 billion, a P/E ratio of 5.92, a PEG ratio of 0.45 and a beta of 1.40.

General Motors (NYSE:GM) (TSE:GMM.U) last announced its quarterly earnings results 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. 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 during the quarter, compared to analysts’ expectations of $44.67 billion. During the same quarter in the prior year, the company posted $2.28 EPS. The firm’s revenue for the quarter was up 10.5% compared to the same quarter last year. Analysts expect that General Motors will post 10.35 earnings per share for the current year.

General Motors Announces Dividend

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