Fisher Asset Management LLC Sells 4,651,818 Shares of General Motors (NYSE:GM)

Fisher Asset Management LLC trimmed its holdings in shares of General Motors (NYSE:GM) (TSE:GMM.U) by 69.6% in the third quarter, according to its most recent filing with the SEC. The firm owned 2,033,928 shares of the auto manufacturer’s stock after selling 4,651,818 shares during the period. Fisher Asset Management LLC owned approximately 0.18% of General Motors worth $91,201,000 as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. Swedbank AB acquired a new stake in General Motors during the first quarter valued at approximately $159,750,000. Jennison Associates LLC boosted its stake in General Motors by 123.1% in the 3rd quarter. Jennison Associates LLC now owns 3,226,027 shares of the auto manufacturer’s stock valued at $144,655,000 after buying an additional 1,779,897 shares in the last quarter. Artemis Investment Management LLP grew its position in General Motors by 581.4% in the third quarter. Artemis Investment Management LLP now owns 1,601,856 shares of the auto manufacturer’s stock valued at $71,827,000 after acquiring an additional 1,366,768 shares during the period. Dimensional Fund Advisors LP raised its stake in General Motors by 9.2% during the second quarter. Dimensional Fund Advisors LP now owns 12,922,021 shares of the auto manufacturer’s stock worth $600,291,000 after acquiring an additional 1,091,137 shares in the last quarter. Finally, Panagora Asset Management Inc. lifted its holdings in shares of General Motors by 3,333.1% during the second quarter. Panagora Asset Management Inc. now owns 783,340 shares of the auto manufacturer’s stock valued at $36,394,000 after acquiring an additional 760,523 shares during the period. 92.67% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, EVP Craig B. Glidden sold 383,142 shares of the firm’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $56.63, for a total transaction of $21,697,331.46. Following the sale, the executive vice president now owns 122,465 shares of the company’s stock, valued at $6,935,192.95. This trade represents a 75.78 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Mary T. Barra sold 506,824 shares of the business’s stock in a transaction that occurred 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 of the company’s stock, valued at $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. Over the last three months, insiders have sold 1,021,556 shares of company stock worth $55,974,057. Company insiders own 0.72% of the company’s stock.

General Motors Stock Performance

Shares of General Motors stock opened at $60.20 on Tuesday. General Motors has a 52 week low of $27.93 and a 52 week high of $61.24. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.03 and a current ratio of 1.21. The stock has a market capitalization of $66.20 billion, a price-to-earnings ratio of 6.42, a PEG ratio of 0.44 and a beta of 1.40. The firm has a fifty day moving average of $51.01 and a two-hundred day moving average of $47.82.

General Motors (NYSE:GM) (TSE:GMM.U) last released its 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. The firm had revenue of $48.76 billion for the quarter, compared to analyst estimates of $44.67 billion. General Motors had a return on equity of 16.30% and a net margin of 6.06%. The company’s quarterly revenue was up 10.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.28 earnings per share. As a group, equities research analysts predict that General Motors will post 10.35 EPS for the current year.

General Motors Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 19th. Shareholders of record on Friday, December 6th will be paid a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 0.80%. The ex-dividend date is Friday, December 6th. General Motors’s payout ratio is presently 5.12%.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the stock. UBS Group increased their target price on shares of General Motors from $58.00 to $62.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Wedbush raised their price objective on shares of General Motors from $55.00 to $60.00 and gave the stock an “outperform” rating in a report on Wednesday, October 23rd. Sanford C. Bernstein lifted 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. Royal Bank of Canada increased their price target on General Motors from $58.00 to $65.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 23rd. Finally, JPMorgan Chase & Co. lifted their price objective on General Motors from $64.00 to $70.00 and gave the company an “overweight” rating in a research report on Wednesday, October 23rd. Four investment analysts have rated the stock with a sell rating, seven have given a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $56.92.

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.