Palisade Capital Management LLC NJ Buys 890 Shares of General Motors (NYSE:GM)

Palisade Capital Management LLC NJ lifted its stake in General Motors (NYSE:GM) (TSE:GMM.U) by 7.3% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 13,150 shares of the auto manufacturer’s stock after purchasing an additional 890 shares during the quarter. Palisade Capital Management LLC NJ’s holdings in General Motors were worth $778,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of GM. BlackRock Inc. lifted its stake in General Motors by 3.7% during the second quarter. BlackRock Inc. now owns 112,268,186 shares of the auto manufacturer’s stock worth $6,642,907,000 after purchasing an additional 4,023,775 shares during the last quarter. Geode Capital Management LLC lifted its stake in General Motors by 5.1% during the first quarter. Geode Capital Management LLC now owns 19,423,763 shares of the auto manufacturer’s stock worth $1,112,764,000 after purchasing an additional 949,040 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in General Motors by 0.6% during the first quarter. Dimensional Fund Advisors LP now owns 14,394,184 shares of the auto manufacturer’s stock worth $827,218,000 after purchasing an additional 84,386 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in shares of General Motors by 8.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 13,969,417 shares of the auto manufacturer’s stock valued at $826,571,000 after acquiring an additional 1,077,947 shares during the last quarter. Finally, Nuveen Asset Management LLC lifted its stake in shares of General Motors by 73.0% in the 1st quarter. Nuveen Asset Management LLC now owns 12,135,664 shares of the auto manufacturer’s stock valued at $697,315,000 after acquiring an additional 5,119,027 shares during the last quarter. Institutional investors and hedge funds own 79.91% of the company’s stock.

A number of research analysts have recently commented on the company. Wedbush assumed coverage on General Motors in a research note on Thursday, July 8th. They issued an “outperform” rating and a $85.00 price target for the company. Credit Suisse Group dropped their price target on General Motors from $77.00 to $75.00 and set an “outperform” rating for the company in a research note on Thursday, August 5th. Wells Fargo & Company decreased their price objective on General Motors from $67.00 to $63.00 and set an “overweight” rating for the company in a report on Friday, September 10th. Barclays decreased their price objective on General Motors from $71.00 to $68.00 and set an “overweight” rating for the company in a report on Monday, September 13th. Finally, Bank of America increased their price objective on General Motors from $80.00 to $90.00 and gave the company a “buy” rating in a report on Friday, July 16th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and nineteen have given a buy rating to the company. Based on data from MarketBeat.com, General Motors has a consensus rating of “Buy” and a consensus target price of $67.95.

Shares of GM opened at $52.23 on Friday. The company has a debt-to-equity ratio of 1.33, a current ratio of 1.10 and a quick ratio of 0.93. The stock has a 50-day moving average of $52.07 and a 200-day moving average of $56.21. The company has a market cap of $75.82 billion, a PE ratio of 6.05, a P/E/G ratio of 0.81 and a beta of 1.28. General Motors has a one year low of $28.50 and a one year high of $64.30.

General Motors (NYSE:GM) (TSE:GMM.U) last issued its earnings results on Wednesday, August 4th. The auto manufacturer reported $1.97 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.89 by $0.08. The company had revenue of $34.20 billion during the quarter, compared to the consensus estimate of $29.66 billion. General Motors had a return on equity of 25.11% and a net margin of 9.13%. The firm’s revenue for the quarter was up 103.8% compared to the same quarter last year. During the same period last year, the business posted ($0.50) EPS. Analysts expect that General Motors will post 6.2 EPS for the current fiscal year.

About General Motors

General Motors Co engages in the designing, manufacturing, and selling of cars, trucks and automobile parts. It also provides automotive financing services through General Motors Financial Company, Inc The firm operates through the following segments: GM North America, GM International, Cruise and GM Financial.

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Institutional Ownership by Quarter for General Motors (NYSE:GM)

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