New Millennium Group LLC Lowers Stock Holdings in General Motors (NYSE:GM)

New Millennium Group LLC cut its holdings in shares of General Motors (NYSE:GM) (TSE:GMM.U) by 1.2% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 36,075 shares of the auto manufacturer’s stock after selling 441 shares during the quarter. General Motors comprises approximately 1.0% of New Millennium Group LLC’s portfolio, making the stock its 25th biggest holding. New Millennium Group LLC’s holdings in General Motors were worth $1,618,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. SJS Investment Consulting Inc. grew its stake in shares of General Motors by 34.5% during the 2nd quarter. SJS Investment Consulting Inc. now owns 792 shares of the auto manufacturer’s stock valued at $37,000 after buying an additional 203 shares during the period. Allworth Financial LP grew its position in General Motors by 2.3% during the third quarter. Allworth Financial LP now owns 9,184 shares of the auto manufacturer’s stock valued at $412,000 after acquiring an additional 205 shares during the period. Fortitude Family Office LLC increased 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 worth $29,000 after acquiring an additional 225 shares during the last quarter. SeaCrest Wealth Management LLC raised its holdings in shares of General Motors by 3.5% in the 2nd quarter. SeaCrest Wealth Management LLC now owns 6,804 shares of the auto manufacturer’s stock worth $316,000 after purchasing an additional 227 shares during the period. Finally, Institute for Wealth Management LLC. lifted its stake in shares of General Motors by 0.6% in the 2nd quarter. Institute for Wealth Management LLC. now owns 36,624 shares of the auto manufacturer’s stock valued at $1,702,000 after purchasing an additional 230 shares in the last quarter. 92.67% of the stock is owned by institutional investors and hedge funds.

General Motors Price Performance

GM opened at $55.40 on Tuesday. The company has a market capitalization of $60.92 billion, a P/E ratio of 6.00, a PEG ratio of 0.43 and a beta of 1.40. The company has a 50-day moving average of $49.90 and a 200-day moving average of $47.40. 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 1-year low of $27.70 and a 1-year high of $59.39.

General Motors (NYSE:GM) (TSE:GMM.U) last announced 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. General Motors had a return on equity of 16.30% and a net margin of 6.06%. The firm had revenue of $48.76 billion during the quarter, compared to analyst estimates of $44.67 billion. During the same period in the previous year, the company earned $2.28 earnings per share. General Motors’s quarterly revenue was up 10.5% on a year-over-year basis. Equities analysts expect that General Motors will post 10.35 EPS for the current fiscal year.

General Motors Dividend Announcement

The company 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 dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 0.87%. The ex-dividend date of this dividend is Friday, December 6th. General Motors’s dividend payout ratio (DPR) is presently 5.12%.

Analysts Set New Price Targets

A number of analysts recently issued reports on the stock. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $53.00 target price on shares of General Motors in a research report on Tuesday, September 10th. Morgan Stanley lowered shares of General Motors from an “equal weight” rating to an “underweight” rating and dropped their price objective for the stock from $47.00 to $42.00 in a research report on Wednesday, September 25th. Wells Fargo & Company lifted their target price on shares of General Motors from $33.00 to $38.00 and gave the company an “underweight” rating in a report on Wednesday, October 23rd. UBS Group increased their price target on General Motors from $58.00 to $62.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Finally, JPMorgan Chase & Co. raised 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 research analysts have rated the stock with a sell rating, seven have given a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $56.92.

Insiders Place Their Bets

In other General Motors news, President Mark L. Reuss sold 122,283 shares of the firm’s stock in a transaction dated 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 transaction, the president now owns 126,907 shares of the company’s stock, valued at $7,000,190.12. This trade represents a 49.07 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Rory Harvey sold 9,307 shares of the company’s stock in a transaction that occurred on Wednesday, October 23rd. The shares were sold at an average price of $54.01, for a total value of $502,671.07. Following the transaction, the executive vice president now directly owns 8,513 shares of the company’s stock, valued at $459,787.13. This trade represents a 52.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 653,511 shares of company stock valued at $35,012,844 over the last 90 days. 0.72% of the stock is owned by company insiders.

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.