Cornerstone Advisors LLC Has $3.03 Million Stake in General Motors (NYSE:GM)

Cornerstone Advisors LLC raised its stake in shares of General Motors (NYSE:GM) (TSE:GMM.U) by 2.0% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 67,600 shares of the auto manufacturer’s stock after purchasing an additional 1,300 shares during the quarter. Cornerstone Advisors LLC’s holdings in General Motors were worth $3,031,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Portfolio Design Labs LLC bought a new position in shares of General Motors during the third quarter worth $1,719,000. Advisors Asset Management Inc. raised its stake in General Motors by 54.1% during the 3rd quarter. Advisors Asset Management Inc. now owns 7,075 shares of the auto manufacturer’s stock worth $317,000 after buying an additional 2,484 shares during the period. Jennison Associates LLC lifted its holdings in General Motors by 123.1% during the third quarter. Jennison Associates LLC now owns 3,226,027 shares of the auto manufacturer’s stock worth $144,655,000 after acquiring an additional 1,779,897 shares in the last quarter. Commerce Bank grew its stake in General Motors by 7.7% in the third quarter. Commerce Bank now owns 41,143 shares of the auto manufacturer’s stock valued at $1,845,000 after acquiring an additional 2,954 shares during the period. Finally, B. Metzler seel. Sohn & Co. Holding AG bought a new stake in shares of General Motors in the third quarter worth about $2,730,000. 92.67% of the stock is owned by institutional investors.

General Motors Price Performance

NYSE:GM opened at $55.60 on Friday. The stock has a market capitalization of $61.13 billion, a PE ratio of 5.93, a P/E/G ratio of 0.42 and a beta of 1.40. General Motors has a 1-year low of $27.83 and a 1-year high of $59.39. The firm has a fifty day simple moving average of $50.50 and a 200 day simple moving average of $47.58. The company has a current ratio of 1.21, a quick ratio of 1.03 and a debt-to-equity ratio of 1.24.

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

General Motors Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 19th. Shareholders of record on Friday, December 6th will be given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 0.86%. The ex-dividend date is Friday, December 6th. General Motors’s dividend payout ratio (DPR) is presently 5.12%.

Insider Activity at General Motors

In other General Motors news, EVP Rory Harvey sold 9,307 shares of the company’s stock in a transaction on Wednesday, October 23rd. The stock was 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 represents a 52.23 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, President Mark L. Reuss sold 122,283 shares of the stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $55.16, for a total transaction of $6,745,130.28. Following the transaction, the president now owns 126,907 shares in the company, valued at approximately $7,000,190.12. The trade was a 49.07 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,034,351 shares of company stock worth $56,601,268. Company insiders own 0.72% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. Royal Bank of Canada lifted their price objective on General Motors from $58.00 to $65.00 and gave the company an “outperform” rating in a report on Wednesday, October 23rd. Nomura Securities raised shares of General Motors to a “strong sell” rating in a research note on Monday, August 5th. Morgan Stanley downgraded shares of General Motors from an “equal weight” rating to an “underweight” rating and lowered their price objective for the stock from $47.00 to $42.00 in a research report on Wednesday, September 25th. The Goldman Sachs Group boosted their price objective on shares of General Motors from $53.00 to $61.00 and gave the company a “buy” rating in a research report on Tuesday, October 1st. Finally, Nomura cut General Motors from a “neutral” rating to a “reduce” rating and set a $34.00 target price for the company. in a report on Monday, August 5th. 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 issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $56.92.

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.