Massachusetts Financial Services Co. MA Makes New Investment in General Motors (NYSE:GM)

Massachusetts Financial Services Co. MA purchased a new stake in General Motors (NYSE:GM) (TSE:GMM.U) in the third quarter, according to the company in its most recent filing with the SEC. The firm purchased 44,558 shares of the auto manufacturer’s stock, valued at approximately $1,998,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in GM. Strategic Investment Solutions Inc. IL acquired a new stake in General Motors in the second quarter valued at $25,000. Catalyst Capital Advisors LLC purchased a new stake in shares of General Motors in the 3rd quarter worth about $27,000. Wellington Shields Capital Management LLC acquired a new stake in General Motors in the 2nd quarter valued at about $28,000. Fortitude Family Office LLC increased its holdings in General Motors by 56.1% during the 2nd 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. Finally, EdgeRock Capital LLC acquired a new position in General Motors during the second quarter worth about $33,000. Institutional investors and hedge funds own 92.67% of the company’s stock.

Insiders Place Their Bets

In other news, CEO Mary T. Barra sold 506,824 shares of the company’s stock in a transaction dated 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 of the company’s stock, valued at $37,040,244.84. This represents a 42.19 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Rory Harvey sold 9,307 shares of the firm’s stock in a transaction dated Wednesday, October 23rd. The shares were sold at an average price of $54.01, for a total value of $502,671.07. Following the sale, the executive vice president now owns 8,513 shares in the company, valued at approximately $459,787.13. The trade was a 52.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,030,475 shares of company stock worth $56,509,286 over the last ninety days. 0.72% of the stock is owned by company insiders.

General Motors Trading Up 1.3 %

GM stock opened at $55.50 on Thursday. The company has a quick ratio of 1.03, a current ratio of 1.21 and a debt-to-equity ratio of 1.24. The company has a market cap of $61.03 billion, a price-to-earnings ratio of 5.92, a PEG ratio of 0.45 and a beta of 1.40. The business has a fifty day simple moving average of $51.29 and a 200-day simple moving average of $47.94. General Motors has a 52 week low of $28.33 and a 52 week high of $61.24.

General Motors (NYSE:GM) (TSE:GMM.U) last announced its quarterly earnings results on Tuesday, October 22nd. The auto manufacturer reported $2.96 EPS for the quarter, topping the consensus estimate of $2.49 by $0.47. The company had revenue of $48.76 billion during 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 firm’s revenue was up 10.5% on a year-over-year basis. During the same period in the prior year, the firm posted $2.28 earnings per share. On average, equities research analysts expect that General Motors will post 10.35 EPS for the current 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. The ex-dividend date is Friday, December 6th. This represents a $0.48 dividend on an annualized basis and a yield of 0.86%. General Motors’s dividend payout ratio (DPR) is 5.12%.

Wall Street Analyst Weigh In

GM has been the topic of several research reports. The Goldman Sachs Group increased their price target 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. JPMorgan Chase & Co. raised their price target on General Motors from $64.00 to $70.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 23rd. UBS Group boosted their price target on General Motors from $58.00 to $62.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Wolfe Research started coverage on General Motors in a research note on Thursday, September 5th. They set a “peer perform” rating on the stock. Finally, Morgan Stanley downgraded shares of General Motors from an “equal weight” rating to an “underweight” rating and cut their target price for the company from $47.00 to $42.00 in a research note on Wednesday, September 25th. Four equities research analysts have rated the stock with a sell rating, seven have assigned 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.com, General Motors presently has a consensus rating of “Hold” and an average target price of $56.92.

About General Motors

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.