New Century Financial Group LLC Sells 3,008 Shares of General Motors (NYSE:GM)

New Century Financial Group LLC decreased its holdings in shares of General Motors (NYSE:GM) (TSE:GMM.U) by 29.2% in the fourth quarter, HoldingsChannel reports. The fund owned 7,300 shares of the auto manufacturer’s stock after selling 3,008 shares during the quarter. New Century Financial Group LLC’s holdings in General Motors were worth $378,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Strategic Investment Solutions Inc. IL bought a new stake in General Motors during the second quarter valued at about $25,000. Sugar Maple Asset Management LLC bought a new position in shares of General Motors during the 4th quarter valued at approximately $31,000. Catalyst Capital Advisors LLC purchased a new stake in General Motors in the 3rd quarter worth approximately $27,000. Truvestments Capital LLC bought a new stake in General Motors during the 3rd quarter worth approximately $27,000. Finally, Eastern Bank purchased a new position in General Motors during the third quarter valued at approximately $34,000. 92.67% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on GM. Wells Fargo & Company reduced their price objective on shares of General Motors from $38.00 to $35.00 and set an “underweight” rating for the company in a research note on Monday, December 16th. Hsbc Global Res cut General Motors from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 11th. Mizuho upped their price objective on General Motors from $59.00 to $62.00 and gave the stock an “outperform” rating in a research note on Monday, December 9th. DZ Bank cut General Motors from a “buy” rating to a “hold” rating and set a $49.00 target price for the company. in a research report on Friday, October 11th. Finally, HSBC downgraded General Motors from a “buy” rating to a “hold” rating and set a $58.00 price target for the company. in a research note on Wednesday, December 11th. Three analysts have rated the stock with a sell rating, eight have given a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $61.17.

Insider Activity at General Motors

In other news, President Mark L. Reuss sold 122,283 shares of the company’s 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 of the company’s stock, valued at approximately $7,000,190.12. This represents a 49.07 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Craig B. Glidden sold 383,142 shares of the stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $56.63, for a total value of $21,697,331.46. Following the completion of the sale, the executive vice president now owns 122,465 shares in the company, valued at approximately $6,935,192.95. The trade was a 75.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 514,344 shares of company stock worth $28,977,691. Insiders own 0.72% of the company’s stock.

General Motors Stock Performance

NYSE GM opened at $53.95 on Friday. The company has a market cap of $59.32 billion, a P/E ratio of 5.75, a P/E/G ratio of 0.38 and a beta of 1.42. The business’s 50 day moving average price is $53.23 and its 200-day moving average price is $49.80. General Motors has a fifty-two week low of $34.71 and a fifty-two 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.

General Motors (NYSE:GM) (TSE:GMM.U) last posted its quarterly earnings data on Tuesday, October 22nd. The auto manufacturer reported $2.96 earnings per share for the quarter, beating analysts’ consensus estimates of $2.49 by $0.47. General Motors had a net margin of 6.06% and a return on equity of 16.30%. The business had revenue of $48.76 billion for the quarter, compared to analysts’ expectations of $44.67 billion. During the same quarter in the previous year, the business posted $2.28 earnings per share. The business’s revenue was up 10.5% compared to the same quarter last year. Sell-side analysts predict that General Motors will post 10.34 earnings per share for the current year.

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.