Renaissance Technologies LLC Sells 6,719,700 Shares of General Motors (NYSE:GM)

Renaissance Technologies LLC lowered its stake in General Motors (NYSE:GM – Get Rating) (TSE:GMM.U) by 97.4% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 177,300 shares of the auto manufacturer’s stock after selling 6,719,700 shares during the quarter. Renaissance Technologies LLC’s holdings in General Motors were worth $5,690,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Diker Management LLC boosted its holdings in General Motors by 114.3% in the third quarter. Diker Management LLC now owns 15,000 shares of the auto manufacturer’s stock worth $481,000 after purchasing an additional 8,000 shares during the last quarter. HBK Sorce Advisory LLC boosted its stake in shares of General Motors by 29.1% during the 3rd quarter. HBK Sorce Advisory LLC now owns 9,714 shares of the auto manufacturer’s stock worth $312,000 after acquiring an additional 2,188 shares during the last quarter. Herbst Group LLC boosted its stake in shares of General Motors by 5.2% during the 3rd quarter. Herbst Group LLC now owns 64,200 shares of the auto manufacturer’s stock worth $2,060,000 after acquiring an additional 3,200 shares during the last quarter. PFS Investments Inc. boosted its stake in shares of General Motors by 127.8% during the 3rd quarter. PFS Investments Inc. now owns 94,947 shares of the auto manufacturer’s stock worth $3,047,000 after acquiring an additional 53,274 shares during the last quarter. Finally, Canada Pension Plan Investment Board boosted its stake in shares of General Motors by 20.8% during the 3rd quarter. Canada Pension Plan Investment Board now owns 877,289 shares of the auto manufacturer’s stock worth $28,152,000 after acquiring an additional 151,000 shares during the last quarter. Hedge funds and other institutional investors own 78.92% of the company’s stock.

Insider Activity

In other news, EVP Stephen K. Carlisle sold 18,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 2nd. The stock was sold at an average price of $41.97, for a total value of $755,460.00. Following the completion of the sale, the executive vice president now directly owns 46,170 shares of the company’s stock, valued at approximately $1,937,754.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, EVP Stephen K. Carlisle sold 18,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 2nd. The stock was sold at an average price of $41.97, for a total transaction of $755,460.00. Following the completion of the sale, the executive vice president now directly owns 46,170 shares of the company’s stock, valued at approximately $1,937,754.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Gerald Johnson sold 15,743 shares of the firm’s stock in a transaction that occurred on Thursday, February 9th. The stock was sold at an average price of $42.65, for a total value of $671,438.95. Following the sale, the executive vice president now directly owns 71,209 shares of the company’s stock, valued at $3,037,063.85. The disclosure for this sale can be found here. Corporate insiders own 0.10% of the company’s stock.

General Motors Stock Performance

NYSE GM opened at $36.52 on Friday. The stock has a market capitalization of $50.93 billion, a PE ratio of 5.96, a P/E/G ratio of 0.65 and a beta of 1.36. The business has a 50 day simple moving average of $38.73 and a two-hundred day simple moving average of $37.88. The company has a debt-to-equity ratio of 1.06, a current ratio of 1.10 and a quick ratio of 0.93. General Motors has a 1-year low of $30.33 and a 1-year high of $46.74.

General Motors (NYSE:GM – Get Rating) (TSE:GMM.U) last released its quarterly earnings results on Tuesday, January 31st. The auto manufacturer reported $2.12 earnings per share for the quarter, beating the consensus estimate of $1.68 by $0.44. The business had revenue of $43.11 billion during the quarter, compared to analysts’ expectations of $40.62 billion. General Motors had a return on equity of 16.08% and a net margin of 6.34%. The firm’s revenue for the quarter was up 28.4% compared to the same quarter last year. During the same quarter last year, the business posted $1.35 EPS. On average, research analysts predict that General Motors will post 6.21 EPS for the current fiscal year.

General Motors Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 16th. Stockholders of record on Friday, March 3rd will be paid a $0.09 dividend. This represents a $0.36 annualized dividend and a dividend yield of 0.99%. The ex-dividend date of this dividend is Thursday, March 2nd. General Motors’s payout ratio is 5.87%.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on GM shares. Berenberg Bank cut shares of General Motors from a “buy” rating to a “hold” rating and dropped their price target for the stock from $45.00 to $41.00 in a research note on Monday, January 30th. Bank of America dropped their price target on shares of General Motors from $80.00 to $70.00 and set a “buy” rating on the stock in a research note on Wednesday, February 1st. Citigroup lifted their price target on shares of General Motors from $81.00 to $82.00 and gave the stock a “buy” rating in a research note on Thursday, February 2nd. Deutsche Bank Aktiengesellschaft upped their target price on shares of General Motors from $33.00 to $36.00 in a report on Wednesday, February 1st. Finally, Tigress Financial reissued a “strong-buy” rating and set a $86.00 price target on shares of General Motors in a report on Tuesday, February 21st. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $49.71.

General Motors Company Profile

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General Motors Co engages in the designing, manufacturing, and selling of trucks, crossovers, cars, and automobile parts and in providing software-enabled services and subscriptions. It operates through the following segments: GMNA, GMI, Cruise, and GM Financial. The company was founded by William C.