Pinnacle Financial Partners Inc Sells 87,602 Shares of General Motors (NYSE:GM)

Pinnacle Financial Partners Inc decreased its stake in General Motors (NYSE:GM) (TSE:GMM.U) by 90.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,337 shares of the auto manufacturer’s stock after selling 87,602 shares during the period. Pinnacle Financial Partners Inc’s holdings in General Motors were worth $419,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Capital World Investors grew its position in General Motors by 14.6% during the 1st quarter. Capital World Investors now owns 48,767,573 shares of the auto manufacturer’s stock worth $2,211,609,000 after acquiring an additional 6,201,777 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in shares of General Motors by 1.1% during the second quarter. Bank of New York Mellon Corp now owns 12,951,561 shares of the auto manufacturer’s stock worth $601,730,000 after purchasing an additional 135,717 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of General Motors by 9.2% in the second quarter. Dimensional Fund Advisors LP now owns 12,922,021 shares of the auto manufacturer’s stock valued at $600,291,000 after buying an additional 1,091,137 shares during the period. Diamond Hill Capital Management Inc. raised its holdings in General Motors by 3.9% in the 3rd quarter. Diamond Hill Capital Management Inc. now owns 11,113,063 shares of the auto manufacturer’s stock valued at $498,310,000 after buying an additional 421,989 shares during the last quarter. Finally, LSV Asset Management boosted its position in General Motors by 2.6% during the 2nd quarter. LSV Asset Management now owns 8,847,440 shares of the auto manufacturer’s stock worth $411,052,000 after buying an additional 223,260 shares during the period. Institutional investors own 92.67% of the company’s stock.

Insider Transactions at General Motors

In related news, President Mark L. Reuss sold 122,283 shares of the stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $55.16, for a total value of $6,745,130.28. Following the completion of the sale, the president now directly owns 126,907 shares of the company’s stock, valued at approximately $7,000,190.12. This represents a 49.07 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Rory Harvey sold 12,795 shares of the firm’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $49.02, for a total value of $627,210.90. Following the transaction, the executive vice president now owns 8,513 shares in the company, valued at approximately $417,307.26. This trade represents a 60.05 % 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 three months. Corporate insiders own 0.72% of the company’s stock.

General Motors Stock Performance

Shares of General Motors stock opened at $57.63 on Friday. The business has a 50-day simple moving average of $49.33 and a 200 day simple moving average of $47.13. The firm has a market capitalization of $63.37 billion, a price-to-earnings ratio of 6.14, a PEG ratio of 0.43 and a beta of 1.40. The company has a debt-to-equity ratio of 1.24, a current ratio of 1.21 and a quick ratio of 1.03. General Motors has a one year low of $27.42 and a one year high of $59.39.

General Motors (NYSE:GM) (TSE:GMM.U) last issued its earnings results on Tuesday, October 22nd. The auto manufacturer reported $2.96 earnings per share for the quarter, topping analysts’ consensus estimates of $2.49 by $0.47. General Motors had a return on equity of 16.30% and a net margin of 6.06%. The company had revenue of $48.76 billion for the quarter, compared to analyst estimates of $44.67 billion. During the same period in the prior year, the firm earned $2.28 earnings per share. General Motors’s revenue for the quarter was up 10.5% on a year-over-year basis. On average, research analysts anticipate that General Motors will post 10.35 earnings per share for the current fiscal year.

General Motors Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 19th. Stockholders of record on Friday, December 6th will be issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.83%. The ex-dividend date of this dividend is Friday, December 6th. General Motors’s dividend payout ratio is currently 5.12%.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on GM shares. The Goldman Sachs Group raised their price target on shares of General Motors from $53.00 to $61.00 and gave the company a “buy” rating in a research note on Tuesday, October 1st. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $53.00 target price on shares of General Motors in a research report on Tuesday, September 10th. Wedbush upped their price target on General Motors from $55.00 to $60.00 and gave the company an “outperform” rating in a research report on Wednesday, October 23rd. StockNews.com downgraded General Motors from a “buy” rating to a “hold” rating in a research report on Wednesday, July 24th. Finally, Sanford C. Bernstein upped their target price on General Motors from $53.00 to $55.00 and gave the company a “market perform” rating in a report on Friday, October 25th. Four analysts have rated the stock with a sell rating, seven have given a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average 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.