Granite Point Capital Management L.P. cut its stake in General Motors (NYSE:GM – Get Rating) (TSE:GMM.U) by 19.7% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 57,000 shares of the auto manufacturer’s stock after selling 14,000 shares during the period. General Motors makes up about 0.7% of Granite Point Capital Management L.P.’s holdings, making the stock its 19th largest holding. Granite Point Capital Management L.P.’s holdings in General Motors were worth $1,829,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors have also recently made changes to their positions in GM. Penserra Capital Management LLC increased its stake in General Motors by 85.8% during the first quarter. Penserra Capital Management LLC now owns 613 shares of the auto manufacturer’s stock worth $26,000 after acquiring an additional 283 shares during the last quarter. McIlrath & Eck LLC raised its holdings in General Motors by 76.4% in the 2nd quarter. McIlrath & Eck LLC now owns 831 shares of the auto manufacturer’s stock valued at $26,000 after buying an additional 360 shares during the period. Urban Wealth Management LLC purchased a new position in General Motors during the second quarter worth about $26,000. FinTrust Capital Advisors LLC raised its stake in shares of General Motors by 71.2% in the 2nd quarter. FinTrust Capital Advisors LLC now owns 914 shares of the auto manufacturer’s stock valued at $32,000 after acquiring an additional 380 shares during the period. Finally, Savior LLC lifted its holdings in shares of General Motors by 90.9% in the 2nd quarter. Savior LLC now owns 945 shares of the auto manufacturer’s stock worth $30,000 after acquiring an additional 450 shares during the last quarter. Institutional investors and hedge funds own 78.92% of the company’s stock.
General Motors Stock Performance
Shares of GM opened at $36.20 on Wednesday. General Motors has a 1 year low of $30.33 and a 1 year high of $55.55. The stock has a market capitalization of $51.43 billion, a P/E ratio of 6.14, a P/E/G ratio of 0.66 and a beta of 1.33. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.95 and a current ratio of 1.14. The company’s fifty day moving average is $37.01 and its two-hundred day moving average is $36.91.
Wall Street Analysts Forecast Growth
A number of brokerages have issued reports on GM. Wells Fargo & Company boosted their target price on General Motors from $29.00 to $30.00 and gave the company an “underweight” rating in a research report on Wednesday, October 26th. StockNews.com upgraded General Motors from a “hold” rating to a “buy” rating in a research note on Thursday, October 27th. Citigroup lifted their price target on shares of General Motors from $78.00 to $81.00 and gave the stock a “buy” rating in a research note on Tuesday, October 25th. Daiwa Capital Markets upped their price objective on General Motors to $38.00 in a research report on Thursday, October 27th. Finally, TheStreet upgraded General Motors from a “c+” rating to a “b-” rating in a research note on Thursday, November 10th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $51.63.
General Motors Profile
General Motors Co engages in the designing, manufacturing, and selling of cars, trucks and automobile parts. It also provides automotive financing services through General Motors Financial Company, Inc The firm operates through the following segments: GM North America, GM International, Cruise and GM Financial.
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