General Motors Company $GM Shares Sold by Fifth Third Bancorp

Fifth Third Bancorp cut its position in General Motors Company (NYSE:GM) (TSE:GMM.U) by 4.8% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 212,179 shares of the auto manufacturer’s stock after selling 10,596 shares during the period. Fifth Third Bancorp’s holdings in General Motors were worth $16,338,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Bingham Private Wealth LLC boosted its holdings in General Motors by 2.3% in the 3rd quarter. Bingham Private Wealth LLC now owns 6,872 shares of the auto manufacturer’s stock worth $529,000 after buying an additional 155 shares during the period. Maryland State Retirement & Pension System raised its holdings in General Motors by 10.4% during the 3rd quarter. Maryland State Retirement & Pension System now owns 53,717 shares of the auto manufacturer’s stock valued at $4,136,000 after acquiring an additional 5,059 shares during the period. Ritholtz Wealth Management lifted its position in shares of General Motors by 5.2% during the third quarter. Ritholtz Wealth Management now owns 95,665 shares of the auto manufacturer’s stock worth $7,366,000 after acquiring an additional 4,740 shares in the last quarter. First Command Advisory Services Inc. lifted its position in shares of General Motors by 210.1% during the third quarter. First Command Advisory Services Inc. now owns 5,287 shares of the auto manufacturer’s stock worth $407,000 after acquiring an additional 3,582 shares in the last quarter. Finally, Machina Capital S.A.S. boosted its holdings in shares of General Motors by 51.3% in the third quarter. Machina Capital S.A.S. now owns 93,626 shares of the auto manufacturer’s stock worth $7,209,000 after acquiring an additional 31,727 shares during the period. Hedge funds and other institutional investors own 92.67% of the company’s stock.

General Motors Stock Performance

Shares of GM opened at $85.96 on Friday. General Motors Company has a 12-month low of $67.06 and a 12-month high of $93.70. The company has a current ratio of 1.09, a quick ratio of 0.94 and a debt-to-equity ratio of 1.32. The company has a market cap of $72.51 billion, a PE ratio of 6.40, a price-to-earnings-growth ratio of 0.49 and a beta of 1.40. The stock has a 50-day moving average price of $83.54 and a 200-day moving average price of $80.99.

General Motors (NYSE:GM) (TSE:GMM.U) last posted its quarterly earnings data on Tuesday, October 20th. The auto manufacturer reported $3.70 earnings per share for the quarter, topping the consensus estimate of $3.69 by $0.01. The company had revenue of $50.02 billion for the quarter, compared to analysts’ expectations of $48.78 billion. General Motors had a net margin of 2.12% and a return on equity of 19.36%. General Motors’s revenue for the quarter was up 2.9% compared to the same quarter last year. During the same period in the prior year, the business earned $2.80 earnings per share. As a group, equities analysts forecast that General Motors Company will post 13.36 earnings per share for the current fiscal year.

General Motors Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 17th. Stockholders of record on Friday, December 4th will be issued a $0.18 dividend. The ex-dividend date of this dividend is Friday, December 4th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 0.8%. General Motors’s dividend payout ratio is presently 16.51%.

General Motors declared that its board has initiated a share repurchase program on Tuesday, October 20th that permits the company to repurchase $20 billion in shares. This repurchase authorization permits the auto manufacturer to repurchase up to 27.5% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

GM has been the subject of several recent research reports. The Goldman Sachs Group reduced their price target on General Motors from $112.00 to $96.00 and set a “buy” rating for the company in a research report on Wednesday, October 21st. TD Cowen reiterated a “buy” rating and set a $132.00 price target on shares of General Motors in a research report on Wednesday, October 21st. JPMorgan Chase & Co. lowered their price target on shares of General Motors from $120.00 to $110.00 and set an “overweight” rating on the stock in a report on Monday, October 12th. Barclays cut their price objective on shares of General Motors from $110.00 to $105.00 and set an “overweight” rating for the company in a research report on Wednesday, October 21st. Finally, Deutsche Bank set a $98.00 price objective on shares of General Motors in a research note on Wednesday, October 21st. One analyst has rated the stock with a Strong Buy rating, twenty-two have given a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, General Motors presently has a consensus rating of “Moderate Buy” and a consensus price target of $101.44.

Top General Motors Stories

Here are a few of the latest stories about GM:

• Positive Sentiment: GM plans to invest $550 million in two Michigan solar projects, which could generate enough annual electricity to power its three Michigan assembly plants. The projects may help make energy costs more predictable and support emissions-reduction goals. Article: GM invests $550M into solar projects to offset factory emissions
• Neutral Sentiment: GM plans to leave the NYSE for Nasdaq after 115 years. The coverage highlights the listing move but does not describe a change to the company’s financial outlook or operations. Article: GM Ditches NYSE After 115 Years for the NASDAQ
• Negative Sentiment: Industry data cited in a report put the average new-car monthly payment near $776 in September, the highest since December 2023. Stretched buyer budgets could weigh on vehicle affordability and demand, including for GM. Article: A $776 Car Payment Is a Warning for Ford and General Motors

Insider Activity

In related news, EVP Rory Harvey sold 16,513 shares of the company’s stock in a transaction on Wednesday, November 4th. The shares were sold at an average price of $89.64, for a total value of $1,480,225.32. Following the completion of the transaction, the executive vice president directly owned 12,000 shares in the company, valued at approximately $1,075,680. The trade was a 57.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.44% of the company’s stock.

General Motors Company Profile

General Motors Company designs, manufactures and sells cars, trucks, crossovers and sport utility vehicles. Its vehicle brands include Chevrolet, Buick, GMC and Cadillac, and its offerings also include vehicle parts, software and related services. GM Financial provides automotive financing and leasing products to customers and dealers. Founded in 1908, General Motors is headquartered in Detroit, Michigan. The company serves customers in North America and international markets, with operations and sales spanning multiple regions.