Victory Capital Management Inc. Has $51.68 Million Stake in General Motors (NYSE:GM)

Victory Capital Management Inc. grew its stake in General Motors (NYSE:GM) (TSE:GMM.U) by 21.3% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,152,514 shares of the auto manufacturer’s stock after purchasing an additional 202,194 shares during the period. Victory Capital Management Inc.’s holdings in General Motors were worth $51,679,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Strategic Investment Solutions Inc. IL bought a new stake in shares of General Motors during the second quarter worth $25,000. Catalyst Capital Advisors LLC bought a new stake in General Motors during the 3rd quarter worth $27,000. Wellington Shields Capital Management LLC bought a new stake in General Motors during the 2nd quarter worth $28,000. Fortitude Family Office LLC increased its holdings in General Motors by 56.1% in the 2nd quarter. Fortitude Family Office LLC now owns 626 shares of the auto manufacturer’s stock worth $29,000 after purchasing an additional 225 shares in the last quarter. Finally, EdgeRock Capital LLC bought a new position in General Motors in the second quarter valued at about $33,000. 92.67% of the stock is owned by institutional investors.

General Motors Price Performance

Shares of NYSE GM opened at $57.63 on Friday. The firm has a market capitalization of $63.37 billion, a P/E ratio of 6.14, a P/E/G ratio of 0.43 and a beta of 1.40. The firm’s 50-day moving average price is $49.33 and its 200-day moving average price is $47.13. The company has a current ratio of 1.21, a quick ratio of 1.03 and a debt-to-equity ratio of 1.24. General Motors has a 1-year low of $27.42 and a 1-year high of $59.39.

General Motors (NYSE:GM) (TSE:GMM.U) last posted its quarterly 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. The business had revenue of $48.76 billion for the quarter, compared to the consensus estimate of $44.67 billion. General Motors had a return on equity of 16.30% and a net margin of 6.06%. The firm’s revenue for the quarter was up 10.5% on a year-over-year basis. During the same period in the prior year, the business earned $2.28 EPS. Equities 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 declared a quarterly dividend, which will be paid on Thursday, December 19th. Investors of record on Friday, December 6th will be given a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 0.83%. The ex-dividend date is Friday, December 6th. General Motors’s payout ratio is currently 5.12%.

Insider Buying and Selling at General Motors

In other news, President Mark L. Reuss sold 122,283 shares of the stock in a transaction that occurred 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 $7,000,190.12. This represents a 49.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Rory Harvey sold 9,307 shares of General Motors stock in a transaction that occurred on Wednesday, October 23rd. The shares were sold at an average price of $54.01, for a total value of $502,671.07. Following the transaction, the executive vice president now directly owns 8,513 shares in the company, valued at approximately $459,787.13. The trade was a 52.23 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 653,511 shares of company stock worth $35,012,844. 0.72% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

GM has been the subject of several recent research reports. Nomura Securities raised General Motors to a “strong sell” rating in a research note on Monday, August 5th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $53.00 price target on shares of General Motors in a research report on Tuesday, September 10th. Wells Fargo & Company lifted their price target on shares of General Motors from $33.00 to $38.00 and gave the stock an “underweight” rating in a report on Wednesday, October 23rd. UBS Group increased their price objective on General Motors from $58.00 to $62.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Finally, Morgan Stanley downgraded General Motors from an “equal weight” rating to an “underweight” rating and cut their target price for the stock from $47.00 to $42.00 in a report on Wednesday, September 25th. Four equities research analysts have rated the stock with a sell rating, seven have given a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus 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.