Prudential Financial Inc. Sells 355,916 Shares of General Motors (NYSE:GM)

Prudential Financial Inc. reduced its stake in shares of General Motors (NYSE:GMGet Rating) (TSE:GMM.U) by 19.1% in the third quarter, HoldingsChannel.com reports. The firm owned 1,503,522 shares of the auto manufacturer’s stock after selling 355,916 shares during the period. Prudential Financial Inc.’s holdings in General Motors were worth $48,255,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in GM. Price T Rowe Associates Inc. MD increased its holdings in General Motors by 198.7% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 9,456,923 shares of the auto manufacturer’s stock worth $300,352,000 after purchasing an additional 6,290,657 shares in the last quarter. Renaissance Technologies LLC increased its holdings in General Motors by 191.2% during the 2nd quarter. Renaissance Technologies LLC now owns 6,897,000 shares of the auto manufacturer’s stock worth $219,049,000 after purchasing an additional 4,528,500 shares in the last quarter. FIFTHDELTA Ltd bought a new stake in General Motors during the 2nd quarter worth approximately $72,013,000. Franklin Resources Inc. grew its holdings in shares of General Motors by 19.5% in the second quarter. Franklin Resources Inc. now owns 11,512,388 shares of the auto manufacturer’s stock valued at $365,633,000 after acquiring an additional 1,880,483 shares in the last quarter. Finally, AQR Capital Management LLC grew its holdings in shares of General Motors by 122.0% in the second quarter. AQR Capital Management LLC now owns 2,931,874 shares of the auto manufacturer’s stock valued at $92,530,000 after acquiring an additional 1,611,360 shares in the last quarter. 78.92% of the stock is owned by institutional investors.

General Motors Trading Down 0.7 %

Shares of GM stock opened at $36.20 on Wednesday. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.95 and a current ratio of 1.14. General Motors has a 52-week low of $30.33 and a 52-week high of $55.55. The company has a market capitalization of $51.43 billion, a PE ratio of 6.14, a price-to-earnings-growth ratio of 0.66 and a beta of 1.33. The business’s fifty day moving average is $37.01 and its 200 day moving average is $36.91.

General Motors (NYSE:GMGet Rating) (TSE:GMM.U) last issued its quarterly earnings data on Tuesday, October 25th. The auto manufacturer reported $2.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.89 by $0.36. General Motors had a return on equity of 14.88% and a net margin of 6.57%. The company had revenue of $41.89 billion for the quarter, compared to the consensus estimate of $42.05 billion. During the same quarter last year, the business posted $1.52 earnings per share. The firm’s revenue was up 56.4% compared to the same quarter last year. On average, equities research analysts anticipate that General Motors will post 7.1 EPS for the current fiscal year.

Analysts Set New Price Targets

GM has been the subject of several recent analyst reports. TheStreet raised General Motors from a “c+” rating to a “b-” rating in a report on Thursday, November 10th. Royal Bank of Canada reduced their target price on General Motors from $45.00 to $44.00 and set an “outperform” rating for the company in a report on Wednesday, October 26th. Wells Fargo & Company upped their price objective on General Motors from $29.00 to $30.00 and gave the company an “underweight” rating in a research note 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. Finally, JPMorgan Chase & Co. upped their price objective on General Motors from $58.00 to $59.00 and gave the company an “overweight” rating in a research note on Wednesday, October 26th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $51.74.

About General Motors

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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.

Further Reading

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Institutional Ownership by Quarter for General Motors (NYSE:GM)

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