Jennison Associates LLC Has $144.66 Million Stake in General Motors (NYSE:GM)

Jennison Associates LLC increased its position in General Motors (NYSE:GM) (TSE:GMM.U) by 123.1% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 3,226,027 shares of the auto manufacturer’s stock after purchasing an additional 1,779,897 shares during the period. Jennison Associates LLC owned about 0.29% of General Motors worth $144,655,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in GM. Commerce Bank boosted its stake in shares of General Motors by 7.7% during the 3rd quarter. Commerce Bank now owns 41,143 shares of the auto manufacturer’s stock valued at $1,845,000 after buying an additional 2,954 shares during the period. B. Metzler seel. Sohn & Co. Holding AG acquired a new stake in shares of General Motors during the 3rd quarter valued at $2,730,000. Lingohr Asset Management GmbH boosted its stake in shares of General Motors by 5.3% during the 3rd quarter. Lingohr Asset Management GmbH now owns 15,900 shares of the auto manufacturer’s stock valued at $713,000 after buying an additional 800 shares during the period. Fifth Third Wealth Advisors LLC boosted its stake in shares of General Motors by 2.3% during the 3rd quarter. Fifth Third Wealth Advisors LLC now owns 18,581 shares of the auto manufacturer’s stock valued at $833,000 after buying an additional 416 shares during the period. Finally, Prospera Financial Services Inc boosted its stake in shares of General Motors by 25.7% during the 3rd quarter. Prospera Financial Services Inc now owns 24,891 shares of the auto manufacturer’s stock valued at $1,116,000 after buying an additional 5,089 shares during the period. Institutional investors and hedge funds own 92.67% of the company’s stock.

Insiders Place Their Bets

In other news, CEO Mary T. Barra sold 506,824 shares of the stock in a transaction that occurred on Wednesday, October 23rd. The shares were sold at an average price of $53.33, for a total transaction of $27,028,923.92. Following the sale, the chief executive officer now directly owns 694,548 shares of the company’s stock, valued at $37,040,244.84. This represents a 42.19 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Rory Harvey sold 2,302 shares of the stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $47.31, for a total transaction of $108,907.62. Following the sale, the executive vice president now directly owns 10,356 shares in the company, valued at $489,942.36. This trade represents a 18.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 653,511 shares of company stock valued at $35,012,844. 0.72% of the stock is currently owned by insiders.

General Motors Price Performance

Shares of General Motors stock opened at $55.12 on Wednesday. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.03 and a current ratio of 1.21. The firm’s 50-day simple moving average is $50.10 and its 200-day simple moving average is $47.48. General Motors has a twelve month low of $27.70 and a twelve month high of $59.39. The firm has a market cap of $60.61 billion, a P/E ratio of 5.88, a price-to-earnings-growth ratio of 0.43 and a beta of 1.40.

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

General Motors Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 19th. Shareholders of record on Friday, December 6th will be paid a dividend of $0.12 per share. The ex-dividend date is Friday, December 6th. This represents a $0.48 annualized dividend and a yield of 0.87%. General Motors’s dividend payout ratio is 5.12%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on GM. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $53.00 target price on shares of General Motors in a research note on Tuesday, September 10th. Wolfe Research assumed coverage on shares of General Motors in a research note on Thursday, September 5th. They issued a “peer perform” rating for the company. Wedbush lifted their price objective on shares of General Motors from $55.00 to $60.00 and gave the company an “outperform” rating in a research note on Wednesday, October 23rd. DZ Bank lowered shares of General Motors from a “buy” rating to a “hold” rating and set a $49.00 price objective for the company. in a research note on Friday, October 11th. Finally, Sanford C. Bernstein lifted their price objective on shares of General Motors from $53.00 to $55.00 and gave the company a “market perform” rating in a research note on Friday, October 25th. Four analysts have rated the stock with a sell rating, seven have given a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $56.92.

General Motors Profile

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.