Jennison Associates LLC Acquires 1,779,897 Shares of General Motors (NYSE:GM)

Jennison Associates LLC grew its position in shares of General Motors (NYSE:GM - Free Report) TSE: GMM.U by 123.1% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 3,226,027 shares of the auto manufacturer's stock after acquiring an additional 1,779,897 shares during the quarter. Jennison Associates LLC owned about 0.29% of General Motors worth $144,655,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also modified their holdings of GM. Strategic Investment Solutions Inc. IL bought a new stake in shares of General Motors in the 2nd quarter worth approximately $25,000. Catalyst Capital Advisors LLC bought a new position in shares of General Motors in the 3rd quarter valued at approximately $27,000. Wellington Shields Capital Management LLC acquired a new stake in General Motors in the 2nd quarter worth approximately $28,000. Fortitude Family Office LLC boosted its position in General Motors by 56.1% during the second quarter. Fortitude Family Office LLC now owns 626 shares of the auto manufacturer's stock worth $29,000 after purchasing an additional 225 shares during the period. Finally, EdgeRock Capital LLC acquired a new position in General Motors during the second quarter valued at approximately $33,000. 92.67% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on GM shares. StockNews.com cut shares of General Motors from a "buy" rating to a "hold" rating in a research note on Wednesday, July 24th. JPMorgan Chase & Co. lifted their price objective on General Motors from $64.00 to $70.00 and gave the company an "overweight" rating in a report on Wednesday, October 23rd. Sanford C. Bernstein lifted their target price 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. Barclays increased their price target on General Motors from $64.00 to $70.00 and gave the stock an "overweight" rating in a research report on Wednesday, October 23rd. Finally, Wolfe Research began coverage on General Motors in a research report on Thursday, September 5th. They issued a "peer perform" rating for the company. Four research analysts have rated the stock with a sell rating, seven have issued a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $56.92.

General Motors Trading Down 0.4 %

NYSE GM traded down $0.24 on Wednesday, reaching $54.87. The company had a trading volume of 10,768,777 shares, compared to its average volume of 14,863,795. The stock has a market cap of $60.33 billion, a price-to-earnings ratio of 5.88, a PEG ratio of 0.43 and a beta of 1.40. The stock's 50 day moving average is $50.10 and its 200-day moving average is $47.48. The company has a quick ratio of 1.03, a current ratio of 1.21 and a debt-to-equity ratio of 1.24. General Motors has a 52 week low of $27.70 and a 52 week high of $59.39.

General Motors (NYSE:GM - Get Free Report) TSE: GMM.U last released its earnings results on Tuesday, October 22nd. The auto manufacturer reported $2.96 earnings per share for the quarter, beating analysts' consensus estimates of $2.49 by $0.47. General Motors had a net margin of 6.06% and a return on equity of 16.30%. The business had revenue of $48.76 billion during the quarter, compared to the consensus estimate of $44.67 billion. During the same quarter last year, the firm earned $2.28 earnings per share. The firm's revenue for the quarter was up 10.5% compared to the same quarter last year. Equities analysts predict that General Motors will post 10.35 earnings per share for the current year.

General Motors Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 19th. Stockholders of record on Friday, December 6th will be issued a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 0.87%. The ex-dividend date of this dividend is Friday, December 6th. General Motors's payout ratio is presently 5.12%.

Insider Activity at General Motors

In other news, EVP Rory Harvey sold 2,302 shares of the stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $47.31, for a total value of $108,907.62. Following the transaction, the executive vice president now directly owns 10,356 shares of the company's stock, valued at $489,942.36. This represents a 18.19 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, President Mark L. Reuss sold 122,283 shares of General Motors stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $55.16, for a total transaction of $6,745,130.28. Following the sale, the president now directly owns 126,907 shares of the company's stock, valued at $7,000,190.12. The trade was a 49.07 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 653,511 shares of company stock valued at $35,012,844. 0.72% of the stock is owned by corporate insiders.

General Motors Company 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.