General Motors (NYSE:GM – Get Free Report) TSE: GMM.U shares gapped down prior to trading on Tuesday after Wells Fargo & Company lowered their price target on the stock from $34.00 to $33.00. The stock had previously closed at $47.40, but opened at $45.98. Wells Fargo & Company currently has an underweight rating on the stock. General Motors shares last traded at $45.61, with a volume of 2,737,378 shares traded.
Other equities analysts have also recently issued research reports about the stock. JPMorgan Chase & Co. lifted their target price on shares of General Motors from $60.00 to $61.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 24th. Wedbush reissued an “outperform” rating and issued a $55.00 price objective on shares of General Motors in a research report on Wednesday, July 24th. Royal Bank of Canada lowered their target price on General Motors from $58.00 to $54.00 and set an “outperform” rating on the stock in a research note on Friday, August 9th. Nomura downgraded shares of General Motors from a “neutral” rating to a “reduce” rating and set a $34.00 price objective for the company. in a report on Monday, August 5th. Finally, Bank of America reiterated a “buy” rating and issued a $75.00 target price on shares of General Motors in a research note on Wednesday, June 12th. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $55.27.
Insiders Place Their Bets
In related news, CFO Paul A. Jacobson bought 25,000 shares of the company’s stock in a transaction on Friday, July 26th. The stock was acquired at an average cost of $44.11 per share, for a total transaction of $1,102,750.00. Following the completion of the transaction, the chief financial officer now directly owns 261,872 shares in the company, valued at approximately $11,551,173.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CFO Paul A. Jacobson acquired 25,000 shares of General Motors stock in a transaction dated Friday, July 26th. The shares were purchased at an average cost of $44.11 per share, for a total transaction of $1,102,750.00. Following the transaction, the chief financial officer now owns 261,872 shares of the company’s stock, valued at $11,551,173.92. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Rory Harvey sold 2,302 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $47.31, for a total value of $108,907.62. Following the completion of the sale, the executive vice president now owns 10,356 shares of the company’s stock, valued at approximately $489,942.36. The disclosure for this sale can be found here. Corporate insiders own 0.72% of the company’s stock.
Institutional Investors Weigh In On General Motors
Several institutional investors have recently bought and sold shares of GM. LifeSteps Financial Inc. bought a new stake in General Motors in the 1st quarter worth $25,000. Strategic Investment Solutions Inc. IL purchased a new position in General Motors during the 2nd quarter valued at about $25,000. Wellington Shields Capital Management LLC bought a new position in General Motors during the 2nd quarter valued at approximately $28,000. Fortitude Family Office LLC lifted 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 buying an additional 225 shares during the period. Finally, Cape Investment Advisory Inc. grew its position in shares of General Motors by 75.9% in the 4th quarter. Cape Investment Advisory Inc. now owns 832 shares of the auto manufacturer’s stock worth $30,000 after buying an additional 359 shares during the last quarter. 92.67% of the stock is currently owned by hedge funds and other institutional investors.
General Motors Stock Down 5.4 %
The company has a 50 day moving average price of $46.29 and a 200-day moving average price of $44.88. The stock has a market capitalization of $51.14 billion, a PE ratio of 5.46, a PEG ratio of 0.47 and a beta of 1.43. The company has a debt-to-equity ratio of 1.23, a current ratio of 1.18 and a quick ratio of 0.99.
General Motors (NYSE:GM – Get Free Report) TSE: GMM.U last announced its quarterly earnings results on Tuesday, July 23rd. The auto manufacturer reported $3.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.67 by $0.39. The company had revenue of $47.97 billion for the quarter, compared to analysts’ expectations of $45.13 billion. General Motors had a net margin of 6.22% and a return on equity of 15.77%. General Motors’s quarterly revenue was up 7.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.91 earnings per share. As a group, analysts forecast that General Motors will post 9.94 earnings per share for the current fiscal year.
General Motors Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 19th. Shareholders of record on Friday, September 6th will be issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 1.07%. The ex-dividend date is Friday, September 6th. General Motors’s dividend payout ratio (DPR) is presently 5.87%.
General Motors announced that its board has approved a share repurchase program on Tuesday, June 11th that authorizes the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization authorizes the auto manufacturer to repurchase up to 10.8% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.
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.