General Motors (NYSE:GM) Given New $60.00 Price Target at Wedbush

by · The Markets Daily

General Motors (NYSE:GM – Free Report) (TSE:GMM.U) had its price objective hoisted by Wedbush from $55.00 to $60.00 in a research note published on Wednesday, Benzinga reports. The firm currently has an outperform rating on the auto manufacturer’s stock.

GM has been the topic of several other reports. Sanford C. Bernstein lowered General Motors from an “outperform” rating to a “market perform” rating and set a $53.00 target price on the stock. in a report on Monday, September 23rd. Nomura lowered General Motors from a “neutral” rating to a “reduce” rating and set a $34.00 price objective for the company. in a research report on Monday, August 5th. UBS Group raised their target price on shares of General Motors from $58.00 to $62.00 and gave the stock a “buy” rating in a report on Wednesday. Wolfe Research assumed coverage on shares of General Motors in a report on Thursday, September 5th. They issued a “peer perform” rating for the company. Finally, Morgan Stanley lowered shares of General Motors from an “equal weight” rating to an “underweight” rating and dropped their price objective 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, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $56.97.

Read Our Latest Analysis on General Motors

General Motors Price Performance

Shares of GM opened at $52.91 on Wednesday. The company has a current ratio of 1.18, a quick ratio of 0.99 and a debt-to-equity ratio of 1.23. The stock has a market cap of $60.37 billion, a P/E ratio of 6.47, a price-to-earnings-growth ratio of 0.56 and a beta of 1.42. The stock’s 50-day moving average price is $47.52 and its two-hundred day moving average price is $46.09. General Motors has a 1 year low of $26.30 and a 1 year high of $54.19.

General Motors (NYSE:GM – Get Free Report) (TSE:GMM.U) last issued its quarterly earnings data on Tuesday, October 22nd. The auto manufacturer reported $2.96 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.49 by $0.47. The firm had revenue of $48.76 billion during the quarter, compared to analysts’ expectations of $44.67 billion. General Motors had a net margin of 6.22% and a return on equity of 15.77%. The business’s revenue for the quarter was up 10.5% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.28 earnings per share. On average, equities analysts predict that General Motors will post 9.95 earnings per share for the current year.

General Motors Announces Dividend

The company also recently announced 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. The ex-dividend date of this dividend is Friday, December 6th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.91%. General Motors’s payout ratio is 5.87%.

Insider Activity at General Motors

In other General Motors news, CFO Paul A. Jacobson purchased 25,000 shares of the stock in a transaction on Friday, July 26th. The shares were purchased at an average price of $44.11 per share, with a total value 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 $11,551,173.92. This represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CFO Paul A. Jacobson acquired 25,000 shares of General Motors stock in a transaction on Friday, July 26th. The stock was purchased at an average cost of $44.11 per share, with a total value 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 $11,551,173.92. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 transaction of $108,907.62. Following the completion of the transaction, the executive vice president now directly owns 10,356 shares in the company, valued at $489,942.36. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.72% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On General Motors

A number of institutional investors have recently made changes to their positions in the company. Capital World Investors lifted its holdings in General Motors by 14.6% during the 1st quarter. Capital World Investors now owns 48,767,573 shares of the auto manufacturer’s stock worth $2,211,609,000 after purchasing an additional 6,201,777 shares during the last quarter. Swedbank AB bought a new position in General Motors during the 1st quarter worth $159,750,000. Artemis Investment Management LLP lifted its holdings in shares of General Motors by 581.4% during the third quarter. Artemis Investment Management LLP now owns 1,601,856 shares of the auto manufacturer’s stock worth $71,827,000 after buying an additional 1,366,768 shares in the last quarter. Retirement Systems of Alabama boosted its position in shares of General Motors by 366.6% in the first quarter. Retirement Systems of Alabama now owns 1,408,345 shares of the auto manufacturer’s stock valued at $63,868,000 after acquiring an additional 1,106,526 shares during the period. Finally, Dimensional Fund Advisors LP grew its stake in shares of General Motors by 9.2% in the second quarter. Dimensional Fund Advisors LP now owns 12,922,021 shares of the auto manufacturer’s stock valued at $600,291,000 after acquiring an additional 1,091,137 shares in the last quarter. Institutional investors own 92.67% of the company’s stock.

About General Motors

(Get Free Report)

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.

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