General Motors (NYSE:GM) Cut to Market Perform at Sanford C. Bernstein

by · The Markets Daily

Sanford C. Bernstein cut shares of General Motors (NYSE:GM – Free Report) (TSE:GMM.U) from an outperform rating to a market perform rating in a report released on Monday, MarketBeat reports. They currently have $53.00 target price on the auto manufacturer’s stock.

GM has been the topic of a number of other research reports. Morgan Stanley cut shares of General Motors from an overweight rating to an equal weight rating and raised their target price for the stock from $46.00 to $47.00 in a report on Wednesday, July 24th. StockNews.com lowered General Motors from a buy rating to a hold rating in a research report on Wednesday, July 24th. Deutsche Bank Aktiengesellschaft reaffirmed a hold rating and issued a $53.00 target price on shares of General Motors in a research report on Tuesday, September 10th. Wells Fargo & Company reduced their price target on shares of General Motors from $34.00 to $33.00 and set an underweight rating for the company in a report on Tuesday, September 10th. Finally, Nomura cut shares of General Motors from a neutral rating to a reduce rating and set a $34.00 price objective on the stock. in a report on Monday, August 5th. Four equities research analysts have rated the stock with a sell rating, six have given a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of Hold and a consensus price target of $54.92.

Check Out Our Latest Report on General Motors

General Motors Price Performance

Shares of GM opened at $45.80 on Monday. General Motors has a 52 week low of $26.30 and a 52 week high of $50.50. 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 firm has a market cap of $51.48 billion, a price-to-earnings ratio of 5.62, a PEG ratio of 0.56 and a beta of 1.43. The stock has a 50 day moving average of $46.13 and a 200-day moving average of $45.42.

General Motors (NYSE:GM – Get Free Report) (TSE:GMM.U) last released its quarterly earnings data on Tuesday, July 23rd. The auto manufacturer reported $3.06 EPS for the quarter, topping analysts’ consensus estimates of $2.67 by $0.39. The firm had revenue of $47.97 billion during the quarter, compared to the consensus estimate of $45.13 billion. General Motors had a net margin of 6.22% and a return on equity of 15.77%. The firm’s revenue was up 7.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.91 earnings per share. As a group, analysts forecast that General Motors will post 9.95 EPS for the current year.

General Motors announced that its Board of Directors has authorized a stock buyback plan on Tuesday, June 11th that permits the company to repurchase $6.00 billion in shares. This repurchase authorization permits the auto manufacturer to reacquire up to 10.8% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.

General Motors Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 19th. Stockholders of record on Friday, September 6th were given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 1.05%. The ex-dividend date of this dividend was Friday, September 6th. General Motors’s dividend payout ratio (DPR) is presently 5.87%.

Insider Activity at General Motors

In other General Motors news, CFO Paul A. Jacobson purchased 25,000 shares of the company’s stock in a transaction on 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 completion of the transaction, the chief financial officer now owns 261,872 shares in the company, valued at $11,551,173.92. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other General Motors news, CFO Paul A. Jacobson purchased 25,000 shares of the firm’s stock in a transaction on Friday, July 26th. The shares were purchased at an average price 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 owns 261,872 shares in the company, valued at approximately $11,551,173.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Rory Harvey sold 2,302 shares of the stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $47.31, for a total value of $108,907.62. Following 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. Company insiders own 0.72% of the company’s stock.

Hedge Funds Weigh In On General Motors

A number of institutional investors have recently bought and sold shares of GM. LifeSteps Financial Inc. purchased a new position in shares of General Motors in the first quarter worth approximately $25,000. Strategic Investment Solutions Inc. IL purchased a new position in General Motors during the 2nd quarter worth approximately $25,000. Wellington Shields Capital Management LLC acquired a new stake in General Motors during the 2nd quarter valued at $28,000. Fortitude Family Office LLC lifted its holdings in shares of General Motors by 56.1% in the second quarter. Fortitude Family Office LLC now owns 626 shares of the auto manufacturer’s stock valued at $29,000 after purchasing an additional 225 shares in the last quarter. Finally, Cape Investment Advisory Inc. boosted its position in shares of General Motors by 75.9% in the fourth 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 period. Hedge funds and other institutional investors own 92.67% of the company’s stock.

General Motors Company Profile

(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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