Zacks Investment Research upgraded shares of General Motors (NYSE:GM) (TSE:GMM.U) from a hold rating to a buy rating in a research report sent to investors on Thursday morning. Zacks Investment Research currently has $46.00 price target on the auto manufacturer’s stock.
According to Zacks, “General Motors is gaining from strong crossover & truck sales. In the last reported quarter, crossover sales rose 23% on a year-over-year basis. The company’s capital allocation strategy, initiatives to make its vehicles more advanced, safer and fuel efficient and focus on technology development are likely to benefit. Its restructuring activities are also expected to benefit in the long run. Also, the company is raising investment in emerging markets to boost global sales. Over the past one year, the shares of the company outperformed the industry it belongs to. Also, the Zacks Consensus Estimate for the current quarter earnings moved upwards in the last thirty days.”
Several other research firms have also issued reports on GM. ValuEngine lowered shares of General Motors from a buy rating to a hold rating in a research note on Thursday, June 21st. Citigroup reaffirmed a hold rating and issued a $70.00 price objective on shares of General Motors in a research note on Friday, April 27th. JPMorgan Chase & Co. reaffirmed an overweight rating and issued a $55.00 price objective (down previously from $56.00) on shares of General Motors in a research note on Tuesday, March 13th. Bank of America reaffirmed a buy rating and issued a $60.00 price objective on shares of General Motors in a research note on Friday, June 15th. Finally, Vetr lowered shares of General Motors from a strong-buy rating to a buy rating and set a $41.50 price objective for the company. in a research note on Thursday, April 5th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and fourteen have given a buy rating to the stock. The stock has a consensus rating of Hold and a consensus target price of $47.45.
General Motors (NYSE:GM) (TSE:GMM.U) last issued its earnings results on Thursday, April 26th. The auto manufacturer reported $1.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.24 by $0.19. The company had revenue of $36.10 billion during the quarter, compared to analyst estimates of $34.67 billion. General Motors had a negative net margin of 3.76% and a positive return on equity of 23.03%. The company’s revenue for the quarter was down 12.4% on a year-over-year basis. During the same quarter last year, the business posted $1.70 EPS. equities analysts forecast that General Motors will post 6.44 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, June 22nd. Investors of record on Friday, June 8th were issued a $0.38 dividend. The ex-dividend date of this dividend was Thursday, June 7th. This represents a $1.52 annualized dividend and a yield of 3.86%. General Motors’s dividend payout ratio (DPR) is presently 22.96%.
In other news, EVP Alan S. Batey sold 215,685 shares of the business’s stock in a transaction dated Friday, June 1st. The shares were sold at an average price of $43.01, for a total transaction of $9,276,611.85. Following the transaction, the executive vice president now owns 84,594 shares in the company, valued at approximately $3,638,387.94. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Charles K. Stevens III sold 35,000 shares of the business’s stock in a transaction dated Monday, April 2nd. The stock was sold at an average price of $36.10, for a total transaction of $1,263,500.00. Following the transaction, the insider now owns 67,741 shares in the company, valued at approximately $2,445,450.10. The disclosure for this sale can be found here. Company insiders own 0.39% of the company’s stock.
Large investors have recently bought and sold shares of the company. BlackRock Inc. increased its stake in General Motors by 1.4% in the first quarter. BlackRock Inc. now owns 78,008,491 shares of the auto manufacturer’s stock valued at $2,834,827,000 after acquiring an additional 1,086,199 shares during the period. Franklin Resources Inc. increased its stake in General Motors by 13.7% in the first quarter. Franklin Resources Inc. now owns 24,874,605 shares of the auto manufacturer’s stock valued at $903,943,000 after acquiring an additional 3,005,964 shares during the period. LSV Asset Management increased its stake in General Motors by 3.7% in the first quarter. LSV Asset Management now owns 11,199,985 shares of the auto manufacturer’s stock valued at $407,007,000 after acquiring an additional 404,722 shares during the period. Millennium Management LLC increased its stake in General Motors by 78.1% in the fourth quarter. Millennium Management LLC now owns 6,810,691 shares of the auto manufacturer’s stock valued at $279,170,000 after acquiring an additional 2,986,293 shares during the period. Finally, Caisse DE Depot ET Placement DU Quebec increased its stake in General Motors by 154.4% in the fourth quarter. Caisse DE Depot ET Placement DU Quebec now owns 5,923,200 shares of the auto manufacturer’s stock valued at $242,792,000 after acquiring an additional 3,594,700 shares during the period. Institutional investors own 73.29% of the company’s stock.
About General Motors
General Motors Company, together with its subsidiaries, designs, builds, and sells cars, trucks, crossovers, and automobile parts worldwide. The company operates through GM North America, GM International, and GM Financial segments. It markets its vehicles primarily under the Buick, Cadillac, Chevrolet, GMC, Holden, Baojun, Jiefang, and Wuling brand names.
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