General Motors (NYSE:GM) Price Target Raised to $61.00

General Motors (NYSE:GM) (TSE:GMM.U) had its target price hoisted by The Goldman Sachs Group from $53.00 to $61.00 in a research note issued to investors on Tuesday morning, Benzinga reports. They currently have a buy rating on the auto manufacturer’s stock.

GM has been the subject of several other reports. Bank of America reiterated a buy rating and issued a $75.00 price target on shares of General Motors in a research note on Wednesday, June 12th. Wolfe Research started coverage on General Motors in a research note on Thursday, September 5th. They issued a peer perform rating for the company. UBS Group boosted their price target on General Motors from $61.00 to $64.00 and gave the company a buy rating in a research note on Wednesday, July 10th. StockNews.com cut General Motors from a buy rating to a hold rating in a research note on Wednesday, July 24th. Finally, Wedbush restated an outperform rating and set a $55.00 target price on shares of General Motors in a research note on Wednesday, July 24th. Four investment analysts have rated the stock with a sell rating, six have issued a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of Hold and a consensus price target of $55.47.

General Motors Stock Performance

Shares of General Motors stock opened at $44.99 on Tuesday. The company has a debt-to-equity ratio of 1.23, a current ratio of 1.18 and a quick ratio of 0.99. The stock’s 50-day moving average is $45.88 and its 200-day moving average is $45.61. The firm has a market cap of $51.33 billion, a price-to-earnings ratio of 5.50, a price-to-earnings-growth ratio of 0.56 and a beta of 1.42. General Motors has a one year low of $26.30 and a one year high of $50.50.

General Motors (NYSE:GM) (TSE:GMM.U) last announced its quarterly earnings results on Tuesday, July 23rd. The auto manufacturer reported $3.06 earnings per share for the quarter, topping analysts’ consensus estimates of $2.67 by $0.39. General Motors had a return on equity of 15.77% and a net margin of 6.22%. The firm had revenue of $47.97 billion for the quarter, compared to the consensus estimate of $45.13 billion. During the same quarter in the previous year, the business earned $1.91 earnings per share. The business’s revenue was up 7.2% compared to the same quarter last year. Equities analysts predict that General Motors will post 9.95 earnings per share for the current fiscal year.

General Motors Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 19th. Shareholders of record on Friday, September 6th were issued a dividend of $0.12 per share. The ex-dividend date was Friday, September 6th. This represents a $0.48 dividend on an annualized basis and a yield of 1.07%. General Motors’s payout ratio is currently 5.87%.

General Motors declared that its Board of Directors has authorized a stock buyback plan on Tuesday, June 11th that allows the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization allows the auto manufacturer to buy up to 10.8% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board believes its shares are undervalued.

Insiders Place Their Bets

In related news, EVP Rory Harvey sold 12,795 shares of the business’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $49.02, for a total transaction of $627,210.90. Following the transaction, the executive vice president now owns 8,513 shares in the company, valued at $417,307.26. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, CFO Paul A. Jacobson bought 25,000 shares of the company’s stock in a transaction dated 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 purchase, 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 legal filing with the SEC, which is available at the SEC website. Also, EVP Rory Harvey sold 12,795 shares of the company’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $49.02, for a total transaction of $627,210.90. Following the completion of the transaction, the executive vice president now owns 8,513 shares in the company, valued at approximately $417,307.26. The disclosure for this sale can be found here. 0.72% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. LifeSteps Financial Inc. bought a new position in General Motors in the first quarter worth approximately $25,000. Strategic Investment Solutions Inc. IL bought a new position in General Motors in the second quarter worth approximately $25,000. Wellington Shields Capital Management LLC bought a new position in General Motors in the second quarter worth approximately $28,000. Fortitude Family Office LLC raised its position in General Motors by 56.1% in the second quarter. Fortitude Family Office LLC now owns 626 shares of the auto manufacturer’s stock worth $29,000 after acquiring an additional 225 shares during the period. Finally, Montag A & Associates Inc. bought a new position in General Motors in the first quarter worth approximately $30,000. Institutional investors own 92.67% of the company’s stock.

About General Motors

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.