Investors Buy Shares of General Motors Co. (GM) on Weakness
Investors bought shares of General Motors Co. (NYSE:GM) on weakness during trading hours on Thursday. $121.91 million flowed into the stock on the tick-up and $101.04 million flowed out of the stock on the tick-down, for a money net flow of $20.87 million into the stock. Of all companies tracked, General Motors had the 17th highest net in-flow for the day. General Motors traded down ($1.03) for the day and closed at $30.99
GM has been the topic of several analyst reports. JPMorgan Chase & Co. reaffirmed an “overweight” rating and set a $45.00 price target (down from $47.00) on shares of General Motors in a research report on Tuesday, April 19th. Piper Jaffray Cos. initiated coverage on shares of General Motors in a research report on Thursday, June 9th. They set an “overweight” rating and a $41.00 price target on the stock. Morgan Stanley raised shares of General Motors from an “underweight” rating to an “equal weight” rating and upped their price target for the stock from $28.00 to $29.00 in a research report on Friday, May 6th. Royal Bank Of Canada upped their price target on shares of General Motors from $30.00 to $34.00 and gave the stock a “sector perform” rating in a research report on Friday, April 22nd. Finally, SunTrust Banks Inc. reaffirmed a “buy” rating and set a $28.00 price target on shares of General Motors in a research report on Monday, June 20th. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $35.39.
The stock has a market capitalization of $49.26 billion and a PE ratio of 4.04. The stock has a 50-day moving average of $29.88 and a 200-day moving average of $30.25.
General Motors (NYSE:GM) last posted its earnings results on Thursday, July 21st. The auto manufacturer reported $1.86 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.51 by $0.35. The company had revenue of $42.40 billion for the quarter, compared to analysts’ expectations of $38.81 billion. The firm’s quarterly revenue was up 11.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.29 EPS. Equities research analysts forecast that General Motors Co. will post $5.86 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 23rd. Shareholders of record on Friday, September 9th will be issued a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 4.82%. The ex-dividend date of this dividend is Wednesday, September 7th.
In other General Motors news, EVP James B. Deluca sold 10,374 shares of General Motors stock in a transaction dated Friday, May 27th. The stock was sold at an average price of $31.48, for a total transaction of $326,573.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.
A number of hedge funds and institutional investors recently bought and sold shares of GM. Stephens Inc. AR raised its position in General Motors by 13.7% in the fourth quarter. Stephens Inc. AR now owns 58,192 shares of the auto manufacturer’s stock worth $1,979,000 after buying an additional 7,005 shares during the last quarter. Cornerstone Capital Management Holdings LLC. raised its position in General Motors by 1.5% in the fourth quarter. Cornerstone Capital Management Holdings LLC. now owns 500,490 shares of the auto manufacturer’s stock worth $17,022,000 after buying an additional 7,596 shares during the last quarter. Mitsubishi UFJ Kokusai Asset Management CO. LTD. raised its position in General Motors by 4.5% in the fourth quarter. Mitsubishi UFJ Kokusai Asset Management CO. LTD. now owns 189,132 shares of the auto manufacturer’s stock worth $6,432,000 after buying an additional 8,178 shares during the last quarter. Hodges Capital Management Inc. raised its position in General Motors by 12.7% in the fourth quarter. Hodges Capital Management Inc. now owns 72,885 shares of the auto manufacturer’s stock worth $2,479,000 after buying an additional 8,200 shares during the last quarter. Finally, Golub Group LLC raised its position in General Motors by 1.0% in the fourth quarter. Golub Group LLC now owns 911,147 shares of the auto manufacturer’s stock worth $30,988,000 after buying an additional 8,950 shares during the last quarter.
General Motors Company (General Motors) designs, builds and sells cars, trucks and automobile parts across the world. The Company also provides automotive financing services through General Motors Financial Company, Inc (GM Financial). The Company’s four automotive segments include GM North America (GMNA), GM Europe (GME), GM International Operations (GMIO) and GM South America (GMSA).
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