General Motors Co. (GM) Cut to Neutral at Goldman Sachs Group Inc.
Goldman Sachs Group Inc. downgraded shares of General Motors Co. (NYSE:GM) to a neutral rating in a report published on Thursday. The firm currently has $29.00 price target on the auto manufacturer’s stock, down from their prior price target of $37.00.
GM has been the subject of a number of other reports. Vetr raised shares of General Motors from a buy rating to a strong-buy rating and set a $35.06 price objective for the company in a research note on Monday, September 12th. Robert W. Baird reissued a neutral rating and set a $25.00 price objective on shares of General Motors in a research note on Monday, June 20th. Citigroup Inc. reissued a buy rating and set a $50.00 price objective on shares of General Motors in a research note on Thursday, July 21st. Zacks Investment Research cut shares of General Motors from a buy rating to a hold rating in a research note on Thursday, June 23rd. Finally, Royal Bank Of Canada reissued a sector perform rating and set a $41.00 price objective (down from $43.50) on shares of General Motors in a research note on Thursday, June 30th. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and nine have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and an average target price of $36.67.
General Motors (NYSE:GM) opened at 32.15 on Thursday. The firm’s 50-day moving average price is $31.76 and its 200-day moving average price is $30.87. General Motors has a 1-year low of $26.69 and a 1-year high of $36.88. The firm has a market capitalization of $50.22 billion, a PE ratio of 4.12 and a beta of 1.65.
General Motors (NYSE:GM) last posted its quarterly earnings results on Thursday, July 21st. The auto manufacturer reported $1.86 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.51 by $0.35. General Motors had a net margin of 7.90% and a return on equity of 23.96%. The company earned $42.40 billion during the quarter, compared to the consensus estimate of $38.81 billion. During the same period last year, the firm earned $1.29 EPS. The company’s revenue for the quarter was up 11.0% on a year-over-year basis. On average, equities research analysts predict that General Motors will post $5.83 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, September 23rd. Stockholders of record on Friday, September 9th were paid a $0.38 dividend. The ex-dividend date of this dividend was Wednesday, September 7th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 4.73%. General Motors’s dividend payout ratio (DPR) is presently 19.46%.
In other news, VP Thomas S. Timko sold 6,250 shares of the company’s stock in a transaction dated Tuesday, August 23rd. The shares were sold at an average price of $31.94, for a total value of $199,625.00. Following the sale, the vice president now owns 27,477 shares in the company, valued at approximately $877,615.38. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Jane L. Mendillo bought 1,600 shares of the business’s stock in a transaction dated Tuesday, August 2nd. The stock was bought at an average price of $31.01 per share, for a total transaction of $49,616.00. Following the purchase, the director now owns 1,600 shares in the company, valued at approximately $49,616. The disclosure for this purchase can be found here. 0.04% of the stock is currently owned by insiders.
Several large investors have recently modified their holdings of GM. State Street Corp raised its stake in shares of General Motors by 0.6% in the first quarter. State Street Corp now owns 57,087,337 shares of the auto manufacturer’s stock worth $1,794,252,000 after buying an additional 351,497 shares during the period. Pegasus Partners Ltd. bought a new stake in shares of General Motors during the first quarter worth about $548,000. Kempen Capital Management N.V. raised its stake in shares of General Motors by 2.8% in the first quarter. Kempen Capital Management N.V. now owns 708,200 shares of the auto manufacturer’s stock worth $22,259,000 after buying an additional 19,400 shares during the period. BB&T Securities LLC raised its stake in shares of General Motors by 552.8% in the first quarter. BB&T Securities LLC now owns 1,741,235 shares of the auto manufacturer’s stock worth $54,727,000 after buying an additional 1,474,508 shares during the period. Finally, Canada Pension Plan Investment Board raised its stake in shares of General Motors by 126.1% in the first quarter. Canada Pension Plan Investment Board now owns 513,210 shares of the auto manufacturer’s stock worth $16,130,000 after buying an additional 286,210 shares during the period. Institutional investors and hedge funds own 70.40% of the company’s stock.
General Motors Company Profile
General Motors Company designs, builds and sells cars, trucks, crossovers and automobile parts. The Company provides automotive financing services through General Motors Financial Company, Inc (GM Financial). The Company’s segments include GM North America (GMNA), GM Europe (GME), GM International Operations (GMIO), GM South America (GMSA) and GM Financial.
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