$34.21 Billion in Sales Expected for General Motors (GM) This Quarter
Equities analysts predict that General Motors (NYSE:GM) (TSE:GMM.U) will announce sales of $34.21 billion for the current quarter, Zacks reports. Four analysts have issued estimates for General Motors’ earnings, with estimates ranging from $30.27 billion to $36.24 billion. General Motors reported sales of $33.62 billion during the same quarter last year, which indicates a positive year over year growth rate of 1.8%. The company is scheduled to report its next earnings results before the market opens on Wednesday, October 31st.
On average, analysts expect that General Motors will report full year sales of $145.69 billion for the current financial year, with estimates ranging from $143.45 billion to $149.25 billion. For the next fiscal year, analysts anticipate that the firm will post sales of $146.34 billion, with estimates ranging from $142.79 billion to $152.46 billion. Zacks Investment Research’s sales averages are an average based on a survey of research analysts that follow General Motors.
Several research analysts have recently commented on the company. Piper Jaffray Companies set a $51.00 price target on General Motors and gave the stock a “buy” rating in a report on Wednesday, July 25th. Royal Bank of Canada lifted their price target on General Motors from $52.00 to $53.00 and gave the stock an “outperform” rating in a report on Tuesday, July 10th. Buckingham Research reduced their price target on General Motors from $39.00 to $37.00 and set a “neutral” rating on the stock in a report on Thursday, July 26th. Jefferies Financial Group reissued a “hold” rating and set a $39.00 price objective on shares of General Motors in a research report on Friday, July 27th. Finally, Guggenheim reissued a “buy” rating and set a $52.00 price objective on shares of General Motors in a research report on Friday, July 20th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and twelve have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $46.64.
Several large investors have recently modified their holdings of the stock. Suntrust Banks Inc. grew its position in General Motors by 10.1% in the 1st quarter. Suntrust Banks Inc. now owns 268,390 shares of the auto manufacturer’s stock valued at $9,752,000 after acquiring an additional 24,619 shares in the last quarter. Mount Yale Investment Advisors LLC acquired a new position in General Motors in the 1st quarter valued at about $602,000. Park National Corp OH grew its position in General Motors by 1.2% in the 2nd quarter. Park National Corp OH now owns 714,154 shares of the auto manufacturer’s stock valued at $28,138,000 after acquiring an additional 8,144 shares in the last quarter. Neville Rodie & Shaw Inc. acquired a new position in General Motors in the 2nd quarter valued at about $201,000. Finally, Cibc Bank USA acquired a new position in General Motors in the 2nd quarter valued at about $924,000. 75.28% of the stock is owned by hedge funds and other institutional investors.
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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