Wedbush Reaffirms “Outperform” Rating for General Motors (NYSE:GM)

Wedbush reaffirmed their outperform rating on shares of General Motors (NYSE:GM) (TSE:GMM.U) in a report released on Wednesday, Benzinga reports. They currently have a $55.00 price objective on the auto manufacturer’s stock. Wedbush also issued estimates for General Motors’ FY2024 earnings at $10.02 EPS and Q2 2025 earnings at $3.00 EPS.

Other equities research analysts have also issued research reports about the company. Royal Bank of Canada upped their price target on General Motors from $54.00 to $56.00 and gave the company an overweight rating in a research report on Tuesday, April 23rd. Barclays upped their price target on General Motors from $55.00 to $60.00 and gave the company an overweight rating in a research report on Friday, April 26th. Piper Sandler upped their price target on General Motors from $44.00 to $45.00 and gave the company a neutral rating in a research report on Wednesday, April 24th. StockNews.com upgraded General Motors from a hold rating to a buy rating in a research report on Saturday, June 1st. Finally, UBS Group upped their price target on General Motors from $61.00 to $64.00 and gave the company a buy rating in a research report on Wednesday, July 10th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, General Motors currently has a consensus rating of Moderate Buy and a consensus target price of $56.38.

General Motors Trading Down 0.0 %

Shares of GM stock opened at $44.12 on Wednesday. The firm has a market capitalization of $49.59 billion, a P/E ratio of 5.39, a P/E/G ratio of 0.44 and a beta of 1.43. General Motors has a twelve month low of $26.30 and a twelve month high of $50.50. The company has a quick ratio of 0.97, a current ratio of 1.18 and a debt-to-equity ratio of 1.23. The stock’s fifty day simple moving average is $46.49 and its 200 day simple moving average is $43.01.

General Motors (NYSE:GM) (TSE:GMM.U) last issued its quarterly earnings data 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. The business had revenue of $47.97 billion for the quarter, compared to analyst estimates of $45.13 billion. General Motors had a return on equity of 15.77% and a net margin of 6.22%. General Motors’s quarterly revenue was up 7.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.91 EPS. As a group, sell-side analysts predict that General Motors will post 9.93 EPS for the current fiscal year.

General Motors declared that its board has authorized a share repurchase program on Tuesday, June 11th that permits the company to buyback $6.00 billion in outstanding shares. This buyback authorization permits the auto manufacturer to repurchase up to 10.8% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board believes its shares are undervalued.

General Motors Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 19th. Investors of record on Friday, September 6th will be paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 1.09%. The ex-dividend date of this dividend is Friday, September 6th. General Motors’s dividend payout ratio (DPR) is currently 5.87%.

Insider Buying and Selling

In related news, CEO Mary T. Barra sold 326,305 shares of the company’s stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $48.33, for a total transaction of $15,770,320.65. Following the transaction, the chief executive officer now directly owns 898,648 shares of the company’s stock, valued at approximately $43,431,657.84. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, President Mark L. Reuss sold 150,000 shares of the stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $43.44, for a total value of $6,516,000.00. Following the completion of the sale, the president now owns 176,907 shares in the company, valued at $7,684,840.08. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Mary T. Barra sold 326,305 shares of the business’s stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $48.33, for a total transaction of $15,770,320.65. Following the transaction, the chief executive officer now owns 898,648 shares in the company, valued at $43,431,657.84. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,152,621 shares of company stock valued at $51,818,111. 0.72% of the stock is owned by company insiders.

Institutional Investors Weigh In On General Motors

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Norges Bank bought a new position in shares of General Motors in the fourth quarter valued at approximately $602,280,000. Capital World Investors increased its position in shares of General Motors by 14.6% during the 1st quarter. Capital World Investors now owns 48,767,573 shares of the auto manufacturer’s stock valued at $2,211,609,000 after purchasing an additional 6,201,777 shares during the last quarter. Swedbank AB purchased a new stake in shares of General Motors during the 1st quarter valued at $159,750,000. Hotchkis & Wiley Capital Management LLC raised its stake in shares of General Motors by 21.9% during the 4th quarter. Hotchkis & Wiley Capital Management LLC now owns 18,097,486 shares of the auto manufacturer’s stock worth $650,062,000 after purchasing an additional 3,247,050 shares during the period. Finally, Putnam Investments LLC boosted its holdings in shares of General Motors by 16.8% in the 4th quarter. Putnam Investments LLC now owns 20,237,820 shares of the auto manufacturer’s stock worth $726,942,000 after buying an additional 2,905,689 shares during the last quarter. Hedge funds and other institutional investors own 92.67% of the company’s stock.

General Motors Company Profile

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.