JPMorgan Chase & Co. Cuts General Motors (NYSE:GM) Price Target to $53.00

General Motors (NYSE:GM) (TSE:GMM.U) had its target price trimmed by JPMorgan Chase & Co. from $64.00 to $53.00 in a report released on Thursday, Marketbeat Ratings reports. The firm currently has an overweight rating on the auto manufacturer’s stock.

Several other brokerages also recently commented on GM. HSBC downgraded General Motors from a “buy” rating to a “hold” rating and set a $58.00 price objective on the stock. in a research report on Wednesday, December 11th. Mizuho lifted their price objective on shares of General Motors from $59.00 to $62.00 and gave the company an “outperform” rating in a research report on Monday, December 9th. The Goldman Sachs Group set a $73.00 target price on shares of General Motors in a research note on Saturday, March 1st. Cowen assumed coverage on shares of General Motors in a research note on Thursday, March 6th. They issued a “buy” rating on the stock. Finally, TD Cowen began coverage on General Motors in a research report on Friday, March 7th. They set a “buy” rating and a $105.00 price objective for the company. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $62.11.

General Motors Price Performance

NYSE GM opened at $46.65 on Thursday. The company has a debt-to-equity ratio of 1.38, a quick ratio of 0.98 and a current ratio of 1.13. The business’s fifty day moving average is $48.89 and its 200 day moving average is $50.56. The company has a market capitalization of $46.42 billion, a PE ratio of 7.59, a price-to-earnings-growth ratio of 0.67 and a beta of 1.42. General Motors has a fifty-two week low of $38.96 and a fifty-two week high of $61.24.

General Motors (NYSE:GM) (TSE:GMM.U) last issued its quarterly earnings results on Tuesday, January 28th. The auto manufacturer reported $1.92 earnings per share for the quarter, beating the consensus estimate of $1.75 by $0.17. General Motors had a net margin of 3.21% and a return on equity of 15.29%. Sell-side analysts predict that General Motors will post 11.44 earnings per share for the current year.

General Motors Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 20th. Shareholders of record on Friday, March 7th were given a dividend of $0.12 per share. The ex-dividend date of this dividend was Friday, March 7th. This represents a $0.48 annualized dividend and a yield of 1.03%. General Motors’s dividend payout ratio (DPR) is presently 7.80%.

General Motors announced that its Board of Directors has authorized a share repurchase program on Wednesday, February 26th that authorizes the company to buyback $6.00 billion in shares. This buyback authorization authorizes the auto manufacturer to repurchase up to 12.5% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling

In other General Motors news, Director Alfred F. Kelly, Jr. purchased 12,000 shares of General Motors stock in a transaction dated Thursday, January 30th. The shares were acquired at an average cost of $50.66 per share, with a total value of $607,920.00. Following the completion of the transaction, the director now owns 13,714 shares in the company, valued at approximately $694,751.24. This trade represents a 700.12 % increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.72% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Norges Bank acquired a new stake in General Motors in the fourth quarter worth about $592,321,000. Amundi boosted its stake in General Motors by 75.5% in the 4th quarter. Amundi now owns 4,914,256 shares of the auto manufacturer’s stock worth $250,627,000 after purchasing an additional 2,113,973 shares in the last quarter. ACR Alpine Capital Research LLC grew its position in General Motors by 39.8% during the 4th quarter. ACR Alpine Capital Research LLC now owns 7,397,404 shares of the auto manufacturer’s stock worth $394,060,000 after purchasing an additional 2,104,528 shares during the last quarter. Raymond James Financial Inc. acquired a new position in General Motors during the 4th quarter valued at approximately $108,366,000. Finally, Caisse DE Depot ET Placement DU Quebec raised its holdings in shares of General Motors by 972.6% in the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 2,103,036 shares of the auto manufacturer’s stock worth $94,300,000 after buying an additional 1,906,964 shares during the last quarter. 92.67% of the stock is currently owned by hedge funds and other institutional investors.

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.