General Motors (NYSE:GM) Short Interest Down 6.7% in May

General Motors (NYSE:GM) (TSE:GMM.U) was the target of a large decline in short interest in May. As of May 31st, there was short interest totalling 58,300,000 shares, a decline of 6.7% from the May 15th total of 62,470,000 shares. Based on an average daily volume of 14,950,000 shares, the days-to-cover ratio is presently 3.9 days. Approximately 5.1% of the company’s stock are sold short.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the stock. Mizuho upped their price objective on shares of General Motors from $48.00 to $52.00 and gave the company a “buy” rating in a report on Wednesday, April 24th. Wells Fargo & Company raised their price target on shares of General Motors from $28.00 to $30.00 and gave the stock an “underweight” rating in a report on Wednesday, April 24th. Royal Bank of Canada boosted their price objective on shares of General Motors from $54.00 to $56.00 and gave the company an “overweight” rating in a report on Tuesday, April 23rd. TheStreet upgraded General Motors from a “c+” rating to a “b-” rating in a research note on Tuesday, March 19th. Finally, Piper Sandler boosted their price target on General Motors from $44.00 to $45.00 and gave the company a “neutral” rating in a research note on Wednesday, April 24th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $54.65.

Insider Activity

In other General Motors news, EVP Rory Harvey sold 5,100 shares of the company’s stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $43.04, for a total transaction of $219,504.00. Following the completion of the sale, the executive vice president now owns 12,658 shares in the company, valued at $544,800.32. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other General Motors news, EVP Rory Harvey sold 5,100 shares of the business’s stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $43.04, for a total value of $219,504.00. Following the completion of the transaction, the executive vice president now directly owns 12,658 shares in the company, valued at $544,800.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Christopher Hatto sold 3,500 shares of the stock in a transaction dated Thursday, March 28th. The shares were sold at an average price of $45.00, for a total transaction of $157,500.00. Following the sale, the chief accounting officer now directly owns 12,007 shares of the company’s stock, valued at $540,315. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,188,343 shares of company stock worth $53,422,657. 0.72% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On General Motors

Several hedge funds and other institutional investors have recently made changes to their positions in the company. EverSource Wealth Advisors LLC boosted its position in General Motors by 13.2% during the first quarter. EverSource Wealth Advisors LLC now owns 6,460 shares of the auto manufacturer’s stock worth $288,000 after acquiring an additional 752 shares during the last quarter. Soltis Investment Advisors LLC boosted its holdings in shares of General Motors by 588.0% during the 1st quarter. Soltis Investment Advisors LLC now owns 126,153 shares of the auto manufacturer’s stock worth $5,721,000 after purchasing an additional 107,816 shares during the last quarter. Cetera Advisors LLC grew its position in shares of General Motors by 233.2% in the first quarter. Cetera Advisors LLC now owns 177,567 shares of the auto manufacturer’s stock valued at $8,053,000 after purchasing an additional 124,276 shares in the last quarter. Cetera Investment Advisers grew its position in shares of General Motors by 98.5% in the first quarter. Cetera Investment Advisers now owns 330,611 shares of the auto manufacturer’s stock valued at $14,993,000 after purchasing an additional 164,083 shares in the last quarter. Finally, Invst LLC acquired a new stake in shares of General Motors in the first quarter valued at approximately $910,000. Hedge funds and other institutional investors own 92.67% of the company’s stock.

General Motors Trading Up 0.1 %

GM stock opened at $47.45 on Wednesday. General Motors has a 52-week low of $26.30 and a 52-week high of $49.35. The company has a quick ratio of 0.97, a current ratio of 1.16 and a debt-to-equity ratio of 1.22. The firm has a market cap of $54.14 billion, a P/E ratio of 5.80, a PEG ratio of 0.54 and a beta of 1.46. The company’s 50-day simple moving average is $44.96 and its 200-day simple moving average is $40.69.

General Motors (NYSE:GM) (TSE:GMM.U) last issued its quarterly earnings data on Tuesday, April 23rd. The auto manufacturer reported $2.62 EPS for the quarter, beating the consensus estimate of $2.02 by $0.60. The company had revenue of $43.01 billion for the quarter, compared to analyst estimates of $41.09 billion. General Motors had a return on equity of 14.40% and a net margin of 6.13%. General Motors’s quarterly revenue was up 7.6% compared to the same quarter last year. During the same period last year, the company earned $2.21 earnings per share. As a group, equities analysts forecast that General Motors will post 9.44 EPS for the current fiscal year.

General Motors Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 20th. Shareholders of record on Friday, June 7th will be issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 1.01%. The ex-dividend date is Friday, June 7th. General Motors’s payout ratio is 5.87%.

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

About General Motors

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.