General Motors (NYSE:GM) Price Target Raised to $61.00

General Motors (NYSE:GM) (TSE:GMM.U) had its price objective boosted by analysts at The Goldman Sachs Group from $53.00 to $61.00 in a research note issued on Tuesday, Benzinga reports. The brokerage currently has a “buy” rating on the auto manufacturer’s stock. The Goldman Sachs Group’s price objective suggests a potential upside of 36.04% from the stock’s previous close.

GM has been the subject of a number of other research reports. 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. Wedbush restated an “outperform” rating and set a $55.00 target price on shares of General Motors in a report on Wednesday, July 24th. Wolfe Research initiated coverage on General Motors in a research note on Thursday, September 5th. They issued a “peer perform” rating for the company. Royal Bank of Canada reduced their price objective on shares of General Motors from $58.00 to $54.00 and set an “outperform” rating on the stock in a research report on Friday, August 9th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $53.00 target price on shares of General Motors in a research report on Tuesday, September 10th. Four analysts have rated the stock with a sell rating, six have assigned a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, General Motors presently has an average rating of “Hold” and a consensus price target of $55.47.

General Motors Stock Performance

Shares of NYSE:GM remained flat at $44.84 during trading on Tuesday. The stock had a trading volume of 1,418,032 shares, compared to its average volume of 15,270,767. The company has a quick ratio of 0.99, a current ratio of 1.18 and a debt-to-equity ratio of 1.23. General Motors has a 52-week low of $26.30 and a 52-week high of $50.50. The stock has a market capitalization of $51.16 billion, a price-to-earnings ratio of 5.48, a price-to-earnings-growth ratio of 0.56 and a beta of 1.43. The firm’s 50-day simple moving average is $45.92 and its two-hundred day simple moving average is $45.59.

General Motors (NYSE:GM) (TSE:GMM.U) last announced its quarterly earnings results on Tuesday, July 23rd. The auto manufacturer reported $3.06 earnings per share for the quarter, beating the consensus estimate of $2.67 by $0.39. General Motors had a net margin of 6.22% and a return on equity of 15.77%. The business had revenue of $47.97 billion during the quarter, compared to analysts’ expectations of $45.13 billion. During the same quarter in the prior year, the company posted $1.91 EPS. The firm’s revenue for the quarter was up 7.2% compared to the same quarter last year. On average, sell-side analysts predict that General Motors will post 9.95 earnings per share for the current fiscal year.

General Motors announced that its Board of Directors has approved a stock repurchase plan on Tuesday, June 11th that allows the company to buyback $6.00 billion in outstanding shares. This buyback authorization allows the auto manufacturer to repurchase up to 10.8% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.

Insiders Place Their Bets

In other news, EVP Rory Harvey sold 2,302 shares of the company’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $47.31, for a total transaction of $108,907.62. Following the transaction, the executive vice president now directly owns 10,356 shares of the company’s stock, valued at $489,942.36. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, EVP Rory Harvey sold 2,302 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $47.31, for a total transaction of $108,907.62. Following the completion of the transaction, the executive vice president now directly owns 10,356 shares of the company’s stock, valued at $489,942.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Paul A. Jacobson acquired 25,000 shares of the stock in a transaction that occurred on Friday, July 26th. The shares were bought at an average price of $44.11 per share, for a total transaction of $1,102,750.00. Following the transaction, the chief financial officer now owns 261,872 shares of the company’s stock, valued at $11,551,173.92. The disclosure for this purchase can be found here. Corporate insiders own 0.72% of the company’s stock.

Institutional Trading of General Motors

Several large investors have recently modified their holdings of the company. LifeSteps Financial Inc. purchased a new stake in General Motors during the first quarter valued at approximately $25,000. Strategic Investment Solutions Inc. IL purchased a new stake in shares of General Motors in the 2nd quarter worth $25,000. Wellington Shields Capital Management LLC bought a new position in General Motors in the 2nd quarter worth $28,000. Fortitude Family Office LLC lifted its position in General Motors by 56.1% during the second quarter. Fortitude Family Office LLC now owns 626 shares of the auto manufacturer’s stock valued at $29,000 after purchasing an additional 225 shares in the last quarter. Finally, Montag A & Associates Inc. purchased a new stake in General Motors in the first quarter worth about $30,000. Institutional investors own 92.67% of the company’s stock.

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.