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

General Motors (NYSE:GM) (TSE:GMM.U) had its target price cut by analysts at JPMorgan Chase & Co. from $64.00 to $53.00 in a note issued to investors on Thursday, MarketBeat Ratings reports. The brokerage currently has an “overweight” rating on the auto manufacturer’s stock. JPMorgan Chase & Co.‘s price objective would indicate a potential upside of 13.61% from the stock’s previous close.

GM has been the subject of a number of other research reports. Wells Fargo & Company reiterated an “underweight” rating on shares of General Motors in a report on Monday, February 3rd. StockNews.com cut shares of General Motors from a “buy” rating to a “hold” rating in a report on Wednesday, February 5th. Mizuho boosted their price target on General Motors from $59.00 to $62.00 and gave the stock an “outperform” rating in a research note on Monday, December 9th. The Goldman Sachs Group set a $73.00 price objective on General Motors in a research note on Saturday, March 1st. Finally, UBS Group reiterated a “buy” rating on shares of General Motors in a research report on Monday, February 3rd. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, General Motors has a consensus rating of “Hold” and an average price target of $62.11.

General Motors Price Performance

Shares of GM opened at $46.65 on Thursday. The company has a current ratio of 1.13, a quick ratio of 0.98 and a debt-to-equity ratio of 1.38. The stock’s 50 day moving average is $48.89 and its two-hundred day moving average is $50.53. General Motors has a twelve month low of $38.96 and a twelve month high of $61.24. The firm has a market capitalization of $46.42 billion, a PE ratio of 7.59, a P/E/G ratio of 0.67 and a beta of 1.42.

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

General Motors announced that its Board of Directors has initiated a share buyback program on Wednesday, February 26th that permits the company to buyback $6.00 billion in outstanding shares. This buyback authorization permits the auto manufacturer to reacquire up to 12.5% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.

Insiders Place Their Bets

In other General Motors news, Director Alfred F. Kelly, Jr. bought 12,000 shares of General Motors stock in a transaction that occurred on Thursday, January 30th. The shares were purchased at an average cost of $50.66 per share, for a total transaction of $607,920.00. Following the completion of the transaction, the director now owns 13,714 shares of the company’s stock, valued at $694,751.24. This represents a 700.12 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.72% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of GM. Wellington Management Group LLP grew its holdings in General Motors by 0.6% in the fourth quarter. Wellington Management Group LLP now owns 1,195,961 shares of the auto manufacturer’s stock valued at $63,709,000 after purchasing an additional 7,081 shares during the period. NorthCrest Asset Manangement LLC purchased a new stake in shares of General Motors during the 4th quarter valued at $233,000. Lansforsakringar Fondforvaltning AB publ acquired a new stake in shares of General Motors during the 4th quarter worth $25,824,000. Centaurus Financial Inc. raised its position in shares of General Motors by 13.9% in the 4th quarter. Centaurus Financial Inc. now owns 14,451 shares of the auto manufacturer’s stock worth $770,000 after buying an additional 1,769 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in General Motors in the fourth quarter valued at $60,198,000. Institutional investors and hedge funds 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.