General Motors (NYSE:GM) Hits New 52-Week High Following Better-Than-Expected Earnings

Shares of General Motors (NYSE:GM) (TSE:GMM.U) reached a new 52-week high on Tuesday following a better than expected earnings announcement. The company traded as high as $51.76 and last traded at $51.72, with a volume of 6043565 shares. The stock had previously closed at $48.93.

The auto manufacturer reported $2.96 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.49 by $0.47. The firm had revenue of $48.76 billion for the quarter, compared to the consensus estimate of $44.67 billion. General Motors had a return on equity of 15.77% and a net margin of 6.22%. The company’s quarterly revenue was up 10.5% on a year-over-year basis. During the same period in the prior year, the company posted $2.28 earnings per share.

General Motors Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 19th. Stockholders of record on Friday, December 6th will be issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.91%. The ex-dividend date is Friday, December 6th. General Motors’s payout ratio is currently 5.87%.

Analyst Ratings Changes

GM has been the topic of a number of research analyst reports. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $53.00 price target on shares of General Motors in a report on Tuesday, September 10th. Morgan Stanley downgraded General Motors from an “equal weight” rating to an “underweight” rating and lowered their price target for the company from $47.00 to $42.00 in a report on Wednesday, September 25th. Barclays upped their price target on General Motors from $64.00 to $70.00 and gave the company an “overweight” rating in a report on Wednesday. Wolfe Research started coverage on General Motors in a research report on Thursday, September 5th. They set a “peer perform” rating for the company. Finally, The Goldman Sachs Group upped their price objective on General Motors from $53.00 to $61.00 and gave the company a “buy” rating in a research report on Tuesday, October 1st. Four equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $56.97.

Insider Buying and Selling

In related news, EVP Rory Harvey sold 2,302 shares of the stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $47.31, for a total transaction of $108,907.62. Following the completion of the sale, the executive vice president now owns 10,356 shares in the company, valued at approximately $489,942.36. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, CFO Paul A. Jacobson purchased 25,000 shares of the company’s stock in a transaction that occurred on Friday, July 26th. The stock was bought at an average cost of $44.11 per share, with a total value of $1,102,750.00. Following the completion of the purchase, the chief financial officer now owns 261,872 shares in the company, valued at approximately $11,551,173.92. This represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Rory Harvey sold 2,302 shares of the firm’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 value of $108,907.62. Following the completion of the sale, the executive vice president now directly owns 10,356 shares of the company’s stock, valued at $489,942.36. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.72% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On General Motors

Institutional investors have recently modified their holdings of the stock. Strategic Investment Solutions Inc. IL purchased a new stake in shares of General Motors in the second quarter worth approximately $25,000. Wellington Shields Capital Management LLC acquired a new stake in shares of General Motors in the 2nd quarter worth $28,000. Fortitude Family Office LLC boosted its position in shares of General Motors by 56.1% in the 2nd quarter. Fortitude Family Office LLC now owns 626 shares of the auto manufacturer’s stock worth $29,000 after purchasing an additional 225 shares in the last quarter. Montag A & Associates Inc. acquired a new stake in shares of General Motors in the 1st quarter worth $30,000. Finally, EdgeRock Capital LLC acquired a new stake in General Motors during the 2nd quarter worth about $33,000. 92.67% of the stock is owned by institutional investors.

General Motors Trading Down 1.5 %

The stock has a 50-day simple moving average of $47.52 and a 200 day simple moving average of $46.09. The company has a current ratio of 1.18, a quick ratio of 0.99 and a debt-to-equity ratio of 1.23. The company has a market cap of $60.37 billion, a price-to-earnings ratio of 6.47, a PEG ratio of 0.56 and a beta of 1.42.

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.