General Motors (NYSE:GM) Given New $34.00 Price Target at Wells Fargo & Company

General Motors (NYSE:GM) (TSE:GMM.U) had its target price lifted by equities research analysts at Wells Fargo & Company from $32.00 to $34.00 in a note issued to investors on Wednesday, Benzinga reports. The firm presently has an “underweight” rating on the auto manufacturer’s stock. Wells Fargo & Company‘s target price would indicate a potential downside of 26.18% from the stock’s current price.

GM has been the subject of a number of other research reports. Royal Bank of Canada upped 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. JPMorgan Chase & Co. raised their price target on shares of General Motors from $60.00 to $61.00 and gave the stock an “overweight” rating in a report on Wednesday. Citigroup upped their price objective on General Motors from $95.00 to $96.00 and gave the company a “buy” rating in a report on Wednesday, April 24th. UBS Group lifted their target price on General Motors from $61.00 to $64.00 and gave the company a “buy” rating in a research report on Wednesday, July 10th. Finally, Piper Sandler increased their price target on General Motors from $44.00 to $45.00 and gave the stock a “neutral” rating in a report on Wednesday, April 24th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $56.38.

General Motors Price Performance

Shares of General Motors stock traded down $0.32 during trading hours on Wednesday, reaching $46.06. 8,255,762 shares of the company’s stock were exchanged, compared to its average volume of 15,833,169. The company has a market capitalization of $52.55 billion, a P/E ratio of 5.65, a price-to-earnings-growth ratio of 0.52 and a beta of 1.43. The company has a quick ratio of 0.97, a current ratio of 1.16 and a debt-to-equity ratio of 1.22. General Motors has a 1 year low of $26.30 and a 1 year high of $50.50. The business has a fifty day moving average of $46.54 and a two-hundred day moving average of $42.88.

General Motors (NYSE:GM) (TSE:GMM.U) last posted its quarterly earnings results on Tuesday, July 23rd. The auto manufacturer reported $3.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.67 by $0.39. General Motors had a return on equity of 14.40% and a net margin of 6.13%. The business had revenue of $47.97 billion during the quarter, compared to analyst estimates of $45.13 billion. During the same period in the prior year, the business earned $1.91 earnings per share. The business’s revenue was up 7.2% compared to the same quarter last year. As a group, research analysts predict that General Motors will post 9.45 earnings per share for the current fiscal year.

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

Insider Activity

In related news, President Mark L. Reuss sold 14,858 shares of the business’s stock in a transaction on Friday, June 7th. The shares were sold at an average price of $46.01, for a total transaction of $683,616.58. Following the completion of the transaction, the president now owns 162,049 shares in the company, valued at $7,455,874.49. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, President Mark L. Reuss sold 14,858 shares of the business’s stock in a transaction that occurred on Friday, June 7th. The stock was sold at an average price of $46.01, for a total transaction of $683,616.58. Following the completion of the sale, the president now owns 162,049 shares in the company, valued at $7,455,874.49. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Mary T. Barra sold 626,316 shares of the company’s stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $43.46, for a total value of $27,219,693.36. Following the completion of the transaction, the chief executive officer now directly owns 1,198,648 shares of the company’s stock, valued at $52,093,242.08. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,152,621 shares of company stock worth $51,818,111. 0.72% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On General Motors

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Public Employees Retirement Association of Colorado lifted its holdings in shares of General Motors by 1,213.0% in the 4th quarter. Public Employees Retirement Association of Colorado now owns 2,203,771 shares of the auto manufacturer’s stock valued at $79,159,000 after purchasing an additional 2,035,925 shares during the last quarter. Handelsbanken Fonder AB raised its position in General Motors by 18.5% in the 4th quarter. Handelsbanken Fonder AB now owns 475,061 shares of the auto manufacturer’s stock valued at $17,064,000 after purchasing an additional 74,194 shares during the last quarter. US Bancorp DE boosted its stake in General Motors by 59.3% during the 4th quarter. US Bancorp DE now owns 86,888 shares of the auto manufacturer’s stock worth $3,121,000 after purchasing an additional 32,331 shares during the period. GSA Capital Partners LLP grew its position in General Motors by 317.6% during the 4th quarter. GSA Capital Partners LLP now owns 67,807 shares of the auto manufacturer’s stock worth $2,436,000 after purchasing an additional 51,571 shares during the last quarter. Finally, Cerity Partners LLC increased its stake in General Motors by 361.1% in the fourth quarter. Cerity Partners LLC now owns 119,714 shares of the auto manufacturer’s stock valued at $4,300,000 after purchasing an additional 93,754 shares during the period. 92.67% of the stock is owned by hedge funds and other institutional investors.

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.