JPMorgan Chase & Co. Raises General Motors (NYSE:GM) Price Target to $61.00

General Motors (NYSE:GM) (TSE:GMM.U) had its price target upped by investment analysts at JPMorgan Chase & Co. from $60.00 to $61.00 in a report issued on Wednesday, Benzinga reports. The firm currently has an “overweight” rating on the auto manufacturer’s stock. JPMorgan Chase & Co.‘s target price points to a potential upside of 32.44% from the company’s previous close.

Several other research analysts have also issued reports on the stock. Barclays increased their target price on shares of General Motors from $55.00 to $60.00 and gave the stock an “overweight” rating in a research note on Friday, April 26th. Deutsche Bank Aktiengesellschaft upped their target price on General Motors from $44.00 to $50.00 and gave the stock a “hold” rating in a research report on Tuesday, April 23rd. Sanford C. Bernstein began coverage on shares of General Motors in a research report on Thursday, April 25th. They issued an “outperform” rating and a $55.00 price target for the company. UBS Group raised their price objective on shares of General Motors from $61.00 to $64.00 and gave the company a “buy” rating in a research note on Wednesday, July 10th. Finally, Morgan Stanley downgraded shares of General Motors from an “overweight” rating to an “equal weight” rating and boosted their target price for the stock from $46.00 to $47.00 in a research report on Wednesday. One research analyst has rated the stock with a sell rating, four have given a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $56.38.

General Motors Trading Down 0.7 %

GM traded down $0.32 during trading on Wednesday, reaching $46.06. 8,255,762 shares of the stock traded hands, compared to its average volume of 15,833,169. 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 stock’s 50-day moving average is $46.54 and its 200 day moving average is $42.88. General Motors has a 12 month low of $26.30 and a 12 month high of $50.50. The stock has a market capitalization of $52.55 billion, a PE ratio of 5.65, a P/E/G ratio of 0.52 and a beta of 1.43.

General Motors (NYSE:GM) (TSE:GMM.U) last released its earnings results on Tuesday, July 23rd. The auto manufacturer reported $3.06 EPS for the quarter, topping the consensus estimate 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 analysts’ expectations of $45.13 billion. During the same quarter last year, the firm posted $1.91 earnings per share. The firm’s revenue was up 7.2% on a year-over-year basis. Equities analysts anticipate that General Motors will post 9.45 earnings per share for the current year.

General Motors declared that its board has authorized a share buyback plan on Tuesday, June 11th that authorizes the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization authorizes the auto manufacturer to repurchase up to 10.8% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

Insider Transactions at General Motors

In related news, President Mark L. Reuss sold 150,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $43.44, for a total value of $6,516,000.00. Following the transaction, the president now owns 176,907 shares in the company, valued at $7,684,840.08. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, President Mark L. Reuss sold 14,858 shares of the business’s stock in a transaction that occurred on Friday, June 7th. The shares were sold at an average price of $46.01, for a total value of $683,616.58. Following the sale, the president now owns 162,049 shares of the company’s stock, valued at $7,455,874.49. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, President Mark L. Reuss sold 150,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $43.44, for a total transaction of $6,516,000.00. Following the completion of the transaction, the president now directly owns 176,907 shares of the company’s stock, valued at $7,684,840.08. The disclosure for this sale can be found here. Insiders sold a total of 1,152,621 shares of company stock worth $51,818,111 in the last quarter. Insiders own 0.72% of the company’s stock.

Hedge Funds Weigh In On General Motors

A number of large investors have recently made changes to their positions in the stock. Capital World Investors grew its holdings in General Motors by 14.6% during the 1st quarter. Capital World Investors now owns 48,767,573 shares of the auto manufacturer’s stock valued at $2,211,609,000 after buying an additional 6,201,777 shares in the last quarter. Putnam Investments LLC lifted its stake in General Motors by 16.8% in the 4th quarter. Putnam Investments LLC now owns 20,237,820 shares of the auto manufacturer’s stock worth $726,942,000 after purchasing an additional 2,905,689 shares in the last quarter. Hotchkis & Wiley Capital Management LLC boosted its holdings in General Motors by 21.9% in the 4th quarter. Hotchkis & Wiley Capital Management LLC now owns 18,097,486 shares of the auto manufacturer’s stock valued at $650,062,000 after purchasing an additional 3,247,050 shares during the period. Norges Bank purchased a new position in shares of General Motors during the 4th quarter valued at $602,280,000. Finally, Franklin Resources Inc. boosted its stake in General Motors by 12.0% during the fourth quarter. Franklin Resources Inc. now owns 13,731,249 shares of the auto manufacturer’s stock valued at $493,226,000 after buying an additional 1,472,297 shares during the period. 92.67% of the stock is owned by 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.