Stock Traders Buy High Volume of General Motors Put Options (GM)
General Motors (NYSE:GM) was the recipient of some unusual options trading activity on Wednesday. Traders acquired 68,191 put options on the stock, American Banking News.com reports. This is an increase of 130% compared to the average daily volume of 29,707 put options.
GM has been the subject of a number of recent research reports. Analysts at Morgan Stanley reiterated an “overweight” rating on shares of General Motors in a research note to investors on Wednesday. They now have a $0.30 price target on the stock. Separately, analysts at ISI Group initiated coverage on shares of General Motors in a research note to investors on Monday. They set a “hold” rating and a $45.00 price target on the stock. Finally, analysts at TheStreet reiterated a “buy” rating on shares of General Motors in a research note to investors on Monday, December 23rd. Five investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $44.42.
Shares of General Motors (NYSE:GM) traded down 1.60% on Wednesday, hitting $39.38. 89,213,224 shares of the company’s stock traded hands. General Motors has a one year low of $26.19 and a one year high of $41.85. The stock’s 50-day moving average is $40.16 and its 200-day moving average is $37.04. The company has a market cap of $54.698 billion and a P/E ratio of 17.02.
General Motors (NYSE:GM) last announced its earnings results on Wednesday, October 30th. The company reported $0.96 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.93 by $0.03. The company had revenue of $39.00 billion for the quarter, compared to the consensus estimate of $39.50 billion. During the same quarter last year, the company posted $0.90 earnings per share. General Motors’s revenue was up 3.7% compared to the same quarter last year. On average, analysts predict that General Motors will post $3.40 earnings per share for the current fiscal year.
The company also recently declared a special dividend, which is scheduled for Friday, March 28th. Stockholders of record on Tuesday, March 18th will be given a dividend of 0.30 per share. The ex-dividend date of this dividend is Friday, March 14th.
General Motors Corporation (NYSE:GM) designs, build and sell cars, trucks and automobiles parts globally.
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