General Motors Company (GM) Upgraded to “Hold” by Zacks Investment Research
General Motors Company (NYSE:GM) (TSE:GMM.U) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Friday.
According to Zacks, “General Motors reported better-than-expected second-quarter 2017 earnings. However, revenues missed the estimate during the quarter. Also, General Motors has underperformed the industry it belongs to in the last six months. Also, a high inventory level of passenger cars is a concern before it. However, General Motors, with its strength in crossover segment, is set to gain. Also, the company’s capital allocation strategy, initiatives to make its vehicles more advanced, safer and fuel efficient and focus on technology development are likely to benefit. Moreover, the company's focus on capital deployment is expected to boost shareholder returns. Also, the company is raising investment in emerging markets to boost global sales. It is trying to take advantage of emerging markets growth via product launches and joint ventures.”
A number of other research firms also recently issued reports on GM. BidaskClub raised General Motors from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, July 19th. Vetr downgraded General Motors from a “buy” rating to a “hold” rating and set a $37.42 price objective on the stock. in a research note on Monday, July 17th. Royal Bank Of Canada reaffirmed a “hold” rating and issued a $37.00 price objective on shares of General Motors in a research note on Friday, July 14th. ValuEngine raised General Motors from a “buy” rating to a “strong-buy” rating in a research note on Friday, July 28th. Finally, Piper Jaffray Companies reaffirmed a “buy” rating and issued a $44.00 price objective on shares of General Motors in a research note on Wednesday, July 12th. Two research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, ten have issued a buy rating and three have given a strong buy rating to the company. General Motors presently has a consensus rating of “Buy” and a consensus price target of $39.38.
Shares of General Motors (GM) traded up 1.44% on Friday, reaching $35.27. 9,160,776 shares of the company’s stock were exchanged. The firm has a market cap of $51.40 billion, a PE ratio of 6.13 and a beta of 1.45. The company has a 50 day moving average price of $35.21 and a 200 day moving average price of $35.22. General Motors has a one year low of $29.91 and a one year high of $38.55.
General Motors (NYSE:GM) (TSE:GMM.U) last released its quarterly earnings data on Tuesday, July 25th. The auto manufacturer reported $1.89 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.72 by $0.17. General Motors had a return on equity of 22.45% and a net margin of 5.38%. The business had revenue of $36.98 billion for the quarter, compared to the consensus estimate of $37.67 billion. During the same quarter in the previous year, the company posted $1.86 EPS. The company’s revenue was down 1.1% compared to the same quarter last year. Analysts expect that General Motors will post $6.14 EPS for the current fiscal year.
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In other General Motors news, insider Stefan Jacoby sold 2,686 shares of the company’s stock in a transaction on Monday, May 8th. The stock was sold at an average price of $33.85, for a total value of $90,921.10. Following the completion of the sale, the insider now directly owns 80,379 shares in the company, valued at approximately $2,720,829.15. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Jane L. Mendillo bought 1,520 shares of the stock in a transaction on Friday, May 26th. The stock was purchased at an average price of $32.92 per share, with a total value of $50,038.40. Following the completion of the acquisition, the director now directly owns 3,120 shares in the company, valued at approximately $102,710.40. The disclosure for this purchase can be found here. Insiders sold a total of 371,687 shares of company stock valued at $12,918,125 over the last quarter. Company insiders own 0.04% of the company’s stock.
Large investors have recently modified their holdings of the company. Clearbridge Investments LLC boosted its stake in shares of General Motors by 26,374.8% in the first quarter. Clearbridge Investments LLC now owns 3,970,423 shares of the auto manufacturer’s stock valued at $140,394,000 after buying an additional 3,955,426 shares in the last quarter. Prudential Financial Inc. boosted its stake in shares of General Motors by 129.2% in the first quarter. Prudential Financial Inc. now owns 6,068,335 shares of the auto manufacturer’s stock valued at $214,576,000 after buying an additional 3,420,200 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of General Motors by 3.2% in the first quarter. Vanguard Group Inc. now owns 89,853,324 shares of the auto manufacturer’s stock valued at $3,177,214,000 after buying an additional 2,744,821 shares in the last quarter. Alliancebernstein L.P. boosted its stake in shares of General Motors by 87.0% in the first quarter. Alliancebernstein L.P. now owns 5,174,420 shares of the auto manufacturer’s stock valued at $182,967,000 after buying an additional 2,407,818 shares in the last quarter. Finally, State Street Corp boosted its stake in shares of General Motors by 3.9% in the first quarter. State Street Corp now owns 60,423,820 shares of the auto manufacturer’s stock valued at $2,136,563,000 after buying an additional 2,252,866 shares in the last quarter. Institutional investors and hedge funds own 76.04% of the company’s stock.
About General Motors
General Motors Company designs, builds and sells cars, trucks, crossovers and automobile parts. The Company’s segments include GM North America (GMNA), GM Europe (GME), GM International Operations (GMIO), GM South America (GMSA) and General Motors Financial Company, Inc (GM Financial). The Company provides automotive financing services through General Motors Financial Company, Inc The Company develops, manufactures and/or markets vehicles in North America under the brands, including Buick, Cadillac, Chevrolet and GMC.
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