The Goldman Sachs Group Increases General Motors (NYSE:GM) Price Target to $61.00

General Motors (NYSE:GM) (TSE:GMM.U) had its price target increased by stock analysts at The Goldman Sachs Group from $53.00 to $61.00 in a report issued on Tuesday, Benzinga reports. The brokerage presently has a “buy” rating on the auto manufacturer’s stock. The Goldman Sachs Group’s price objective points to a potential upside of 36.12% from the company’s previous close.

Several other analysts also recently weighed in on GM. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $53.00 price target on shares of General Motors in a research note on Tuesday, September 10th. Wolfe Research began coverage on shares of General Motors in a report on Thursday, September 5th. They set a “peer perform” rating on the stock. Wells Fargo & Company cut their price objective on General Motors from $34.00 to $33.00 and set an “underweight” rating for the company in a research report on Tuesday, September 10th. Sanford C. Bernstein cut shares of General Motors from an “outperform” rating to a “market perform” rating and set a $53.00 price objective for the company. in a research report on Monday, September 23rd. Finally, Wedbush reiterated an “outperform” rating and issued a $55.00 target price on shares of General Motors in a research report on Wednesday, July 24th. Four investment analysts have rated the stock with a sell rating, six have assigned a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, General Motors presently has a consensus rating of “Hold” and an average price target of $55.47.

General Motors Stock Performance

GM opened at $44.82 on Tuesday. The company has a market cap of $51.13 billion, a P/E ratio of 5.48, a price-to-earnings-growth ratio of 0.56 and a beta of 1.42. The company has a quick ratio of 0.99, a current ratio of 1.18 and a debt-to-equity ratio of 1.23. The firm’s 50-day moving average price is $45.86 and its 200-day moving average price is $45.61. General Motors has a 52-week low of $26.30 and a 52-week high of $50.50.

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, topping analysts’ consensus estimates of $2.67 by $0.39. General Motors had a net margin of 6.22% and a return on equity of 15.77%. 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 company posted $1.91 earnings per share. The business’s quarterly revenue was up 7.2% on a year-over-year basis. As a group, equities analysts anticipate that General Motors will post 9.95 EPS for the current fiscal year.

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

Insiders Place Their Bets

In other news, EVP Rory Harvey sold 2,302 shares of the company’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $47.31, for a total value of $108,907.62. Following the transaction, the executive vice president now owns 10,356 shares of the company’s stock, valued at approximately $489,942.36. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, EVP Rory Harvey sold 2,302 shares of the business’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 sale, the executive vice president now directly owns 10,356 shares of the company’s stock, valued at approximately $489,942.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Paul A. Jacobson acquired 25,000 shares of the firm’s stock in a transaction dated Friday, July 26th. The stock was bought at an average price of $44.11 per share, for a total transaction of $1,102,750.00. Following the completion of the acquisition, the chief financial officer now owns 261,872 shares in the company, valued at approximately $11,551,173.92. The disclosure for this purchase can be found here. 0.72% of the stock is owned by insiders.

Institutional Investors Weigh In On General Motors

Several institutional investors and hedge funds have recently modified their holdings of GM. LifeSteps Financial Inc. purchased a new stake in General Motors during the first quarter worth about $25,000. Strategic Investment Solutions Inc. IL purchased a new stake in General Motors during the 2nd quarter worth approximately $25,000. Wellington Shields Capital Management LLC purchased a new stake in General Motors during the 2nd quarter worth approximately $28,000. Fortitude Family Office LLC lifted its holdings in General Motors by 56.1% during the 2nd quarter. Fortitude Family Office LLC now owns 626 shares of the auto manufacturer’s stock worth $29,000 after buying an additional 225 shares in the last quarter. Finally, Montag A & Associates Inc. purchased a new position in General Motors in the 1st quarter valued at approximately $30,000. Hedge funds and other institutional investors own 92.67% of the company’s stock.

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.