General Motors (NYSE:GM) Coverage Initiated at Citigroup

Analysts at Citigroup began coverage on shares of General Motors (NYSE:GM) (TSE:GMM.U) in a report issued on Wednesday, MarketBeat reports. The firm set a “buy” rating and a $62.00 price target on the auto manufacturer’s stock. Citigroup’s target price would suggest a potential upside of 32.31% from the company’s previous close.

Several other equities research analysts have also recently issued reports on the company. Wells Fargo & Company reiterated an “underweight” rating on shares of General Motors in a report on Monday, February 3rd. StockNews.com cut General Motors from a “buy” rating to a “hold” rating in a research report on Wednesday, February 5th. Piper Sandler increased their price objective on General Motors from $45.00 to $48.00 and gave the company a “neutral” rating in a research note on Thursday, March 20th. Mizuho dropped their target price on shares of General Motors from $63.00 to $55.00 and set an “outperform” rating for the company in a report on Thursday, April 10th. Finally, Cowen assumed coverage on shares of General Motors in a research report on Thursday, March 6th. They issued a “buy” rating for the company. Five analysts have rated the stock with a sell rating, nine have issued a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, General Motors presently has a consensus rating of “Hold” and a consensus target price of $54.83.

General Motors Stock Up 2.2 %

Shares of GM opened at $46.86 on Wednesday. The firm has a market cap of $46.63 billion, a P/E ratio of 7.62, a PEG ratio of 0.67 and a beta of 1.27. General Motors has a 12 month low of $38.96 and a 12 month high of $61.24. The stock’s 50 day moving average is $46.89 and its two-hundred day moving average is $50.30. The company has a current ratio of 1.13, a quick ratio of 0.98 and a debt-to-equity ratio of 1.38.

General Motors (NYSE:GM) (TSE:GMM.U) last issued its quarterly earnings results on Tuesday, January 28th. The auto manufacturer reported $1.92 EPS for the quarter, topping the consensus estimate of $1.75 by $0.17. General Motors had a net margin of 3.21% and a return on equity of 15.29%. Analysts predict that General Motors will post 11.44 earnings per share for the current fiscal year.

General Motors announced that its Board of Directors has authorized a share repurchase plan on Wednesday, February 26th that authorizes the company to buyback $6.00 billion in shares. This buyback authorization authorizes the auto manufacturer to repurchase up to 12.5% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board of directors believes its shares are undervalued.

Insider Activity

In other news, Director Alfred F. Kelly, Jr. acquired 12,000 shares of the company’s stock in a transaction dated Thursday, January 30th. The stock was acquired at an average cost of $50.66 per share, with a total value of $607,920.00. Following the completion of the purchase, the director now owns 13,714 shares of the company’s stock, valued at $694,751.24. This represents a 700.12 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Insiders own 0.72% of the company’s stock.

Hedge Funds Weigh In On General Motors

Hedge funds and other institutional investors have recently bought and sold shares of the company. Golden State Wealth Management LLC acquired a new stake in shares of General Motors during the fourth quarter worth about $25,000. Crews Bank & Trust purchased a new stake in General Motors during the 4th quarter worth approximately $26,000. Compass Planning Associates Inc acquired a new stake in General Motors during the 4th quarter worth approximately $27,000. Duncker Streett & Co. Inc. boosted its position in General Motors by 9,960.0% in the 4th quarter. Duncker Streett & Co. Inc. now owns 503 shares of the auto manufacturer’s stock valued at $27,000 after buying an additional 498 shares during the period. Finally, Whittier Trust Co. grew its stake in shares of General Motors by 551.9% in the fourth quarter. Whittier Trust Co. now owns 502 shares of the auto manufacturer’s stock worth $27,000 after acquiring an additional 425 shares in the last quarter. 92.67% of the stock is currently 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.