Wells Fargo & Company Raises General Motors (NYSE:GM) Price Target to $38.00

General Motors (NYSE:GM) (TSE:GMM.U) had its target price boosted by research analysts at Wells Fargo & Company from $33.00 to $38.00 in a note issued to investors on Wednesday, Benzinga reports. The firm currently has an “underweight” rating on the auto manufacturer’s stock. Wells Fargo & Company‘s price objective suggests a potential downside of 28.92% from the company’s current price.

GM has been the subject of a number of other reports. Royal Bank of Canada reiterated an “outperform” rating and set a $54.00 target price on shares of General Motors in a research report on Wednesday, October 9th. Nomura lowered shares of General Motors from a “neutral” rating to a “reduce” rating and set a $34.00 price objective for the company. in a research report on Monday, August 5th. Nomura Securities upgraded shares of General Motors to a “strong sell” rating in a report on Monday, August 5th. The Goldman Sachs Group increased their price target on shares of General Motors from $53.00 to $61.00 and gave the company a “buy” rating in a report on Tuesday, October 1st. Finally, Morgan Stanley lowered General Motors from an “equal weight” rating to an “underweight” rating and dropped their price target for the stock from $47.00 to $42.00 in a research report on Wednesday, September 25th. Four investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $55.87.

General Motors Price Performance

NYSE GM traded down $0.27 on Wednesday, reaching $53.46. The company had a trading volume of 4,099,717 shares, compared to its average volume of 15,126,818. The stock has a market capitalization of $61.00 billion, a PE ratio of 6.51, a price-to-earnings-growth ratio of 0.56 and a beta of 1.42. General Motors has a 12 month low of $26.30 and a 12 month high of $54.19. 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 $47.33 and its 200 day moving average price is $46.04.

General Motors (NYSE:GM) (TSE:GMM.U) last issued its earnings results on Tuesday, October 22nd. The auto manufacturer reported $2.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.49 by $0.47. General Motors had a return on equity of 15.77% and a net margin of 6.22%. The firm had revenue of $48.76 billion for the quarter, compared to analysts’ expectations of $44.67 billion. During the same period in the previous year, the firm posted $2.28 earnings per share. The business’s revenue was up 10.5% compared to the same quarter last year. As a group, equities analysts predict that General Motors will post 9.95 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO Paul A. Jacobson acquired 25,000 shares of General Motors stock in a transaction on Friday, July 26th. The shares were bought at an average cost of $44.11 per share, for a total transaction of $1,102,750.00. Following the acquisition, the chief financial officer now directly owns 261,872 shares of the company’s stock, valued at $11,551,173.92. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other General Motors news, CFO Paul A. Jacobson acquired 25,000 shares of the stock in a transaction that occurred on Friday, July 26th. The stock was bought at an average cost of $44.11 per share, with a total value of $1,102,750.00. Following the completion of the purchase, the chief financial officer now directly owns 261,872 shares in the company, valued at $11,551,173.92. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Rory Harvey sold 12,795 shares of the stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $49.02, for a total transaction of $627,210.90. Following the transaction, the executive vice president now owns 8,513 shares in the company, valued at approximately $417,307.26. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.72% of the company’s stock.

Hedge Funds Weigh In On General Motors

A number of large investors have recently bought and sold shares of the business. Strategic Investment Solutions Inc. IL purchased a new position in shares of General Motors in the 2nd quarter valued at $25,000. Wellington Shields Capital Management LLC bought a new stake in General Motors during the second quarter valued at about $28,000. Fortitude Family Office LLC grew its stake in General Motors by 56.1% in the second quarter. Fortitude Family Office LLC now owns 626 shares of the auto manufacturer’s stock valued at $29,000 after purchasing an additional 225 shares during the last quarter. Montag A & Associates Inc. bought a new position in General Motors in the first quarter worth about $30,000. Finally, EdgeRock Capital LLC purchased a new stake in shares of General Motors during the second quarter valued at about $33,000. 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.