General Motors (NYSE:GM) Cut to “Underweight” at Wells Fargo & Company

Wells Fargo & Company cut shares of General Motors (NYSE:GMGet Rating) (TSE:GMM.U) from an overweight rating to an underweight rating in a research note published on Wednesday morning, Marketbeat reports. The brokerage currently has $33.00 price target on the auto manufacturer’s stock, down from their prior price target of $74.00.

Other equities analysts have also recently issued research reports about the stock. BNP Paribas started coverage on shares of General Motors in a research report on Monday, April 11th. They set an outperform rating on the stock. Berenberg Bank assumed coverage on shares of General Motors in a research note on Tuesday. They set a buy rating and a $55.00 price objective on the stock. Morgan Stanley dropped their target price on shares of General Motors from $55.00 to $50.00 and set an equal weight rating on the stock in a research note on Tuesday, March 22nd. Royal Bank of Canada dropped their target price on shares of General Motors from $70.00 to $58.00 in a research note on Wednesday, April 27th. Finally, Jefferies Financial Group dropped their target price on shares of General Motors from $53.00 to $44.00 and set a hold rating on the stock in a research note on Tuesday, March 15th. One research analyst has rated the stock with a sell rating, six have given a hold rating and eighteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, General Motors presently has an average rating of Buy and a consensus target price of $63.36.

GM traded down $2.40 during trading on Wednesday, hitting $34.87. 452,785 shares of the company’s stock were exchanged, compared to its average volume of 19,564,816. The company has a quick ratio of 0.93, a current ratio of 1.11 and a debt-to-equity ratio of 1.15. The business’s 50 day moving average is $41.30 and its two-hundred day moving average is $51.09. General Motors has a fifty-two week low of $37.17 and a fifty-two week high of $67.21. The stock has a market cap of $50.85 billion, a P/E ratio of 5.90, a PEG ratio of 0.58 and a beta of 1.20.

General Motors (NYSE:GMGet Rating) (TSE:GMM.U) last issued its earnings results on Tuesday, April 26th. The auto manufacturer reported $2.09 earnings per share for the quarter, topping analysts’ consensus estimates of $1.56 by $0.53. General Motors had a net margin of 7.61% and a return on equity of 16.37%. The firm had revenue of $35.98 billion during the quarter, compared to analyst estimates of $36.25 billion. During the same quarter last year, the business earned $2.25 earnings per share. On average, sell-side analysts forecast that General Motors will post 6.98 earnings per share for the current year.

In related news, EVP Stephen K. Carlisle sold 25,645 shares of the company’s stock in a transaction that occurred on Friday, April 29th. The shares were sold at an average price of $39.04, for a total transaction of $1,001,180.80. Following the sale, the executive vice president now directly owns 64,170 shares in the company, valued at $2,505,196.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Paul A. Jacobson purchased 35,000 shares of the company’s stock in a transaction on Thursday, April 28th. The stock was bought at an average price of $38.79 per share, for a total transaction of $1,357,650.00. Following the completion of the purchase, the chief financial officer now directly owns 110,000 shares of the company’s stock, valued at $4,266,900. The disclosure for this purchase can be found here. 0.40% of the stock is owned by corporate insiders.

Several hedge funds have recently made changes to their positions in GM. NuWave Investment Management LLC acquired a new position in shares of General Motors in the 4th quarter valued at about $28,000. FSB Premier Wealth Management Inc. acquired a new position in shares of General Motors in the 4th quarter valued at approximately $28,000. Sandy Cove Advisors LLC acquired a new position in shares of General Motors in the 4th quarter valued at approximately $30,000. Liberty Wealth Management LLC increased its holdings in shares of General Motors by 50.1% in the 3rd quarter. Liberty Wealth Management LLC now owns 518 shares of the auto manufacturer’s stock valued at $27,000 after acquiring an additional 173 shares during the last quarter. Finally, Hanson & Doremus Investment Management increased its holdings in shares of General Motors by 793.7% in the 4th quarter. Hanson & Doremus Investment Management now owns 563 shares of the auto manufacturer’s stock valued at $33,000 after acquiring an additional 500 shares during the last quarter. Institutional investors and hedge funds own 82.66% of the company’s stock.

About General Motors (Get Rating)

General Motors Company designs, builds, and sells trucks, crossovers, cars, and automobile parts and accessories in North America, the Asia Pacific, the Middle East, Africa, South America, the United States, and China. The company operates through GM North America, GM International, Cruise, and GM Financial segments.

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