General Motors (NYSE:GM) Price Target Raised to $58.00

General Motors (NYSE:GM) (TSE:GMM.U) had its target price upped by Mizuho from $53.00 to $58.00 in a report issued on Friday morning,Benzinga reports. Mizuho currently has an outperform rating on the auto manufacturer’s stock.

GM has been the topic of several other reports. The Goldman Sachs Group lowered their target price on General Motors from $73.00 to $63.00 and set a “buy” rating on the stock in a research report on Thursday, April 10th. BNP Paribas upgraded General Motors to a “strong-buy” rating in a research report on Monday, May 5th. UBS Group lowered their target price on General Motors from $51.00 to $50.00 and set a “neutral” rating on the stock in a research report on Friday, May 2nd. Deutsche Bank Aktiengesellschaft downgraded General Motors from a “buy” rating to a “hold” rating and set a $43.00 price objective on the stock. in a research report on Monday, April 14th. Finally, Piper Sandler boosted their price objective on General Motors from $45.00 to $48.00 and gave the company a “neutral” rating in a research report on Thursday, March 20th. Four investment analysts have rated the stock with a sell rating, ten have given a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $54.56.

General Motors Stock Performance

GM stock opened at $50.36 on Friday. The company has a market cap of $48.42 billion, a P/E ratio of 8.19, a price-to-earnings-growth ratio of 0.67 and a beta of 1.36. General Motors has a 1 year low of $38.96 and a 1 year high of $61.24. The company has a debt-to-equity ratio of 1.38, a current ratio of 1.13 and a quick ratio of 0.98. The stock’s fifty day moving average price is $46.85 and its 200-day moving average price is $50.00.

General Motors (NYSE:GM) (TSE:GMM.U) last released its earnings results on Tuesday, April 29th. The auto manufacturer reported $2.78 earnings per share for the quarter, beating the consensus estimate of $2.63 by $0.15. The company had revenue of $44.02 billion for the quarter, compared to the consensus estimate of $42.64 billion. General Motors had a return on equity of 15.29% and a net margin of 3.21%. General Motors’s quarterly revenue was up 2.3% compared to the same quarter last year. During the same period in the previous year, the business earned $2.62 earnings per share. On average, equities analysts forecast that General Motors will post 11.44 earnings per share for the current year.

General Motors announced that its Board of Directors has authorized a stock buyback program on Wednesday, February 26th that authorizes the company to buyback $6.00 billion in outstanding shares. This buyback authorization authorizes the auto manufacturer to purchase up to 12.5% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

General Motors Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 19th. Stockholders of record on Friday, June 6th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 1.19%. This is a boost from General Motors’s previous quarterly dividend of $0.12. The ex-dividend date of this dividend is Friday, June 6th. General Motors’s payout ratio is 8.65%.

Institutional Investors Weigh In On General Motors

Several large investors have recently added to or reduced their stakes in GM. Assenagon Asset Management S.A. increased its stake in General Motors by 23.8% during the fourth quarter. Assenagon Asset Management S.A. now owns 704,922 shares of the auto manufacturer’s stock worth $37,551,000 after acquiring an additional 135,289 shares during the last quarter. Park Avenue Securities LLC increased its stake in General Motors by 23.9% during the fourth quarter. Park Avenue Securities LLC now owns 47,849 shares of the auto manufacturer’s stock worth $2,549,000 after acquiring an additional 9,231 shares during the last quarter. Ritholtz Wealth Management increased its stake in General Motors by 79.5% during the fourth quarter. Ritholtz Wealth Management now owns 15,564 shares of the auto manufacturer’s stock worth $829,000 after acquiring an additional 6,892 shares during the last quarter. Occidental Asset Management LLC increased its stake in General Motors by 7.6% during the fourth quarter. Occidental Asset Management LLC now owns 29,722 shares of the auto manufacturer’s stock worth $1,583,000 after acquiring an additional 2,094 shares during the last quarter. Finally, KMG Fiduciary Partners LLC grew its stake in shares of General Motors by 5.3% during the fourth quarter. KMG Fiduciary Partners LLC now owns 65,014 shares of the auto manufacturer’s stock valued at $3,463,000 after buying an additional 3,273 shares during the last quarter. 92.67% of the stock is owned by 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.