Bank of America Cuts General Motors (NYSE:GM) Price Target to $62.00

General Motors (NYSE:GM) (TSE:GMM.U) had its price target lowered by Bank of America from $65.00 to $62.00 in a research note released on Wednesday morning,Benzinga reports. The brokerage currently has a buy rating on the auto manufacturer’s stock.

Several other research analysts have also recently weighed in on the company. CLSA raised General Motors to a “moderate buy” rating in a research note on Monday, July 7th. JPMorgan Chase & Co. raised their target price on General Motors from $56.00 to $60.00 and gave the company an “overweight” rating in a research note on Monday, July 21st. Barclays raised their target price on General Motors from $45.00 to $55.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 16th. Royal Bank Of Canada raised their target price on General Motors from $55.00 to $57.00 and gave the company an “outperform” rating in a research note on Friday, May 2nd. Finally, Deutsche Bank Aktiengesellschaft cut General Motors from a “buy” rating to a “hold” rating and set a $43.00 target price for the company. in a research note on Monday, April 14th. Four analysts have rated the stock with a sell rating, ten have issued a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $56.35.

General Motors Trading Up 2.0%

NYSE:GM opened at $53.38 on Wednesday. General Motors has a 1 year low of $38.96 and a 1 year high of $61.24. The stock has a market cap of $50.82 billion, a price-to-earnings ratio of 8.47, a PEG ratio of 1.10 and a beta of 1.32. The business has a fifty day moving average of $50.23 and a 200-day moving average of $48.73. The company has a debt-to-equity ratio of 1.42, a quick ratio of 1.04 and a current ratio of 1.22.

General Motors (NYSE:GM) (TSE:GMM.U) last posted its quarterly earnings data on Tuesday, July 22nd. The auto manufacturer reported $2.53 EPS for the quarter, topping analysts’ consensus estimates of $2.52 by $0.01. General Motors had a return on equity of 12.98% and a net margin of 2.54%. The company had revenue of $47.12 billion for the quarter, compared to the consensus estimate of $45.87 billion. During the same quarter in the previous year, the business earned $3.06 EPS. The company’s quarterly revenue was down 1.8% compared to the same quarter last year. Equities analysts predict that General Motors will post 11.44 earnings per share for the current year.

General Motors Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 18th. Stockholders of record on Friday, September 5th will be issued a dividend of $0.15 per share. The ex-dividend date of this dividend is Friday, September 5th. This represents a $0.60 annualized dividend and a dividend yield of 1.12%. General Motors’s dividend payout ratio is 9.52%.

Institutional Investors Weigh In On General Motors

Institutional investors have recently made changes to their positions in the company. Measured Risk Portfolios Inc. acquired a new stake in shares of General Motors during the 4th quarter valued at about $27,000. Trust Co. of Toledo NA OH acquired a new stake in shares of General Motors during the 2nd quarter valued at about $25,000. GFG Capital LLC acquired a new stake in shares of General Motors during the 2nd quarter valued at about $27,000. RMG Wealth Management LLC acquired a new stake in shares of General Motors during the 2nd quarter valued at about $32,000. Finally, Transce3nd LLC acquired a new stake in shares of General Motors during the 4th quarter valued at about $34,000. 92.67% of the stock is currently owned by institutional investors and hedge funds.

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.