Wells Fargo & Company Increases General Motors (NYSE:GM) Price Target to $32.00

General Motors (NYSE:GM) (TSE:GMM.U) had its price target upped by stock analysts at Wells Fargo & Company from $30.00 to $32.00 in a research report issued on Tuesday, Benzinga reports. The brokerage currently has an “underweight” rating on the auto manufacturer’s stock. Wells Fargo & Company‘s target price points to a potential downside of 30.09% from the company’s current price.

Several other brokerages also recently commented on GM. Wedbush boosted their target price on General Motors from $45.00 to $55.00 and gave the stock an “outperform” rating in a report on Wednesday, April 24th. Royal Bank of Canada increased their price target on General Motors from $54.00 to $56.00 and gave the company an “overweight” rating in a research note on Tuesday, April 23rd. Piper Sandler upped their price objective on shares of General Motors from $44.00 to $45.00 and gave the company a “neutral” rating in a research report on Wednesday, April 24th. StockNews.com upgraded shares of General Motors from a “hold” rating to a “buy” rating in a research report on Saturday, June 1st. Finally, Sanford C. Bernstein started coverage on shares of General Motors in a research report on Thursday, April 25th. They issued an “outperform” rating and a $55.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, General Motors currently has a consensus rating of “Moderate Buy” and an average target price of $54.91.

General Motors Price Performance

NYSE GM opened at $45.77 on Tuesday. General Motors has a twelve month low of $26.30 and a twelve month high of $49.35. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.97 and a current ratio of 1.16. The stock has a market capitalization of $52.22 billion, a PE ratio of 5.60, a P/E/G ratio of 0.49 and a beta of 1.46. The stock has a 50-day simple moving average of $45.39 and a 200 day simple moving average of $41.20.

General Motors (NYSE:GM) (TSE:GMM.U) last issued its quarterly earnings results on Tuesday, April 23rd. The auto manufacturer reported $2.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.02 by $0.60. General Motors had a return on equity of 14.40% and a net margin of 6.13%. The firm had revenue of $43.01 billion for the quarter, compared to analyst estimates of $41.09 billion. During the same period in the previous year, the company posted $2.21 earnings per share. The company’s quarterly revenue was up 7.6% compared to the same quarter last year. Research analysts anticipate that General Motors will post 9.43 EPS for the current year.

General Motors announced that its board has authorized a share repurchase program on Tuesday, June 11th that authorizes the company to buyback $6.00 billion in outstanding shares. This buyback authorization authorizes the auto manufacturer to buy up to 10.8% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board believes its stock is undervalued.

Insiders Place Their Bets

In other General Motors news, CEO Mary T. Barra sold 326,305 shares of the business’s stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $48.33, for a total transaction of $15,770,320.65. Following the sale, the chief executive officer now owns 898,648 shares of the company’s stock, valued at $43,431,657.84. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CEO Mary T. Barra sold 326,305 shares of General Motors stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $48.33, for a total transaction of $15,770,320.65. Following the transaction, the chief executive officer now owns 898,648 shares in the company, valued at $43,431,657.84. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Mary T. Barra sold 626,316 shares of General Motors stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $43.46, for a total transaction of $27,219,693.36. Following the transaction, the chief executive officer now owns 1,198,648 shares in the company, valued at approximately $52,093,242.08. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,152,621 shares of company stock valued at $51,818,111. 0.72% of the stock is currently owned by insiders.

Hedge Funds Weigh In On General Motors

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in shares of General Motors by 1.4% during the third quarter. Vanguard Group Inc. now owns 111,460,756 shares of the auto manufacturer’s stock valued at $3,674,861,000 after purchasing an additional 1,580,681 shares during the period. Capital World Investors raised its holdings in shares of General Motors by 14.6% during the first quarter. Capital World Investors now owns 48,767,573 shares of the auto manufacturer’s stock valued at $2,211,609,000 after purchasing an additional 6,201,777 shares during the period. Putnam Investments LLC raised its holdings in shares of General Motors by 16.8% during the fourth quarter. Putnam Investments LLC now owns 20,237,820 shares of the auto manufacturer’s stock valued at $726,942,000 after purchasing an additional 2,905,689 shares during the period. Hotchkis & Wiley Capital Management LLC raised its holdings in shares of General Motors by 21.9% during the fourth quarter. Hotchkis & Wiley Capital Management LLC now owns 18,097,486 shares of the auto manufacturer’s stock valued at $650,062,000 after purchasing an additional 3,247,050 shares during the period. Finally, Norges Bank acquired a new position in shares of General Motors during the fourth quarter valued at about $602,280,000. Institutional investors and hedge funds 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.