General Motors (NYSE:GM) Downgraded by Sanford C. Bernstein

Sanford C. Bernstein cut shares of General Motors (NYSE:GM) (TSE:GMM.U) from an outperform rating to a market perform rating in a report released on Monday morning, Marketbeat.com reports. They currently have $53.00 price objective on the auto manufacturer’s stock.

GM has been the subject of several other reports. JPMorgan Chase & Co. boosted their target price on shares of General Motors from $60.00 to $61.00 and gave the company an overweight rating in a research note on Wednesday, July 24th. Morgan Stanley lowered shares of General Motors from an overweight rating to an equal weight rating and increased their target price for the stock from $46.00 to $47.00 in a research note on Wednesday, July 24th. Wedbush restated an outperform rating and issued a $55.00 price target on shares of General Motors in a research note on Wednesday, July 24th. Wolfe Research assumed coverage on General Motors in a report on Thursday, September 5th. They issued a peer perform rating on the stock. Finally, StockNews.com lowered General Motors from a buy rating to a hold rating in a research report on Wednesday, July 24th. Four equities research analysts have rated the stock with a sell rating, six have given a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of Hold and a consensus price target of $54.92.

General Motors Price Performance

NYSE:GM opened at $45.72 on Monday. The firm’s fifty day moving average is $46.22 and its two-hundred day moving average is $45.42. The firm has a market cap of $51.39 billion, a price-to-earnings ratio of 5.60, a PEG ratio of 0.56 and a beta of 1.43. General Motors has a one year low of $26.30 and a one year high of $50.50. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.99 and a current ratio of 1.18.

General Motors (NYSE:GM) (TSE:GMM.U) last posted its earnings results on Tuesday, July 23rd. The auto manufacturer reported $3.06 EPS for the quarter, topping the consensus estimate of $2.67 by $0.39. General Motors had a return on equity of 15.77% and a net margin of 6.22%. The firm had revenue of $47.97 billion for the quarter, compared to analyst estimates of $45.13 billion. During the same period last year, the company earned $1.91 earnings per share. General Motors’s revenue for the quarter was up 7.2% compared to the same quarter last year. Research analysts expect that General Motors will post 9.95 EPS for the current year.

General Motors declared that its Board of Directors has approved a share repurchase plan on Tuesday, June 11th that permits the company to buyback $6.00 billion in shares. This buyback authorization permits the auto manufacturer to repurchase up to 10.8% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

General Motors Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 19th. Investors of record on Friday, September 6th were issued a $0.12 dividend. The ex-dividend date was Friday, September 6th. This represents a $0.48 annualized dividend and a dividend yield of 1.05%. General Motors’s dividend payout ratio is presently 5.87%.

Insider Activity at General Motors

In other General Motors news, CFO Paul A. Jacobson purchased 25,000 shares of General Motors stock in a transaction dated Friday, July 26th. The shares were acquired at an average price of $44.11 per share, with a total value of $1,102,750.00. Following the completion of the transaction, the chief financial officer now owns 261,872 shares of the company’s stock, valued at $11,551,173.92. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, EVP Rory Harvey sold 12,795 shares of General Motors stock in a transaction on Monday, August 26th. The stock was sold at an average price of $49.02, for a total value of $627,210.90. Following the completion of the transaction, the executive vice president now directly owns 8,513 shares in the company, valued at $417,307.26. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Paul A. Jacobson purchased 25,000 shares of the business’s stock in a transaction on Friday, July 26th. The shares were bought at an average price of $44.11 per share, for a total transaction of $1,102,750.00. Following the acquisition, the chief financial officer now owns 261,872 shares in the company, valued at $11,551,173.92. The disclosure for this purchase can be found here. 0.72% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On General Motors

Institutional investors and hedge funds have recently made changes to their positions in the stock. LifeSteps Financial Inc. purchased a new position in General Motors in the first quarter valued at $25,000. Strategic Investment Solutions Inc. IL purchased a new position in General Motors in the second quarter valued at approximately $25,000. Wellington Shields Capital Management LLC purchased a new position in shares of General Motors in the 2nd quarter valued at $28,000. Fortitude Family Office LLC raised its stake in General Motors by 56.1% during the 2nd quarter. Fortitude Family Office LLC now owns 626 shares of the auto manufacturer’s stock worth $29,000 after acquiring an additional 225 shares in the last quarter. Finally, Montag A & Associates Inc. purchased a new stake in General Motors in the first quarter valued at $30,000. 92.67% of the stock is owned by institutional investors and hedge funds.

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.