Wells Fargo & Company Cuts General Motors (NYSE:GM) Price Target to $33.00

General Motors (NYSE:GM) (TSE:GMM.U) had its price objective dropped by research analysts at Wells Fargo & Company from $34.00 to $33.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The brokerage currently has an “underweight” rating on the auto manufacturer’s stock. Wells Fargo & Company‘s price objective indicates a potential downside of 26.88% from the company’s previous close.

Other equities research analysts have also recently issued research reports about the company. Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $53.00 price target on shares of General Motors in a report on Tuesday. Wedbush reiterated an “outperform” rating and issued a $55.00 price objective on shares of General Motors in a research report on Wednesday, July 24th. Bank of America restated a “buy” rating and issued a $75.00 price objective on shares of General Motors in a research report on Wednesday, June 12th. Royal Bank of Canada lowered their target price on shares of General Motors from $58.00 to $54.00 and set an “outperform” rating for the company in a research note on Friday, August 9th. Finally, JPMorgan Chase & Co. increased their price objective on shares of General Motors from $60.00 to $61.00 and gave the stock an “overweight” rating in a report on Wednesday, July 24th. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $55.27.

General Motors Stock Performance

General Motors stock traded down $2.27 during mid-day trading on Tuesday, reaching $45.13. 4,881,093 shares of the company were exchanged, compared to its average volume of 15,369,327. The firm’s 50-day simple moving average is $46.29 and its two-hundred day simple moving average is $44.88. General Motors has a twelve month low of $26.30 and a twelve month high of $50.50. The firm has a market cap of $51.49 billion, a PE ratio of 5.52, a price-to-earnings-growth ratio of 0.47 and a beta of 1.43. 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 released 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 net margin of 6.22% and a return on equity of 15.77%. The company had revenue of $47.97 billion during the quarter, compared to analysts’ expectations of $45.13 billion. During the same quarter last year, the business earned $1.91 EPS. The business’s revenue was up 7.2% on a year-over-year basis. Equities analysts predict that General Motors will post 9.94 earnings per share for the current fiscal year.

General Motors announced that its board has approved a stock repurchase plan on Tuesday, June 11th that allows the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization allows the auto manufacturer to repurchase up to 10.8% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

Insider Activity at General Motors

In other news, EVP Rory Harvey sold 2,302 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $47.31, for a total value of $108,907.62. Following the completion of the sale, the executive vice president now directly owns 10,356 shares of the company’s stock, valued at approximately $489,942.36. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, CFO Paul A. Jacobson bought 25,000 shares of the stock in a transaction that occurred on Friday, July 26th. The shares were purchased at an average cost of $44.11 per share, with a total value of $1,102,750.00. Following the completion of the acquisition, the chief financial officer now directly owns 261,872 shares in the company, valued at $11,551,173.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Rory Harvey sold 2,302 shares of the company’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $47.31, for a total transaction of $108,907.62. Following the completion of the sale, the executive vice president now directly owns 10,356 shares of the company’s stock, valued at $489,942.36. The disclosure for this sale can be found here. Company insiders own 0.72% of the company’s stock.

Institutional Investors Weigh In On General Motors

Large investors have recently modified their holdings of the stock. Sanctuary Advisors LLC purchased a new stake in General Motors during the second quarter valued at about $13,924,000. Strategic Investment Solutions Inc. IL acquired a new stake in shares of General Motors during the second quarter valued at approximately $25,000. Teachers Retirement System of The State of Kentucky lifted its position in shares of General Motors by 469.6% in the 2nd quarter. Teachers Retirement System of The State of Kentucky now owns 570,775 shares of the auto manufacturer’s stock valued at $26,517,000 after acquiring an additional 470,568 shares in the last quarter. Granite Bay Wealth Management LLC acquired a new position in General Motors in the 2nd quarter worth approximately $1,407,000. Finally, Invst LLC grew its position in General Motors by 4.6% during the 2nd quarter. Invst LLC now owns 20,960 shares of the auto manufacturer’s stock worth $978,000 after purchasing an additional 913 shares in 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.