General Motors (NYSE:GM) Board Announces Stock Repurchase Plan

General Motors (NYSE:GMGet Free Report) (TSE:GMM.U) declared that its board has approved a stock repurchase program on Tuesday, June 11th, RTT News reports. The company plans to buyback $6.00 billion in outstanding shares. This buyback authorization permits the auto manufacturer to purchase up to 10.8% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s leadership believes its stock is undervalued.

General Motors Price Performance

Shares of General Motors stock traded up $0.66 on Wednesday, hitting $48.87. The company’s stock had a trading volume of 14,216,863 shares, compared to its average volume of 16,136,367. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.97 and a current ratio of 1.16. General Motors has a 1 year low of $26.30 and a 1 year high of $49.35. The firm has a fifty day moving average price of $44.72 and a 200-day moving average price of $40.15. The company has a market capitalization of $55.75 billion, a price-to-earnings ratio of 5.97, a price-to-earnings-growth ratio of 0.55 and a beta of 1.46.

General Motors (NYSE:GMGet Free Report) (TSE:GMM.U) last announced its quarterly earnings results on Tuesday, April 23rd. The auto manufacturer reported $2.62 earnings per share 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 during the quarter, compared to analyst estimates of $41.09 billion. During the same quarter in the previous year, the business earned $2.21 EPS. General Motors’s revenue for the quarter was up 7.6% compared to the same quarter last year. As a group, sell-side analysts anticipate that General Motors will post 9.4 earnings per share for the current fiscal year.

General Motors Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 20th. Shareholders of record on Friday, June 7th will be paid a dividend of $0.12 per share. The ex-dividend date of this dividend is Friday, June 7th. This represents a $0.48 annualized dividend and a yield of 0.98%. General Motors’s dividend payout ratio (DPR) is currently 5.87%.

Analyst Ratings Changes

A number of research analysts have recently issued reports on GM shares. Mizuho lifted their price target on General Motors from $48.00 to $52.00 and gave the company a “buy” rating in a report on Wednesday, April 24th. Barclays lifted their price target on General Motors from $55.00 to $60.00 and gave the company an “overweight” rating in a report on Friday, April 26th. TheStreet upgraded General Motors from a “c+” rating to a “b-” rating in a report on Tuesday, March 19th. Wedbush lifted their price target on General Motors from $45.00 to $55.00 and gave the company an “outperform” rating in a report on Wednesday, April 24th. Finally, Citigroup lifted their price target on General Motors from $95.00 to $96.00 and gave the company a “buy” rating in a report on Wednesday, April 24th. One 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 company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $54.65.

Check Out Our Latest Report on GM

Insider Transactions at General Motors

In related news, CAO Christopher Hatto sold 6,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $42.01, for a total value of $252,060.00. Following the transaction, the chief accounting officer now directly owns 15,507 shares in the company, valued at $651,449.07. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other General Motors news, EVP Rory Harvey sold 5,100 shares of the company’s stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $43.04, for a total transaction of $219,504.00. Following the transaction, the executive vice president now directly owns 12,658 shares in the company, valued at $544,800.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Christopher Hatto sold 6,000 shares of the company’s stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $42.01, for a total value of $252,060.00. Following the transaction, the chief accounting officer now owns 15,507 shares in the company, valued at $651,449.07. The disclosure for this sale can be found here. Insiders have sold a total of 1,194,343 shares of company stock worth $53,674,717 in the last ninety days. Insiders own 0.72% of the company’s stock.

General Motors Company Profile

(Get Free Report)

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.

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