Mirae Asset Global Investments Co. Ltd. Buys New Shares in General Motors Company $GM

Mirae Asset Global Investments Co. Ltd. bought a new position in shares of General Motors Company (NYSE:GM) (TSE:GMM.U) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 283,089 shares of the auto manufacturer’s stock, valued at approximately $21,798,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new stake in shares of General Motors in the second quarter worth $5,958,995,000. Bank of America Corp DE bought a new stake in shares of General Motors during the 2nd quarter valued at $629,465,000. Legal & General Group Plc purchased a new position in shares of General Motors during the 2nd quarter valued at $599,066,000. Bank of New York Mellon Corp purchased a new position in shares of General Motors during the 2nd quarter valued at $522,916,000. Finally, Deutsche Bank AG bought a new position in General Motors in the 2nd quarter worth $383,939,000. Institutional investors own 92.67% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on GM. Tigress Financial increased their price target on General Motors from $130.00 to $132.00 and gave the stock a “strong-buy” rating in a research note on Wednesday, October 28th. Deutsche Bank Aktiengesellschaft set a $98.00 price target on General Motors in a report on Wednesday, October 21st. Royal Bank Of Canada lowered their price objective on General Motors from $102.00 to $98.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 21st. UBS Group dropped their price objective on General Motors from $112.00 to $109.00 and set a “buy” rating for the company in a research note on Wednesday, October 21st. Finally, The Goldman Sachs Group cut their target price on General Motors from $112.00 to $96.00 and set a “buy” rating for the company in a research report on Wednesday, October 21st. One investment analyst has rated the stock with a Strong Buy rating, twenty-two have given a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, General Motors has a consensus rating of “Moderate Buy” and a consensus target price of $101.44.

General Motors Trading Up 2.7%

General Motors stock opened at $89.79 on Tuesday. General Motors Company has a 1 year low of $66.75 and a 1 year high of $91.85. The firm’s 50 day moving average price is $83.12 and its 200-day moving average price is $80.65. The company has a debt-to-equity ratio of 1.32, a current ratio of 1.09 and a quick ratio of 0.94. The stock has a market cap of $75.74 billion, a P/E ratio of 20.59, a PEG ratio of 0.47 and a beta of 1.40.

General Motors (NYSE:GM) (TSE:GMM.U) last issued its earnings results on Tuesday, October 20th. The auto manufacturer reported $3.70 earnings per share for the quarter, topping analysts’ consensus estimates of $3.69 by $0.01. The firm had revenue of $50.02 billion during the quarter, compared to analyst estimates of $48.78 billion. General Motors had a net margin of 2.12% and a return on equity of 19.36%. General Motors’s revenue for the quarter was up 2.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.80 earnings per share. On average, equities analysts predict that General Motors Company will post 13.38 earnings per share for the current fiscal year.

General Motors Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 17th. Shareholders of record on Friday, December 4th will be paid a $0.18 dividend. The ex-dividend date is Friday, December 4th. This represents a $0.72 annualized dividend and a yield of 0.8%. General Motors’s payout ratio is presently 16.51%.

General Motors declared that its Board of Directors has authorized a share buyback plan on Tuesday, October 20th that permits the company to repurchase $20 billion in outstanding shares. This buyback authorization permits the auto manufacturer to buy up to 27.5% of its shares through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its stock is undervalued.

General Motors Profile

General Motors Company (NYSE: GM) is a global automotive company headquartered in Detroit, Michigan. Founded in 1908, GM designs, manufactures and sells vehicles and related services through brands including Chevrolet, Buick, GMC and Cadillac.

GM’s product lineup includes passenger cars, pickup trucks, sport utility vehicles, commercial vehicles and electric vehicles. The company is also developing connected-vehicle technologies, driver-assistance systems and charging and energy-management solutions.