General Motors (NYSE:GM) Sets New 1-Year High Following Dividend Announcement

General Motors (NYSE:GM) (TSE:GMM.U)’s stock price reached a new 52-week high during trading on Tuesday after the company announced a dividend. The stock traded as high as $51.76 and last traded at $51.72, with a volume of 6043565 shares. The stock had previously closed at $48.93.

The newly announced dividend which will be paid on Thursday, December 19th. Investors of record on Friday, December 6th will be issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 0.89%. The ex-dividend date of this dividend is Friday, December 6th. General Motors’s dividend payout ratio is presently 5.87%.

Analyst Upgrades and Downgrades

GM has been the topic of a number of research reports. Morgan Stanley cut General Motors from an “equal weight” rating to an “underweight” rating and decreased their price target for the stock from $47.00 to $42.00 in a research note on Wednesday, September 25th. Royal Bank of Canada restated an “outperform” rating and set a $54.00 price target on shares of General Motors in a research note on Wednesday, October 9th. Sanford C. Bernstein cut General Motors from an “outperform” rating to a “market perform” rating and set a $53.00 price target on the stock. in a research note on Monday, September 23rd. Barclays upped their price target on General Motors from $60.00 to $64.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 15th. Finally, StockNews.com cut General Motors from a “buy” rating to a “hold” rating in a research note on Wednesday, July 24th. Four analysts have rated the stock with a sell rating, seven have assigned a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $55.35.

General Motors Stock Up 9.8 %

The firm has a market cap of $61.30 billion, a price-to-earnings ratio of 6.57, a P/E/G ratio of 0.56 and a beta of 1.42. The firm’s 50 day moving average price is $47.33 and its two-hundred day moving average price is $46.04. The company has a debt-to-equity ratio of 1.23, a current ratio of 1.18 and a quick ratio of 0.99.

General Motors (NYSE:GM) (TSE:GMM.U) last announced its quarterly earnings data on Tuesday, July 23rd. The auto manufacturer reported $3.06 EPS for the quarter, beating analysts’ consensus estimates of $2.67 by $0.39. The firm had revenue of $47.97 billion during the quarter, compared to the consensus estimate of $45.13 billion. General Motors had a net margin of 6.22% and a return on equity of 15.77%. The firm’s revenue was up 7.2% compared to the same quarter last year. During the same quarter last year, the firm earned $1.91 earnings per share. As a group, sell-side analysts forecast that General Motors will post 9.95 earnings per share for the current fiscal year.

Insider Activity at General Motors

In other news, EVP Rory Harvey sold 2,302 shares of General Motors stock in a transaction that occurred on 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 in the company, valued at approximately $489,942.36. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, EVP Rory Harvey sold 2,302 shares of General Motors stock in a transaction that occurred on 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 in the company, valued at approximately $489,942.36. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Paul A. Jacobson purchased 25,000 shares of General Motors stock in a transaction dated Friday, July 26th. The shares were bought 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 in the company, valued at approximately $11,551,173.92. This trade represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. 0.72% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of GM. Strategic Investment Solutions Inc. IL purchased a new stake in General Motors in the 2nd quarter worth approximately $25,000. Wellington Shields Capital Management LLC purchased a new stake in General Motors in the 2nd quarter worth approximately $28,000. Fortitude Family Office LLC grew its stake in General Motors by 56.1% in 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 during the period. Montag A & Associates Inc. purchased a new stake in General Motors in the 1st quarter worth approximately $30,000. Finally, EdgeRock Capital LLC purchased a new stake in General Motors in the 2nd quarter worth approximately $33,000. 92.67% of the stock is owned by hedge funds and other institutional investors.

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.