South State Corp raised its position in General Motors (NYSE:GM) (TSE:GMM.U) by 281.7% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 1,355 shares of the auto manufacturer’s stock after acquiring an additional 1,000 shares during the quarter. South State Corp’s holdings in General Motors were worth $80,000 at the end of the most recent reporting period.
Several other institutional investors also recently modified their holdings of the company. PSI Advisors LLC acquired a new position in shares of General Motors during the 2nd quarter worth approximately $206,000. Pinnacle Wealth Management Group Inc. purchased a new stake in shares of General Motors during the 2nd quarter valued at approximately $469,000. Ethic Inc. raised its position in shares of General Motors by 20.8% during the 2nd quarter. Ethic Inc. now owns 5,338 shares of the auto manufacturer’s stock valued at $316,000 after buying an additional 918 shares during the period. Aviva PLC raised its position in shares of General Motors by 2.7% during the 2nd quarter. Aviva PLC now owns 261,440 shares of the auto manufacturer’s stock valued at $15,469,000 after buying an additional 6,973 shares during the period. Finally, Intersect Capital LLC raised its position in shares of General Motors by 40.9% during the 2nd quarter. Intersect Capital LLC now owns 9,438 shares of the auto manufacturer’s stock valued at $558,000 after buying an additional 2,741 shares during the period. Institutional investors and hedge funds own 79.91% of the company’s stock.
GM has been the topic of several analyst reports. Wedbush assumed coverage on shares of General Motors in a research report on Thursday, July 8th. They set an “outperform” rating and a $85.00 price target on the stock. Tudor Pickering assumed coverage on General Motors in a research report on Tuesday, May 18th. They issued a “buy” rating and a $76.00 target price on the stock. Bank of America boosted their price target on shares of General Motors from $80.00 to $90.00 and gave the stock a “buy” rating in a research note on Friday, July 16th. Jefferies Financial Group dropped their price target on shares of General Motors from $68.00 to $53.00 and set a “hold” rating for the company in a research note on Monday, August 9th. Finally, Barclays dropped their price target on shares of General Motors from $71.00 to $68.00 and set an “overweight” rating for the company in a research note on Monday. One investment analyst has rated the stock with a sell rating, two have given a hold rating and nineteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $67.95.
General Motors (NYSE:GM) (TSE:GMM.U) last released its quarterly earnings results on Wednesday, August 4th. The auto manufacturer reported $1.97 EPS for the quarter, beating the consensus estimate of $1.89 by $0.08. The business had revenue of $34.20 billion for the quarter, compared to analyst estimates of $29.66 billion. General Motors had a net margin of 9.13% and a return on equity of 25.11%. The company’s quarterly revenue was up 103.8% on a year-over-year basis. During the same period in the prior year, the business earned ($0.50) earnings per share. On average, sell-side analysts forecast that General Motors will post 6.2 EPS for the current fiscal year.
General Motors Profile
General Motors Co engages in the designing, manufacturing, and selling of cars, trucks and automobile parts. It also provides automotive financing services through General Motors Financial Company, Inc The firm operates through the following segments: GM North America, GM International, Cruise and GM Financial.
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