Economy

General Motors Posts Net Profit Of $8.1 Billion For 2018

General Motors Posts Net Profit Of $8.1 Billion For 2018”

GM made US$2 billion, or US$1.40 per share in the fourth quarter.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Ackerman Capital Advisors LLC grew its holdings in General Motors by 1,907.0% during the 4th quarter. NuWave Investment Management LLC lifted its holdings in shares of General Motors by 198.6% during the fourth quarter. The firm now has a hold rating on the auto manufacturer's stock. Kingstown Capital Management L.P. increased its holdings in General Motors by 6.7% in the 3rd quarter.

All of the leading USA vehicle maker's profit came from North America, where those lucrative models helped overcome an overall drop in the number of vehicles it sold. Nikko Asset Management Americas Inc. now owns 346,829 shares of the auto manufacturer's stock valued at $11,868,000 after buying an additional 61,723 shares during the period. Shares rose 1.4 percent. The company's stock had a trading volume of 5,474,409 shares, compared to its average volume of 11,155,458. GM Financial, the company's lending arm, earned $1.9 billion, nearly 60 percent more than in 2017. The firm has a market cap of $55.47 billion, a PE ratio of 6.03, a PEG ratio of 0.74 and a beta of 1.26.

Months after announcing that is closing several North American plants and laying off thousands of workers, General Motors (NYSE:GM) has posted an $8.1-billion net profit for 2018. General Motors Company debt-to-equity ratio now stands at 2.69, while its quick ratio hovers at 0.80. The business had revenue of $38.40 billion for the quarter, compared to the consensus estimate of $36.31 billion. During the same period in the previous year, the firm earned $1.65 earnings per share. General Motors's quarterly revenue was up 1.8% on a year-over-year basis.

As part of its plan to cut $2.5 billion in costs, since November, GM has shed 2,300 white-collar employees with a dozen or more years of service and another 1,500 contractors.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 22nd. Shareholders of record on Friday, March 8th will be given a $0.38 dividend. This move now sees The Vanguard Group Inc selling -3,703,916 shares in the last quarter, thus it now holds 22,027,754 shares of SQ, with a total valuation of $1,235,536,722.

At least two people familiar with the subject matter briefed on Monday (February 4th) that, the General Motor was trimming hundreds of jobs at the IT center in Texas, Georgia, Michigan and Arizona and another 1000 jobs in the Warren, Michigan tech center.

What do GM's Q4 results mean for their share price?

General Motors' stock could rise above its current $39.83 price. Deutsche Bank initiated coverage on General Motors in a research note on Thursday, December 13th. As per Zacks simplified descending rating scale the ABR rank is displayed in the range of 1 to 5 where 1 represents Strong Buy and 5 a Strong Sell. They issued a "buy" rating for the company. General Motors presently has an average rating of "Buy" and a consensus target price of $45.68. On average, equities analysts predict that General Motors will post 6.3 EPS for the current year.

COPYRIGHT VIOLATION NOTICE: "Wilsey Asset Management Inc". The legal version of this piece can be viewed at https://www.fairfieldcurrent.com/news/2019/02/06/general-motors-gm-shares-bought-by-providence-capital-advisors-llc.html. Most of the employees that will lose their jobs are from GM's plants in North America. GM is cutting costs, reining in production and pushing sales of Cadillac to offset the declines at its mainstream brands, Buick and Chevrolet.



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