Market Update (NYSE:GM): Why General Motors invested in Lyft

[at MarketWatch] – General Motors invested $500 million in ride-hailing company Lyft as a way to learn about potential competition, an analyst said. Read more on this. General Motors Company (GM) , valued at $51.79B, opened at $33.45. Looking at the stock, its one day range is $32.84 to $33.54 with its 52-week range being $24.62 to $38.99. GM shares are currently priced at 7.09x this year’s forecasted earnings, which makes them relatively inexpensive compared to the industry’s 18.29x earnings multiple for the same period. The company pays shareholders $1.44 per share annually in dividends, yielding 4.23%. According to a consensus of 15 analysts, the earnings estimate of $1.18 per share would be $0.01 worse than the year-ago quarter and a $0.01 sequential increase. Investors should also note that the full-year EPS estimate of $4.80 is a $1.75 better when compared to the previous year’s annual results. The quarterly earnings estimate is based on a consensus revenue forecast of the current quarter of $38.00 Billion. If realized, that would be a 4.09% decrease over the year-ago quarter. Recently, Credit Suisse upgraded GM from Underperform to Neutral (Jul 24, 2015). Previously, Goldman downgraded GM from Buy to Neutral. Investors should keep in mind is that the average price target is $41.88, which is 25.20% above where the stock opened this morning. See more in (NYSE:GM) Similar Articles: Stock Update: General Motors Company (NYSE:GM) – GM says will add 1,200 workers at its only plant left in Detroit Company Update: General Motors Company (NYSE:GM) – GM to recall 31,685 SUVs in North America Market Update: General Motors Company (NYSE:GM) – GM says exposure to yuan devaluation ‘limited and manageable’