Company Update: General Motors Company (NYSE:GM) – UK carmakers benefit from Brexit jitters, but most urge staying in EU

[Reuters – UK Focus] – Several UK-based carmakers are benefiting from a drop in sterling fuelled by speculation Britain could leave the European Union, but most still want it to stay in the world’s biggest trading bloc. “In terms of freedom of movement of goods, services and people .. our preferred option is that we stay within the EU,” Rory Harvey, the chairman of General Motors (NYSE: GM – news) -owned Vauxhall, said in an interview. Executives from Toyota and Nissan, which runs Britain’s biggest car plant, were also among those in favour of the country remaining in the EU. Read more on this. General Motors Company (GM) , with a current market cap of $46.52B, began trading this morning at $30.00. Looking at the equity, the company’s one day range is $29.84 to $30.32 with its 52-week range being $24.62 to $38.99. GM shares are currently priced at 5.37x this year’s forecasted earnings, which makes them relatively inexpensive compared to the industry’s 12.78x forward p/e ratio. And for income investors, the company pays shareholders $1.52 per share annually in dividends, yielding 5.13%. Consensus earnings for the current quarter by the 15 sell-side analysts covering the stock is an estimate of $1.02 per share, which would be $0.16 better than the year-ago quarter and a $0.08 sequential decrease. What we find to be interesting is that the full-year EPS estimate of $5.48 is a $0.46 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 $35.75 Billion. If realized, that would be a 0.11% increase over the year-ago quarter. More recently, Argus downgraded GM from Buy to Hold (Feb 29, 2016). Previously, Credit Suisse upgraded GM from Neutral to Outperform. Given all the information above, we should disclose to readers that the average price target is $37.88, which is 26.27% above than it opened this morning. See more in (NYSE:GM) Similar Articles: Stock Update: General Motors Company (NYSE:GM) – General Motors reports higher February sales in Canada Company Update (NYSE:GM): Technical Analysis on Auto Manufacturers – Major Equities — Ford Motor, General Motors, Fiat Chrysler Automobiles, and Tesla Motors Company Update: General Motors Company (NYSE:GM) – GM to recall 31,685 SUVs in North America