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Founded in 1908, Detroit, Michigan-based General Motors Company (GM) drives innovation in the automotive industry worldwide. With a market cap of $54.1 billion, it is known for iconic brands like Chevrolet, Cadillac, and GMC. Specializing in manufacturing automobiles, trucks, crossovers, and SUVs, General Motors pioneers advancements in electric vehicles (EVs) with its Equinox EV and Chevy Blazer EV RS. With a legacy of over a century, the auto giant continues to shape the future of mobility with cutting-edge technology and sustainable transportation solutions.
Companies worth $10 billion or more are generally described as "large-cap stocks," and General Motors fits right into that category, with its market cap exceeding this threshold, reflecting its substantial size and influence in the automobile industry. The company, through its offerings of various cars and trucks, has established a strong foothold in the industry.
The company recently touched its 52-week high of $49.35 on June 12 before pulling back 3.9%. GM stock has gained 16.2% over the past three months, substantially outperforming the GX Autonomous & Electric Vehicles ETF's (DRIV) 1.1% gain over the same time frame.
In the longer term, GM appears increasingly appealing. Shares of the auto manufacturer have surged 32.1% on a YTD basis and jumped 25% over the past 52 weeks, contrasting with DRIV's 1.8% decline in 2024 and 7.6% drop over the past year.
To confirm the bullish price trend, GM has traded consistently above its 50-day moving average since late November and above its 200-day moving average since mid-December.
General Motors has seen a notable ascent in 2024, drawing significant investor interest. GM stock surged in November last year after announcing a 33% dividend boost and a $10 billion share repurchase plan. In a further bid to enhance shareholder value, GM unveiled an additional $6 billion stock buyback initiative. These moves underscore GM's bolstered profitability and steadfast commitment to rewarding investor loyalty. The announcement of the buyback program propelled GM shares by 1.4%, signaling investor confidence in the company's financial strength and strategic initiatives.
General Motors' competitor, Ford Motor Company (F), is significantly underperforming GM. Shares of Ford plunged 18.3% and dipped 3.4% on a YTD basis, sharply contrasting GM's double-digit returns over the same time frame.
Analysts remain moderately bullish about GM’s prospects. The stock has a consensus “Moderate Buy” rating from the 21 analysts covering it and a mean target of $53.88, which suggests a premium of 13.6% from current price levels.
On the date of publication, Sristi Jayaswal did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
