Market Update (NYSE:GM): Ex-GM engineer acknowledges ‘mistakes’ made over ignition switch

[Reuters] – Jurors on Friday heard testimony from a former General Motors engineer who approved a faulty ignition switch 12 years before its problems prompted a massive recall that came too late, according to lawyers for a man suing GM over injuries he suffered in a crash. “I realize I made mistakes in the development of that part,” Raymond DeGiorgio said during a videotaped deposition played at the first trial in federal litigation over the switch. DeGiorgio worked for GM for 23 years and was responsible for the switch’s design. Read more on this. General Motors Company (GM) , valued at $45.66B, started trading this morning at $29.46. Looking at the stock, its one day range is $28.80 to $29.68 with the price of the stock fluctuating between $24.62 to $38.99 over the last 52 weeks. GM shares are currently priced at 6.30x this year’s forecasted earnings, which makes them relatively inexpensive compared to the industry’s 18.57x earnings multiple. The company pays shareholders $1.44 per share annually in dividends, yielding 4.88%. Consensus earnings for the current quarter by the 15 sell-side analysts covering the stock is an estimate of $1.19 per share, which would be $0.00 worse than the year-ago quarter and a $0.04 sequential increase. What we find to be interesting is that the full-year EPS estimate of $4.81 is a $1.76 improvement 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 $37.87 Billion. If realized, that would be a 4.42% decrease over the year-ago quarter. More recently, Credit Suisse upgraded GM from Neutral to Outperform (Jan 11, 2016). Previously, Credit Suisse upgraded GM from Underperform to Neutral. With the above information in mind, readers should note that the average price target is $42.00, which is 42.57% above where the stock opened this morning. See more in (NYSE:GM) Similar Articles: Company Update (NYSE:GM): Potts Law Firm Files 90 New GM Ignition Switch Claims in St. Louis Company Update (NYSE:GM): GM pays $900 million in U.S. criminal settlement over ignition switches Company Update (NYSE:GM): GM to pay $900 mln, settle U.S. criminal case over ignition switches -sources