Stock Update: General Motors Company (NYSE:GM) – GM halts sales of some new U.S. SUVS due to overstated fuel economy

[Reuters] – General Motors Co said on Friday it is temporarily halting sales of about 60,000 new 2016 U.S. SUVs because the vehicles’ window labels overstate their fuel efficiency. A spokesman for the largest U.S. automaker said GM discovered an “inadvertent error” on U.S. 2016 GMC Acadia, Buick Enclave and Chevrolet Traverse SUVs that caused the estimated fuel economy to be listed on the window label as 1-2 miles per gallon higher than it should have been. GM is stopping sales of the SUVs in dealer showrooms until a corrected label is placed on the vehicles. Read more on this. General Motors Company (GM) , valued at $46.99B, started trading this morning at $30.87. Shares have traded today between $30.37 and $31.29 per share and has traded between $24.62 and $36.88 over the past 12 months. Priced at 5.47x this year’s forecasted earnings, GM shares are relatively inexpensive compared to the industry’s 18.45x forward p/e ratio. And for those looking to make a return holding the stock, the company pays shareholders $1.52 per share annually in dividends, yielding 4.85%. Consensus earnings for the current quarter by the 15 sell-side analysts covering the stock is an estimate of $1.51 per share, which would be $0.22 better than the year-ago quarter and a $0.06 sequential decrease. Furthermore, our analysis shows the full-year EPS estimate to be $5.68, which would be a $0.66 improvement when compared to the last year’s annual results. The quarterly earnings estimate is predicated on a consensus revenue forecast of $38.91 Billion. If reported, that would be a 1.91% increase over the year-ago quarter. Recently, Morgan Stanley upgraded GM from Underweight to Equal-Weight (May 6, 2016). Previously, Argus downgraded GM from Buy to Hold. The average price target for GM shares by the analysts covering the stock is $38.31, which is 24.10% above where the stock 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 Stock Update: General Motors Company (NYSE:GM) – U.S. auto sales on pace for record year in 2015 after strong Dec