General Motors Company (GM) Stock Price Hits Highest Close In Over 2 Years
General Motors Company (NYSE:GM) is seeing their stock price steadily increasing. The company’s stock price cloud at $33.42 per share on Friday, which is up 3.18%. This is the company’s highest close in over two years. This stock price beats the company’s initial public offering price at $33 per share in November 2010. The increases started earlier this year as the company saw an increase in sales throughout the United States, China, and Europe.
The U.S. Treasury Department owns around 241.7 million shares of GM stock and they plan to exit from GM completely by the end of March 2014. The Treasury Department has recouped around $30.4 billion from their $49.5 billion bailout of GM. Over the last year, GM’s stock was trading at under $19 per share.
Why Did GM Boost On Friday?
There is speculation that GM’s stock price boosted on Friday due to news that the European auto registration grew slightly in April after a few months of decline.
Ford Motor Company’s stock price also closed at a higher price on Friday at $15.08, which is up 3%. This is the first time that Ford’s stock price closed above $15 since May 2011. Ford even hit a 52-week high at $15.15 during the intraday trading.
General Motors CEO Dan Akerson said today that it won’t be long until they rejoin the S&P 500 largest companies and get their bond rating back to investment grade. At a commencement ceremony for Notre Dame graduates, Akerson pointed out that GM has hit 13 consecutive profitable quarters and has progressed a lot since their 2009 bankruptcy filing. Akerson said that GM is benchmarking against the world’s best companies especially with the Cadillac brand.
General Motors has a major focus on in-sourcing their their information technology at every level. GM is building new IT centers in Michigan and is hiring about 4,000 software developers. Akerson said that GM is continuing to support scholarship programs that promote math and engineering. In fact, The Buick Achievers program has given out around $12 million to over 2,100 students since 2011.