General Motors (NYSE:GM) Issues FY24 Earnings Guidance

General Motors (NYSE:GM) (TSE:GMM.U) updated its FY24 earnings guidance on Tuesday. The company provided EPS guidance of 9.00-10.00 for the period, compared to the consensus EPS estimate of $8.89. General Motors also updated its FY 2024 guidance to 9.000-10.000 EPS.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on GM. Redburn Atlantic began coverage on General Motors in a research note on Wednesday, January 24th. They set a neutral rating and a $40.00 price objective for the company. The Goldman Sachs Group increased their price objective on General Motors from $45.00 to $50.00 and gave the company a buy rating in a research note on Wednesday, January 31st. Wedbush increased their price objective on General Motors from $45.00 to $55.00 and gave the company an outperform rating in a research note on Wednesday. Mizuho upped their target price on General Motors from $48.00 to $52.00 and gave the company a buy rating in a report on Wednesday. Finally, Deutsche Bank Aktiengesellschaft upped their target price on General Motors from $44.00 to $50.00 and gave the company a hold rating in a report on Tuesday. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, General Motors has an average rating of Moderate Buy and a consensus target price of $54.38.

General Motors Stock Up 1.2 %

GM traded up $0.54 during trading on Thursday, reaching $45.62. The stock had a trading volume of 14,513,333 shares, compared to its average volume of 17,521,344. General Motors has a one year low of $26.30 and a one year high of $46.04. The company has a current ratio of 1.16, a quick ratio of 0.90 and a debt-to-equity ratio of 1.22. The stock’s 50 day moving average is $42.13 and its two-hundred day moving average is $36.19. The company has a market capitalization of $52.67 billion, a price-to-earnings ratio of 5.58, a P/E/G ratio of 0.53 and a beta of 1.51.

General Motors (NYSE:GM) (TSE:GMM.U) last issued its quarterly earnings results on Tuesday, April 23rd. The auto manufacturer reported $2.62 earnings per share for the quarter, beating the consensus estimate of $2.02 by $0.60. General Motors had a return on equity of 14.40% and a net margin of 6.13%. The firm had revenue of $43.01 billion during the quarter, compared to the consensus estimate of $41.09 billion. During the same period last year, the company earned $2.21 earnings per share. The company’s revenue was up 7.6% on a year-over-year basis. As a group, analysts expect that General Motors will post 9.26 earnings per share for the current year.

General Motors Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 20th. Stockholders of record on Friday, June 7th will be issued a dividend of $0.12 per share. The ex-dividend date is Friday, June 7th. This represents a $0.48 annualized dividend and a dividend yield of 1.05%. General Motors’s payout ratio is presently 5.87%.

Insider Activity at General Motors

In related news, EVP Gerald Johnson sold 27,122 shares of the stock in a transaction on Thursday, March 28th. The stock was sold at an average price of $45.26, for a total transaction of $1,227,541.72. Following the sale, the executive vice president now directly owns 71,506 shares of the company’s stock, valued at $3,236,361.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, EVP Julian G. Blissett sold 13,826 shares of General Motors stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $38.24, for a total transaction of $528,706.24. Following the transaction, the executive vice president now directly owns 87,567 shares of the company’s stock, valued at approximately $3,348,562.08. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Gerald Johnson sold 27,122 shares of General Motors stock in a transaction dated Thursday, March 28th. The shares were sold at an average price of $45.26, for a total value of $1,227,541.72. Following the transaction, the executive vice president now directly owns 71,506 shares in the company, valued at $3,236,361.56. The disclosure for this sale can be found here. Insiders have sold 86,248 shares of company stock valued at $3,614,078 over the last ninety days. Insiders own 0.54% of the company’s stock.

About General Motors

General Motors Company designs, builds, and sells trucks, crossovers, cars, and automobile parts; and provide software-enabled services and subscriptions worldwide. The company operates through GM North America, GM International, Cruise, and GM Financial segments. It markets its vehicles primarily under the Buick, Cadillac, Chevrolet, GMC, Baojun, and Wuling brand names.