General Motors (NYSE:GM) Releases Earnings Results, Beats Expectations By $0.60 EPS

General Motors (NYSE:GM) (TSE:GMM.U) announced its earnings results on Tuesday. The auto manufacturer reported $2.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.02 by $0.60, RTT News reports. General Motors had a net margin of 6.13% and a return on equity of 14.40%. The firm had revenue of $43.01 billion during the quarter, compared to analyst estimates of $41.09 billion. During the same quarter in the prior year, the firm posted $2.21 EPS. General Motors’s revenue was up 7.6% compared to the same quarter last year. General Motors updated its FY24 guidance to 9.00-10.00 EPS and its FY 2024 guidance to 9.000-10.000 EPS.

General Motors Stock Up 0.1 %

Shares of GM stock traded up $0.03 on Friday, reaching $45.65. 4,579,009 shares of the stock were exchanged, compared to its average volume of 17,358,705. 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 business’s 50 day moving average price is $42.13 and its 200 day moving average price is $36.19. The company has a market capitalization of $52.08 billion, a price-to-earnings ratio of 5.58, a PEG ratio of 0.52 and a beta of 1.51. General Motors has a twelve month low of $26.30 and a twelve month high of $46.17.

General Motors Dividend Announcement

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

Analyst Ratings Changes

Several equities analysts recently weighed in on GM shares. Morgan Stanley raised their price objective on shares of General Motors from $43.00 to $46.00 and gave the company an “overweight” rating in a research report on Wednesday, April 10th. Sanford C. Bernstein assumed coverage on shares of General Motors in a research note on Thursday. They issued an “outperform” rating and a $55.00 price objective on the stock. Citigroup lifted their price target on shares of General Motors from $95.00 to $96.00 and gave the stock a “buy” rating in a research note on Wednesday. Tigress Financial lifted their price objective on General Motors from $86.00 to $88.00 and gave the company a “strong-buy” rating in a report on Thursday, February 15th. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on General Motors from $44.00 to $50.00 and gave the company a “hold” rating in a report on Tuesday. One analyst has rated the stock with a sell rating, three have assigned a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $54.65.

Insider Buying and Selling at General Motors

In related news, EVP Julian G. Blissett sold 13,826 shares of the stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $38.24, for a total transaction of $528,706.24. Following the completion of the transaction, the executive vice president now directly owns 87,567 shares of the company’s stock, valued at $3,348,562.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other General Motors news, EVP Gerald Johnson sold 15,190 shares of General Motors stock in a transaction on Monday, February 26th. The shares were sold at an average price of $40.03, for a total value of $608,055.70. Following the transaction, the executive vice president now owns 98,628 shares in the company, valued at approximately $3,948,078.84. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Julian G. Blissett sold 13,826 shares of the firm’s stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $38.24, for a total transaction of $528,706.24. Following the completion of the transaction, the executive vice president now directly owns 87,567 shares in the company, valued at approximately $3,348,562.08. The disclosure for this sale can be found here. Insiders sold 86,248 shares of company stock worth $3,614,078 over the last 90 days. Corporate 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.