General Motors (GM) to Release Quarterly Earnings on Tuesday

General Motors (NYSE:GM) (TSE:GMM.U) is scheduled to be issuing its quarterly earnings data before the market opens on Tuesday, July 23rd. Analysts expect the company to announce earnings of $2.67 per share for the quarter. General Motors has set its FY24 guidance at 9.00-10.00 EPS and its FY 2024 guidance at 9.000-10.000 EPS.Investors interested in registering for the company’s conference call can do so using this link.

General Motors (NYSE:GM) (TSE:GMM.U) last announced its earnings results on Tuesday, April 23rd. The auto manufacturer reported $2.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.02 by $0.60. The business had revenue of $43.01 billion for the quarter, compared to analysts’ expectations of $41.09 billion. General Motors had a return on equity of 14.40% and a net margin of 6.13%. The business’s revenue for the quarter was up 7.6% on a year-over-year basis. During the same quarter last year, the firm earned $2.21 EPS. On average, analysts expect General Motors to post $9 EPS for the current fiscal year and $10 EPS for the next fiscal year.

General Motors Stock Down 2.7 %

Shares of NYSE GM opened at $48.30 on Monday. The company has a current ratio of 1.16, a quick ratio of 0.97 and a debt-to-equity ratio of 1.22. The stock has a market capitalization of $55.11 billion, a PE ratio of 5.90, a price-to-earnings-growth ratio of 0.51 and a beta of 1.43. The stock’s fifty day simple moving average is $46.43 and its two-hundred day simple moving average is $42.71. General Motors has a 12-month low of $26.30 and a 12-month high of $50.50.

General Motors announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, June 11th that authorizes the company to buyback $6.00 billion in outstanding shares. This buyback authorization authorizes the auto manufacturer to reacquire up to 10.8% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s management believes its shares are undervalued.

Analyst Ratings Changes

Several analysts have issued reports on GM shares. Royal Bank of Canada increased their target price on General Motors from $54.00 to $56.00 and gave the company an “overweight” rating in a research report on Tuesday, April 23rd. Deutsche Bank Aktiengesellschaft increased their price objective on General Motors from $44.00 to $50.00 and gave the company a “hold” rating in a report on Tuesday, April 23rd. Bank of America reiterated a “buy” rating and set a $75.00 price objective on shares of General Motors in a report on Wednesday, June 12th. Barclays increased their price objective on General Motors from $55.00 to $60.00 and gave the company an “overweight” rating in a report on Friday, April 26th. Finally, Piper Sandler increased their price objective on General Motors from $44.00 to $45.00 and gave the company a “neutral” rating in a report on Wednesday, April 24th. One research analyst has rated the stock with a sell rating, three have given a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $55.96.

Insider Buying and Selling at General Motors

In other news, President Mark L. Reuss sold 150,000 shares of the firm’s stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $43.44, for a total transaction of $6,516,000.00. Following the sale, the president now directly owns 176,907 shares in the company, valued at approximately $7,684,840.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, President Mark L. Reuss sold 150,000 shares of General Motors stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $43.44, for a total value of $6,516,000.00. Following the sale, the president now directly owns 176,907 shares in the company, valued at approximately $7,684,840.08. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Mary T. Barra sold 626,316 shares of General Motors stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $43.46, for a total value of $27,219,693.36. Following the completion of the sale, the chief executive officer now owns 1,198,648 shares in the company, valued at $52,093,242.08. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,152,621 shares of company stock worth $51,818,111. Insiders own 0.72% 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.