General Motors (NYSE:GM) Updates FY24 Earnings Guidance

General Motors (NYSE:GM) (TSE:GMM.U) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share guidance of $10.00-10.50 for the period, compared to the consensus earnings per share estimate of $9.97. General Motors also updated its FY 2024 guidance to 10.000-10.500 EPS.

General Motors Trading Up 1.1 %

NYSE:GM traded up $0.57 during midday trading on Thursday, hitting $53.49. 3,291,651 shares of the company traded hands, compared to its average volume of 15,127,667. The company has a current ratio of 1.18, a quick ratio of 0.99 and a debt-to-equity ratio of 1.23. The firm’s fifty day moving average is $47.52 and its 200-day moving average is $46.09. The firm has a market capitalization of $61.03 billion, a P/E ratio of 6.47, a P/E/G ratio of 0.56 and a beta of 1.42. General Motors has a 12-month low of $26.30 and a 12-month high of $54.23.

General Motors (NYSE:GM) (TSE:GMM.U) last released its earnings results on Tuesday, October 22nd. The auto manufacturer reported $2.96 earnings per share for the quarter, topping analysts’ consensus estimates of $2.49 by $0.47. The business had revenue of $48.76 billion for the quarter, compared to analyst estimates of $44.67 billion. General Motors had a return on equity of 15.77% and a net margin of 6.22%. The business’s revenue was up 10.5% compared to the same quarter last year. During the same quarter last year, the firm posted $2.28 earnings per share. On average, sell-side analysts predict that General Motors will post 9.95 EPS for the current year.

General Motors Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 19th. Shareholders of record on Friday, December 6th will be paid a $0.12 dividend. The ex-dividend date of this dividend is Friday, December 6th. This represents a $0.48 dividend on an annualized basis and a yield of 0.90%. General Motors’s dividend payout ratio is currently 5.87%.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the company. Wolfe Research initiated coverage on General Motors in a research note on Thursday, September 5th. They issued a “peer perform” rating on the stock. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $53.00 price target on shares of General Motors in a research note on Tuesday, September 10th. DZ Bank lowered shares of General Motors from a “buy” rating to a “hold” rating and set a $49.00 price objective for the company. in a research note on Friday, October 11th. Morgan Stanley downgraded shares of General Motors from an “equal weight” rating to an “underweight” rating and cut their target price for the company from $47.00 to $42.00 in a research report on Wednesday, September 25th. Finally, Wedbush upped their price target on shares of General Motors from $55.00 to $60.00 and gave the stock an “outperform” rating in a research report on Wednesday. Four equities research analysts have rated the stock with a sell rating, seven have given a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $56.97.

Insiders Place Their Bets

In other General Motors news, CFO Paul A. Jacobson purchased 25,000 shares of the stock in a transaction on Friday, July 26th. The shares were bought at an average price of $44.11 per share, for a total transaction of $1,102,750.00. Following the completion of the transaction, the chief financial officer now owns 261,872 shares of the company’s stock, valued at $11,551,173.92. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other General Motors news, EVP Rory Harvey sold 12,795 shares of General Motors stock in a transaction on Monday, August 26th. The shares were sold at an average price of $49.02, for a total transaction of $627,210.90. Following the sale, the executive vice president now owns 8,513 shares of the company’s stock, valued at $417,307.26. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Paul A. Jacobson purchased 25,000 shares of the business’s stock in a transaction that occurred on Friday, July 26th. The stock was bought at an average cost of $44.11 per share, with a total value of $1,102,750.00. Following the acquisition, the chief financial officer now owns 261,872 shares of the company’s stock, valued at approximately $11,551,173.92. The trade was a 0.00 % increase in their position. The disclosure for this purchase can be found here. 0.72% of the stock is currently owned by insiders.

General Motors Company Profile

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.