General Motors (NYSE:GM) Releases FY24 Earnings Guidance

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

Wall Street Analyst Weigh In

A number of equities analysts have commented on the company. Morgan Stanley cut General Motors from an “equal weight” rating to an “underweight” rating and reduced their target price for the company from $47.00 to $42.00 in a report on Wednesday, September 25th. UBS Group increased their target price on General Motors from $61.00 to $64.00 and gave the company a “buy” rating in a report on Wednesday, July 10th. StockNews.com cut General Motors from a “buy” rating to a “hold” rating in a report on Wednesday, July 24th. Sanford C. Bernstein cut General Motors from an “outperform” rating to a “market perform” rating and set a $53.00 target price for the company. in a report on Monday, September 23rd. Finally, The Goldman Sachs Group increased their target price on General Motors from $53.00 to $61.00 and gave the company a “buy” rating in a report on Tuesday, October 1st. Four analysts have rated the stock with a sell rating, seven have given a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, General Motors has a consensus rating of “Hold” and a consensus target price of $55.35.

General Motors Stock Performance

Shares of GM traded up $3.64 during mid-day trading on Tuesday, reaching $52.57. 8,276,181 shares of the company’s stock were exchanged, compared to its average volume of 15,012,336. The company has a debt-to-equity ratio of 1.23, a current ratio of 1.18 and a quick ratio of 0.99. The stock has a market capitalization of $59.98 billion, a PE ratio of 6.43, a price-to-earnings-growth ratio of 0.56 and a beta of 1.42. The business’s fifty day simple moving average is $47.13 and its 200-day simple moving average is $45.97. General Motors has a 52-week low of $26.30 and a 52-week high of $53.13.

General Motors (NYSE:GM) (TSE:GMM.U) last released its quarterly earnings results on Tuesday, July 23rd. The auto manufacturer reported $3.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.67 by $0.39. The firm had revenue of $47.97 billion for the quarter, compared to analyst estimates of $45.13 billion. General Motors had a return on equity of 15.77% and a net margin of 6.22%. The business’s revenue was up 7.2% on a year-over-year basis. During the same quarter last year, the company posted $1.91 earnings per share. On average, equities research analysts expect that General Motors will post 9.95 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, December 19th. Stockholders of record on Friday, December 6th will be paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 0.91%. General Motors’s dividend payout ratio (DPR) is presently 5.87%.

Insider Activity at General Motors

In other General Motors news, EVP Rory Harvey sold 12,795 shares of the company’s 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 completion of the transaction, the executive vice president now owns 8,513 shares in the company, valued at approximately $417,307.26. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other General Motors news, EVP Rory Harvey sold 12,795 shares of General Motors stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $49.02, for a total value of $627,210.90. Following the sale, the executive vice president now owns 8,513 shares of the company’s stock, valued at approximately $417,307.26. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Paul A. Jacobson bought 25,000 shares of the company’s stock in a transaction on Friday, July 26th. The shares were acquired at an average price of $44.11 per share, for a total transaction of $1,102,750.00. Following the transaction, the chief financial officer now directly owns 261,872 shares in the company, valued at $11,551,173.92. This trade represents 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.

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.