General Motors (NYSE:GM) Updates FY24 Earnings Guidance

General Motors (NYSE:GM) (TSE:GMM.U) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share guidance of 9.00-10.00 for the period, compared to the consensus earnings per share estimate of $8.89.

General Motors Stock Up 2.1 %

Shares of NYSE GM opened at $43.25 on Tuesday. The stock has a market cap of $49.93 billion, a PE ratio of 5.92, a price-to-earnings-growth ratio of 0.50 and a beta of 1.51. The company has a quick ratio of 0.90, a current ratio of 1.08 and a debt-to-equity ratio of 1.21. General Motors has a 52-week low of $26.30 and a 52-week high of $46.04. The business has a 50-day moving average price of $41.73 and a 200 day moving average price of $35.96.

General Motors (NYSE:GM) (TSE:GMM.U) last posted its quarterly earnings data on Tuesday, April 23rd. The auto manufacturer reported $2.62 earnings per share for the quarter, topping analysts’ consensus estimates of $2.02 by $0.60. General Motors had a return on equity of 14.34% and a net margin of 5.89%. The company had revenue of $43.01 billion during the quarter, compared to analysts’ expectations of $41.09 billion. During the same period last year, the firm earned $2.21 EPS. The firm’s revenue for the quarter was up 7.6% on a year-over-year basis. Equities research analysts forecast that General Motors will post 9.12 earnings per share for the current year.

General Motors Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 20th. Shareholders 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 yield of 1.11%. General Motors’s payout ratio is 6.57%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on GM shares. TheStreet raised General Motors from a c+ rating to a b- rating in a research report on Tuesday, March 19th. Morgan Stanley increased their target price on General Motors from $43.00 to $46.00 and gave the stock an overweight rating in a research note on Wednesday, April 10th. Wells Fargo & Company increased their target price on General Motors from $27.00 to $28.00 and gave the stock an underweight rating in a research note on Wednesday, January 31st. The Goldman Sachs Group increased their target price on General Motors from $45.00 to $50.00 and gave the stock a buy rating in a research note on Wednesday, January 31st. Finally, Piper Sandler began coverage on General Motors in a research note on Friday, March 15th. They set a neutral rating and a $44.00 target price for the company. One investment analyst has rated the stock with a sell rating, three have given a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, General Motors currently has an average rating of Moderate Buy and an average target price of $51.57.

Insider Transactions at General Motors

In other news, EVP Julian G. Blissett sold 13,826 shares of the company’s stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $38.24, for a total value of $528,706.24. Following the completion of the sale, the executive vice president now owns 87,567 shares of the company’s stock, valued at $3,348,562.08. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, CAO Christopher Hatto sold 3,500 shares of the business’s stock in a transaction dated Thursday, March 28th. The stock was sold at an average price of $45.00, for a total value of $157,500.00. Following the transaction, the chief accounting officer now owns 12,007 shares in the company, valued at $540,315. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Julian G. Blissett sold 13,826 shares of the company’s stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $38.24, for a total value of $528,706.24. Following the sale, the executive vice president now 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 valued at $3,614,078 over the last quarter. Company insiders own 0.54% of the company’s stock.

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.