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 9.00-10.00 for the period, compared to the consensus earnings per share estimate of $8.89.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. Wolfe Research upgraded General Motors from a peer perform rating to an outperform rating and set a $42.00 price target on the stock in a research note on Thursday, January 4th. Barclays raised their price target on General Motors from $50.00 to $55.00 and gave the company an overweight rating in a research note on Thursday, April 11th. Wedbush raised their price target on General Motors from $40.00 to $45.00 and gave the company an outperform rating in a research note on Wednesday, January 31st. Piper Sandler assumed coverage on General Motors in a research note on Friday, March 15th. They set a neutral rating and a $44.00 price target on the stock. Finally, Redburn Atlantic assumed coverage on General Motors in a research note on Wednesday, January 24th. They set a neutral rating and a $40.00 price target on the stock. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, General Motors presently has an average rating of Moderate Buy and a consensus target price of $51.57.

General Motors Trading Up 2.1 %

Shares of NYSE:GM opened at $43.25 on Tuesday. General Motors has a 52-week low of $26.30 and a 52-week high of $46.04. The stock has a market cap of $49.93 billion, a price-to-earnings ratio of 5.92, a PEG 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. 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 announced its quarterly earnings results on Tuesday, April 23rd. The auto manufacturer reported $2.62 earnings per share for the quarter, beating the consensus estimate of $2.02 by $0.60. The company had revenue of $43.01 billion during the quarter, compared to analysts’ expectations of $41.09 billion. General Motors had a return on equity of 14.34% and a net margin of 5.89%. General Motors’s quarterly revenue was up 7.6% on a year-over-year basis. During the same period last year, the business earned $2.21 earnings per share. Equities analysts predict that General Motors will post 9.12 EPS for the current year.

General Motors Announces Dividend

The firm 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 $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.11%. General Motors’s dividend payout ratio (DPR) is presently 6.57%.

Insider Transactions at General Motors

In other news, CAO Christopher Hatto sold 15,510 shares of General Motors stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $40.02, for a total value of $620,710.20. Following the sale, the chief accounting officer now directly owns 21,507 shares of the company’s stock, valued at $860,710.14. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CAO Christopher Hatto sold 15,510 shares of General Motors stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $40.02, for a total value of $620,710.20. Following the sale, the chief accounting officer now directly owns 21,507 shares of the company’s stock, valued at $860,710.14. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Rory Harvey sold 5,100 shares of General Motors stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $43.04, for a total value of $219,504.00. Following the completion of the sale, the executive vice president now directly owns 12,658 shares in the company, valued at $544,800.32. The disclosure for this sale can be found here. Insiders have sold 86,248 shares of company stock valued at $3,614,078 over the last ninety days. 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.