General Motors (NYSE:GM) Posts Quarterly Earnings Results, Beats Expectations By $0.60 EPS

General Motors (NYSE:GM) (TSE:GMM.U) posted its earnings results on Tuesday. The auto manufacturer reported $2.62 earnings per share for the quarter, beating analysts’ consensus estimates of $2.02 by $0.60, RTT News reports. The business had revenue of $43.01 billion for the quarter, compared to analysts’ expectations of $41.09 billion. General Motors had a net margin of 5.89% and a return on equity of 14.34%. The firm’s revenue for the quarter was up 7.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.21 earnings per share. General Motors updated its FY24 guidance to 9.00-10.00 EPS and its FY 2024 guidance to 9.000-10.000 EPS.

General Motors Stock Performance

Shares of General Motors stock opened at $45.10 on Wednesday. The company has a debt-to-equity ratio of 1.21, a current ratio of 1.08 and a quick ratio of 0.90. The firm has a market cap of $52.06 billion, a price-to-earnings ratio of 6.17, a price-to-earnings-growth ratio of 0.51 and a beta of 1.51. The stock’s 50-day moving average is $41.86 and its 200-day moving average is $36.06. General Motors has a one year low of $26.30 and a one year high of $46.04.

General Motors Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 20th. Investors of record on Friday, June 7th will be paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 1.06%. The ex-dividend date of this dividend is Friday, June 7th. General Motors’s payout ratio is presently 6.57%.

Wall Street Analysts Forecast Growth

GM has been the subject of several analyst reports. The Goldman Sachs Group lifted their price target on shares of General Motors from $45.00 to $50.00 and gave the company a “buy” rating in a report on Wednesday, January 31st. TheStreet upgraded General Motors from a “c+” rating to a “b-” rating in a report on Tuesday, March 19th. Tigress Financial lifted their price target on General Motors from $86.00 to $88.00 and gave the company a “strong-buy” rating in a report on Thursday, February 15th. Wedbush increased their price objective on shares of General Motors from $40.00 to $45.00 and gave the stock an “outperform” rating in a report on Wednesday, January 31st. Finally, Barclays boosted their target price on shares of General Motors from $50.00 to $55.00 and gave the stock an “overweight” rating in a research note on Thursday, April 11th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $52.52.

Insider Buying and Selling

In other news, EVP Julian G. Blissett sold 13,826 shares of the firm’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 transaction of $528,706.24. Following the completion of the transaction, the executive vice president now directly owns 87,567 shares of the company’s stock, valued at approximately $3,348,562.08. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, EVP Julian G. Blissett sold 13,826 shares of General Motors 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 sale, the executive vice president now owns 87,567 shares of the company’s stock, valued at $3,348,562.08. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Rory Harvey sold 5,100 shares of the stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $43.04, for a total value of $219,504.00. Following the transaction, the executive vice president now directly owns 12,658 shares of the company’s stock, valued at $544,800.32. The disclosure for this sale can be found here. Over the last three months, insiders sold 86,248 shares of company stock worth $3,614,078. 0.54% of the stock is owned by corporate 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.