Q2 2024 EPS Estimates for General Motors Increased by Wedbush (NYSE:GM)

General Motors (NYSE:GM) (TSE:GMM.U) – Research analysts at Wedbush lifted their Q2 2024 EPS estimates for shares of General Motors in a report issued on Wednesday, April 24th. Wedbush analyst D. Ives now forecasts that the auto manufacturer will earn $2.74 per share for the quarter, up from their prior estimate of $2.13. Wedbush has a “Outperform” rating and a $55.00 price target on the stock. The consensus estimate for General Motors’ current full-year earnings is $9.44 per share. Wedbush also issued estimates for General Motors’ Q3 2024 earnings at $2.62 EPS, Q4 2024 earnings at $1.58 EPS, Q1 2025 earnings at $3.20 EPS and FY2025 earnings at $11.50 EPS.

GM has been the topic of a number of other reports. UBS Group raised their price objective on General Motors from $56.00 to $58.00 and gave the company a “buy” rating in a research note on Wednesday. Redburn Atlantic initiated coverage on shares of General Motors in a report on Wednesday, January 24th. They set a “neutral” rating and a $40.00 target price on the stock. StockNews.com upgraded shares of General Motors from a “hold” rating to a “buy” rating in a research report on Thursday. Piper Sandler boosted their target price on shares of General Motors from $44.00 to $45.00 and gave the stock a “neutral” rating in a research note on Wednesday. Finally, Wolfe Research raised shares of General Motors from a “peer perform” rating to an “outperform” rating and set a $42.00 price target on the stock in a research report on Thursday, January 4th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, General Motors presently has an average rating of “Moderate Buy” and an average target price of $54.38.

General Motors Trading Up 1.2 %

Shares of GM stock opened at $45.62 on Friday. The stock has a 50-day simple moving average of $42.13 and a 200 day simple moving average of $36.19. General Motors has a fifty-two week low of $26.30 and a fifty-two week high of $46.04. The stock has a market capitalization of $52.05 billion, a P/E ratio of 5.58, a P/E/G ratio of 0.52 and a beta of 1.51. The company has a quick ratio of 0.90, a current ratio of 1.16 and a debt-to-equity ratio of 1.22.

General Motors (NYSE:GM) (TSE:GMM.U) last issued its earnings results on Tuesday, April 23rd. The auto manufacturer reported $2.62 earnings per share for the quarter, topping the consensus estimate of $2.02 by $0.60. The firm had revenue of $43.01 billion for the quarter, compared to analyst estimates of $41.09 billion. General Motors had a return on equity of 14.40% and a net margin of 6.13%. The firm’s revenue for the quarter was up 7.6% on a year-over-year basis. During the same period last year, the company earned $2.21 earnings per share.

Hedge Funds Weigh In On General Motors

Several hedge funds and other institutional investors have recently added to or reduced their stakes in GM. SouthState Corp raised its position in General Motors by 173.8% in the 3rd quarter. SouthState Corp now owns 764 shares of the auto manufacturer’s stock worth $25,000 after purchasing an additional 485 shares during the period. Highlander Capital Management LLC purchased a new stake in shares of General Motors in the 4th quarter valued at approximately $27,000. Cape Investment Advisory Inc. lifted its holdings in General Motors by 75.9% during the 4th quarter. Cape Investment Advisory Inc. now owns 832 shares of the auto manufacturer’s stock worth $30,000 after buying an additional 359 shares in the last quarter. BluePath Capital Management LLC acquired a new stake in General Motors during the 3rd quarter worth $33,000. Finally, Sachetta LLC purchased a new stake in shares of General Motors in the fourth quarter valued at about $33,000. 92.67% of the stock is owned by institutional investors.

Insider Activity

In other news, EVP Julian G. Blissett sold 13,826 shares of the business’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 sale, the executive vice president now owns 87,567 shares in the company, valued at approximately $3,348,562.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, EVP Julian G. Blissett sold 13,826 shares of the business’s stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $38.24, for a total transaction of $528,706.24. Following the sale, the executive vice president now directly owns 87,567 shares in the company, valued at $3,348,562.08. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Christopher Hatto sold 15,510 shares of the business’s 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 transaction, the chief accounting officer now directly owns 21,507 shares in the company, valued at approximately $860,710.14. The disclosure for this sale can be found here. Insiders have sold a total of 86,248 shares of company stock worth $3,614,078 over the last 90 days. 0.54% of the stock is currently owned by company insiders.

General Motors Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 20th. Investors of record on Friday, June 7th will be issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 1.05%. The ex-dividend date is Friday, June 7th. General Motors’s dividend payout ratio (DPR) is presently 5.87%.

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.