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 also updated its FY 2024 guidance to 9.000-10.000 EPS.

General Motors Stock Performance

Shares of NYSE:GM traded up $2.09 on Tuesday, reaching $45.30. 8,988,857 shares of the company’s stock were exchanged, compared to its average volume of 17,295,889. The company has a fifty day moving average of $41.73 and a 200-day moving average of $35.96. General Motors has a twelve month low of $26.30 and a twelve month high of $46.04. The company has a current ratio of 1.08, a quick ratio of 0.90 and a debt-to-equity ratio of 1.21. The company has a market capitalization of $52.30 billion, a price-to-earnings ratio of 6.21, a PEG ratio of 0.50 and a beta of 1.51.

General Motors (NYSE:GM) (TSE:GMM.U) last issued its quarterly earnings results 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 net margin of 5.89% and a return on equity of 14.34%. The company had revenue of $43.01 billion during the quarter, compared to the consensus estimate of $41.09 billion. During the same quarter in the prior year, the firm posted $2.21 EPS. The firm’s quarterly revenue was up 7.6% on a year-over-year basis. On average, research analysts predict that General Motors will post 9.12 EPS for the current fiscal year.

General Motors Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 20th. Stockholders 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 dividend yield of 1.06%. General Motors’s dividend payout ratio (DPR) is presently 6.57%.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. Redburn Atlantic assumed coverage on shares of General Motors in a research note on Wednesday, January 24th. They issued a neutral rating and a $40.00 price objective for the company. Wolfe Research raised shares of General Motors from a peer perform rating to an outperform rating and set a $42.00 price objective for the company in a research note on Thursday, January 4th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of General Motors from $44.00 to $50.00 and gave the company a hold rating in a research note on Tuesday. Wells Fargo & Company increased their price objective on shares of General Motors from $27.00 to $28.00 and gave the company an underweight rating in a research note on Wednesday, January 31st. Finally, Tigress Financial increased their price objective on shares of General Motors from $86.00 to $88.00 and gave the company a strong-buy rating in a research note on Thursday, February 15th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of Moderate Buy and a consensus price target of $52.52.

Insider Activity

In other news, CAO Christopher Hatto sold 3,500 shares of the firm’s stock in a transaction dated Thursday, March 28th. The shares were sold at an average price of $45.00, for a total value of $157,500.00. Following the completion of the sale, the chief accounting officer now directly owns 12,007 shares of the company’s stock, valued at approximately $540,315. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, CAO Christopher Hatto sold 3,500 shares of the firm’s stock in a transaction that occurred on Thursday, March 28th. The shares were 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 of the company’s stock, valued at $540,315. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Rory Harvey sold 5,100 shares of General Motors stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $43.04, for a total transaction of $219,504.00. Following the transaction, the executive vice president now directly owns 12,658 shares in the company, valued at approximately $544,800.32. The disclosure for this sale can be found here. In the last 90 days, insiders sold 86,248 shares of company stock valued at $3,614,078. Corporate 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.