General Motors (NYSE:GM) Updates FY 2024 Earnings Guidance

General Motors (NYSE:GM) (TSE:GMM.U) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided earnings per share guidance of 9.000-10.000 for the period, compared to the consensus earnings per share estimate of 9.080. The company issued revenue guidance of -. General Motors also updated its FY24 guidance to 9.00-10.00 EPS.

General Motors Trading Down 0.6 %

General Motors stock traded down $0.27 during trading hours on Wednesday, reaching $44.83. The company had a trading volume of 7,964,069 shares, compared to its average volume of 17,465,176. 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 company has a 50-day moving average price of $41.86 and a 200 day moving average price of $36.06. The firm has a market cap of $51.75 billion, a price-to-earnings ratio of 6.13, a P/E/G ratio of 0.51 and a beta of 1.51. General Motors has a 12-month low of $26.30 and a 12-month high of $46.04.

General Motors (NYSE:GM) (TSE:GMM.U) last announced its quarterly earnings results on Tuesday, April 23rd. The auto manufacturer reported $2.62 EPS for the quarter, topping analysts’ consensus estimates of $2.02 by $0.60. The business had revenue of $43.01 billion for 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%. The business’s quarterly revenue was up 7.6% on a year-over-year basis. During the same period in the previous year, the firm earned $2.21 EPS. Equities analysts forecast that General Motors will post 9.12 earnings per share for the current year.

General Motors Dividend Announcement

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. The ex-dividend date is Friday, June 7th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.07%. General Motors’s dividend payout ratio is currently 6.57%.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on GM shares. Royal Bank of Canada lifted their price target on General Motors from $54.00 to $56.00 and gave the company an overweight rating in a research report on Tuesday. Wedbush boosted their price target on General Motors from $45.00 to $55.00 and gave the stock an outperform rating in a research note on Wednesday. Barclays boosted their price target on General Motors from $50.00 to $55.00 and gave the stock an overweight rating in a research note on Thursday, April 11th. Wells Fargo & Company upped their price objective on General Motors from $28.00 to $30.00 and gave the company an underweight rating in a research report on Wednesday. Finally, Wolfe Research upgraded General Motors from a peer perform rating to an outperform rating and set a $42.00 price target for the company in a research report on Thursday, January 4th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, General Motors presently has an average rating of Moderate Buy and a consensus target price of $54.29.

Insiders Place Their Bets

In other General Motors news, CAO Christopher Hatto sold 3,500 shares of the company’s stock in a transaction on Thursday, March 28th. The stock was sold at an average price of $45.00, for a total transaction of $157,500.00. Following the transaction, the chief accounting officer now directly owns 12,007 shares in the company, valued at $540,315. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CAO Christopher Hatto sold 3,500 shares of the stock in a transaction on Thursday, March 28th. The stock was sold at an average price of $45.00, for a total value of $157,500.00. Following the sale, the chief accounting officer now directly owns 12,007 shares in the company, valued at $540,315. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Gerald Johnson sold 27,122 shares of the stock in a transaction on Thursday, March 28th. The shares were sold at an average price of $45.26, for a total value of $1,227,541.72. Following the completion of the sale, the executive vice president now owns 71,506 shares in the company, valued at $3,236,361.56. The disclosure for this sale can be found here. Insiders have sold 86,248 shares of company stock worth $3,614,078 over the last ninety days. Corporate 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.