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 $10.00-10.50 for the period, compared to the consensus earnings per share estimate of $9.97. General Motors also updated its FY 2024 guidance to 10.000-10.500 EPS.

General Motors Trading Down 0.3 %

NYSE:GM traded down $0.16 during trading hours on Wednesday, reaching $53.57. The company’s stock had a trading volume of 2,384,503 shares, compared to its average volume of 15,118,451. The firm has a market capitalization of $61.12 billion, a price-to-earnings ratio of 6.53, a PEG ratio of 0.56 and a beta of 1.42. The firm has a 50-day simple moving average of $47.33 and a 200-day simple moving average of $46.04. General Motors has a 1 year low of $26.30 and a 1 year high of $54.19. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.99 and a current ratio of 1.18.

General Motors (NYSE:GM) (TSE:GMM.U) last announced its quarterly earnings results on Tuesday, October 22nd. The auto manufacturer reported $2.96 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.49 by $0.47. The business had revenue of $48.76 billion for the quarter, compared to analyst estimates of $44.67 billion. General Motors had a net margin of 6.22% and a return on equity of 15.77%. The company’s revenue was up 10.5% on a year-over-year basis. During the same quarter last year, the firm earned $2.28 EPS. Research analysts expect that General Motors will post 9.95 EPS for the current fiscal year.

General Motors Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 19th. Investors of record on Friday, December 6th will be given a dividend of $0.12 per share. The ex-dividend date is Friday, December 6th. This represents a $0.48 dividend on an annualized basis and a yield of 0.90%. General Motors’s dividend payout ratio (DPR) is currently 5.87%.

Analysts Set New Price Targets

GM has been the subject of a number of recent research reports. UBS Group lifted their price target on shares of General Motors from $61.00 to $64.00 and gave the company a “buy” rating in a research report on Wednesday, July 10th. Wells Fargo & Company decreased their target price on shares of General Motors from $34.00 to $33.00 and set an “underweight” rating for the company in a report on Tuesday, September 10th. Wolfe Research started coverage on shares of General Motors in a report on Thursday, September 5th. They issued a “peer perform” rating for the company. Barclays lifted their target price on shares of General Motors from $64.00 to $70.00 and gave the stock an “overweight” rating in a report on Wednesday. Finally, Sanford C. Bernstein cut shares of General Motors from an “outperform” rating to a “market perform” rating and set a $53.00 target price for the company. in a report on Monday, September 23rd. Four investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $55.63.

Insider Transactions at General Motors

In other news, EVP Rory Harvey sold 12,795 shares of the company’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $49.02, for a total value of $627,210.90. Following the transaction, the executive vice president now directly owns 8,513 shares in the company, valued at approximately $417,307.26. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other General Motors news, CFO Paul A. Jacobson bought 25,000 shares of the company’s stock in a transaction on Friday, July 26th. The shares were bought at an average cost of $44.11 per share, for a total transaction of $1,102,750.00. Following the acquisition, the chief financial officer now directly owns 261,872 shares in the company, valued at approximately $11,551,173.92. The trade was a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Rory Harvey sold 12,795 shares of the firm’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $49.02, for a total transaction of $627,210.90. Following the completion of the sale, the executive vice president now owns 8,513 shares in the company, valued at $417,307.26. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.72% 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.