General Motors (NYSE:GM) Releases FY24 Earnings Guidance

General Motors (NYSE:GM) (TSE:GMM.U) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of 9.00-10.00 for the period, compared to the consensus estimate of $8.89. General Motors also updated its FY 2024 guidance to 9.000-10.000 EPS.

General Motors Stock Down 0.5 %

General Motors stock traded down $0.23 during trading hours on Wednesday, reaching $44.87. The stock had a trading volume of 7,013,666 shares, compared to its average volume of 17,444,070. The company has a market cap of $51.80 billion, a price-to-earnings ratio of 6.14, a PEG ratio of 0.51 and a beta of 1.51. General Motors has a 52 week low of $26.30 and a 52 week high of $46.04. The business’s 50 day moving average price is $41.86 and its 200-day moving average price is $36.06. The company has a debt-to-equity ratio of 1.21, a current ratio of 1.08 and a quick ratio of 0.90.

General Motors (NYSE:GM) (TSE:GMM.U) last posted its quarterly earnings results on Tuesday, April 23rd. The auto manufacturer reported $2.62 EPS for the quarter, topping the consensus estimate of $2.02 by $0.60. General Motors had a return on equity of 14.34% and a net margin of 5.89%. The business had revenue of $43.01 billion for the quarter, compared to analyst estimates of $41.09 billion. During the same quarter in the previous year, the firm earned $2.21 EPS. The company’s quarterly revenue was up 7.6% compared to the same quarter last year. Sell-side analysts anticipate that General Motors will post 9.12 EPS for the current year.

General Motors Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 20th. Shareholders 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 1.07%. The ex-dividend date of this dividend is Friday, June 7th. General Motors’s dividend payout ratio is currently 6.57%.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Wedbush upped their target price on General Motors from $45.00 to $55.00 and gave the company an outperform rating in a report on Wednesday. Royal Bank of Canada raised their target price on General Motors from $54.00 to $56.00 and gave the company an overweight rating in a report on Tuesday. Deutsche Bank Aktiengesellschaft lifted their target price on General Motors from $44.00 to $50.00 and gave the stock a hold rating in a research report on Tuesday. Mizuho lifted their target price on General Motors from $48.00 to $52.00 and gave the company a buy rating in a research note on Wednesday. Finally, TheStreet upgraded General Motors from a c+ rating to a b- rating in a report on Tuesday, March 19th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, General Motors has a consensus rating of Moderate Buy and a consensus target price of $53.46.

Insider Activity at General Motors

In other General Motors 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 completion of the sale, 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 filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other General Motors news, EVP Julian G. Blissett sold 13,826 shares of the stock in a transaction 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 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 available at this hyperlink. Also, EVP Gerald Johnson sold 27,122 shares of the stock in a transaction dated Thursday, March 28th. The stock was sold at an average price of $45.26, for a total transaction of $1,227,541.72. Following the sale, the executive vice president now owns 71,506 shares of the company’s stock, valued at $3,236,361.56. The disclosure for this sale can be found here. Insiders sold 86,248 shares of company stock valued at $3,614,078 in the last three months. 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.