General Motors (NYSE:GM) Releases 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 (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 Up 4.8 %

General Motors stock traded up $2.09 during mid-day trading on Tuesday, hitting $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 current ratio of 1.08, a quick ratio of 0.90 and a debt-to-equity ratio of 1.21. The stock has a market cap of $52.30 billion, a P/E ratio of 6.21, a P/E/G ratio of 0.50 and a beta of 1.51. General Motors has a 1-year low of $26.30 and a 1-year high of $46.04. The stock has a 50 day moving average of $41.73 and a two-hundred day moving average of $35.96.

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

General Motors Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 20th. Shareholders of record on Friday, June 7th will be given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 1.06%. General Motors’s payout ratio is 6.57%.

Analyst Ratings Changes

GM has been the topic of several analyst reports. TheStreet raised shares of General Motors from a c+ rating to a b- rating in a research report on Tuesday, March 19th. Redburn Atlantic started coverage on General Motors in a research report on Wednesday, January 24th. They issued a neutral rating and a $40.00 price target on the stock. Royal Bank of Canada raised 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. Wells Fargo & Company raised their price target on General Motors from $27.00 to $28.00 and gave the company an underweight rating in a research report on Wednesday, January 31st. Finally, Wolfe Research raised 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, four have issued a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of Moderate Buy and a consensus price target of $52.52.

Insider Activity

In other news, EVP Gerald Johnson sold 27,122 shares of General Motors stock in a transaction that occurred 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 transaction, the executive vice president now owns 71,506 shares in the company, valued at $3,236,361.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, EVP Gerald Johnson sold 27,122 shares of General Motors stock in a transaction that occurred 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 transaction, the executive vice president now owns 71,506 shares in the company, valued at $3,236,361.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Rory Harvey sold 5,100 shares of the firm’s 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 completion of the sale, the executive vice president now directly owns 12,658 shares of the company’s stock, valued at approximately $544,800.32. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 86,248 shares of company stock worth $3,614,078. 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.