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

General Motors (NYSE:GM) (TSE:GMM.U) updated its FY 2024 earnings guidance on Tuesday. The company provided earnings per share guidance of 9.500-10.500 for the period, compared to the consensus earnings per share estimate of 9.710. The company issued revenue guidance of -. General Motors also updated its FY24 guidance to $9.50-10.50 EPS.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Barclays increased their price target on shares of General Motors from $55.00 to $60.00 and gave the stock an overweight rating in a report on Friday, April 26th. Piper Sandler raised their target price on shares of General Motors from $44.00 to $45.00 and gave the company a neutral rating in a research note on Wednesday, April 24th. UBS Group raised their target price on shares of General Motors from $61.00 to $64.00 and gave the company a buy rating in a research note on Wednesday, July 10th. JPMorgan Chase & Co. raised their target price on shares of General Motors from $60.00 to $61.00 and gave the company an overweight rating in a research note on Wednesday. Finally, Royal Bank of Canada raised their target price on shares of General Motors from $54.00 to $56.00 and gave the company an overweight rating in a research note on Tuesday, April 23rd. One analyst has rated the stock with a sell rating, five have given a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus target price of $56.38.

General Motors Trading Down 4.9 %

Shares of General Motors stock traded down $2.26 on Thursday, hitting $44.23. The stock had a trading volume of 7,869,964 shares, compared to its average volume of 15,851,442. The company has a quick ratio of 0.97, a current ratio of 1.16 and a debt-to-equity ratio of 1.22. General Motors has a one year low of $26.30 and a one year high of $50.50. The stock has a market cap of $50.46 billion, a price-to-earnings ratio of 5.68, a PEG ratio of 0.48 and a beta of 1.43. The stock’s 50-day simple moving average is $46.56 and its two-hundred day simple moving average is $42.91.

General Motors (NYSE:GM) (TSE:GMM.U) last issued its earnings results on Tuesday, July 23rd. The auto manufacturer reported $3.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.67 by $0.39. General Motors had a net margin of 6.22% and a return on equity of 15.74%. The firm had revenue of $47.97 billion for the quarter, compared to analysts’ expectations of $45.13 billion. During the same quarter last year, the business earned $1.91 earnings per share. The business’s revenue was up 7.2% on a year-over-year basis. As a group, sell-side analysts predict that General Motors will post 9.63 EPS for the current year.

General Motors Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 19th. Investors of record on Friday, September 6th will be issued a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 1.09%. The ex-dividend date is Friday, September 6th. General Motors’s dividend payout ratio (DPR) is currently 5.87%.

General Motors announced that its board has authorized a stock repurchase plan on Tuesday, June 11th that authorizes the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization authorizes the auto manufacturer to buy up to 10.8% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its stock is undervalued.

Insider Activity

In other news, President Mark L. Reuss sold 150,000 shares of the business’s stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $43.44, for a total transaction of $6,516,000.00. Following the sale, the president now owns 176,907 shares in the company, valued at approximately $7,684,840.08. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other news, CEO Mary T. Barra sold 326,305 shares of General Motors stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $48.33, for a total value of $15,770,320.65. Following the completion of the transaction, the chief executive officer now owns 898,648 shares of the company’s stock, valued at approximately $43,431,657.84. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, President Mark L. Reuss sold 150,000 shares of General Motors stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $43.44, for a total value of $6,516,000.00. Following the completion of the transaction, the president now directly owns 176,907 shares of the company’s stock, valued at approximately $7,684,840.08. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,152,621 shares of company stock worth $51,818,111. Corporate 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.