Wedbush Comments on General Motors’ FY2024 Earnings (NYSE:GM)

General Motors (NYSE:GM) (TSE:GMM.U) – Investment analysts at Wedbush upped their FY2024 earnings per share estimates for shares of General Motors in a research report issued to clients and investors on Wednesday, July 24th. Wedbush analyst D. Ives now expects that the auto manufacturer will post earnings of $10.02 per share for the year, up from their prior forecast of $9.53. Wedbush currently has a “Outperform” rating and a $55.00 price target on the stock. The consensus estimate for General Motors’ current full-year earnings is $9.58 per share. Wedbush also issued estimates for General Motors’ Q2 2025 earnings at $3.00 EPS.

General Motors (NYSE:GM) (TSE:GMM.U) last issued its earnings results on Tuesday, July 23rd. The auto manufacturer reported $3.06 EPS for the quarter, topping the consensus estimate of $2.67 by $0.39. The business had revenue of $47.97 billion during the quarter, compared to analysts’ expectations of $45.13 billion. General Motors had a return on equity of 15.77% and a net margin of 6.22%. General Motors’s revenue was up 7.2% compared to the same quarter last year. During the same quarter last year, the firm posted $1.91 earnings per share.

A number of other research firms have also recently issued reports on GM. Piper Sandler lifted their price objective on General Motors from $44.00 to $45.00 and gave the company a “neutral” rating in a research report on Wednesday, April 24th. Royal Bank of Canada boosted their price target on General Motors from $54.00 to $56.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 23rd. Wells Fargo & Company boosted their price target on General Motors from $32.00 to $34.00 and gave the stock an “underweight” rating in a research report on Wednesday. Barclays boosted their price target on General Motors from $55.00 to $60.00 and gave the stock an “overweight” rating in a research report on Friday, April 26th. Finally, UBS Group lifted their price objective on General Motors from $61.00 to $64.00 and gave the stock a “buy” rating in a research note on Wednesday, July 10th. One research analyst has rated the stock with a sell rating, five have given a hold rating, thirteen 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 has a consensus rating of “Moderate Buy” and a consensus price target of $56.38.

General Motors Price Performance

GM opened at $44.12 on Friday. The stock has a market cap of $49.59 billion, a price-to-earnings ratio of 5.39, a PEG ratio of 0.49 and a beta of 1.43. General Motors has a 1 year low of $26.30 and a 1 year high of $50.50. The company has a current ratio of 1.18, a quick ratio of 0.97 and a debt-to-equity ratio of 1.23. The stock has a fifty day moving average price of $46.52 and a 200 day moving average price of $42.91.

General Motors Dividend Announcement

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

General Motors announced that its Board of Directors has approved a stock repurchase plan on Tuesday, June 11th that allows the company to buyback $6.00 billion in shares. This buyback authorization allows the auto manufacturer to reacquire up to 10.8% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its stock is undervalued.

Insider Activity

In other news, CEO Mary T. Barra sold 626,316 shares of the company’s stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $43.46, for a total value of $27,219,693.36. Following the sale, the chief executive officer now directly owns 1,198,648 shares in the company, valued at approximately $52,093,242.08. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, President Mark L. Reuss sold 14,858 shares of the business’s stock in a transaction that occurred on Friday, June 7th. The stock was sold at an average price of $46.01, for a total value of $683,616.58. Following the transaction, the president now directly owns 162,049 shares of the company’s stock, valued at approximately $7,455,874.49. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Mary T. Barra sold 626,316 shares of the business’s stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $43.46, for a total value of $27,219,693.36. Following the completion of the transaction, the chief executive officer now directly owns 1,198,648 shares in the company, valued at $52,093,242.08. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,152,621 shares of company stock worth $51,818,111. Company insiders own 0.72% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. LifeSteps Financial Inc. acquired a new position in General Motors during the 1st quarter worth $25,000. Highlander Capital Management LLC acquired a new position in General Motors during the 4th quarter worth $27,000. Fortitude Family Office LLC lifted its holdings in General Motors by 56.1% during the 2nd quarter. Fortitude Family Office LLC now owns 626 shares of the auto manufacturer’s stock worth $29,000 after buying an additional 225 shares in the last quarter. Cape Investment Advisory Inc. lifted its holdings in General Motors by 75.9% during the 4th quarter. Cape Investment Advisory Inc. now owns 832 shares of the auto manufacturer’s stock worth $30,000 after buying an additional 359 shares in the last quarter. Finally, Montag A & Associates Inc. acquired a new position in General Motors during the 1st quarter worth $30,000. 92.67% of the stock is owned by institutional investors and hedge funds.

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.