General Motors (NYSE:GM) Issues Earnings Results

General Motors (NYSE:GM) (TSE:GMM.U) posted its quarterly earnings data on Tuesday. The auto manufacturer reported $2.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.02 by $0.60, RTT News reports. The business had revenue of $43.01 billion during the quarter, compared to analyst estimates of $41.09 billion. General Motors had a return on equity of 14.34% and a net margin of 5.89%. The company’s revenue for the quarter was up 7.6% on a year-over-year basis. During the same period last year, the company earned $2.21 EPS. General Motors updated its FY24 guidance to 9.00-10.00 EPS and its FY 2024 guidance to 9.000-10.000 EPS.

General Motors Price Performance

Shares of NYSE GM opened at $45.10 on Wednesday. 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 quick ratio of 0.90, a current ratio of 1.08 and a debt-to-equity ratio of 1.21. The firm has a market cap of $52.06 billion, a P/E ratio of 6.17, a P/E/G ratio of 0.51 and a beta of 1.51.

General Motors Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 20th. Stockholders of record on Friday, June 7th will be issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.06%. The ex-dividend date is Friday, June 7th. General Motors’s dividend payout ratio is presently 6.57%.

Insiders Place Their Bets

In other news, CAO Christopher Hatto sold 3,500 shares of the stock in a transaction on Thursday, March 28th. The shares were sold at an average price of $45.00, for a total value of $157,500.00. Following the sale, the chief accounting officer now owns 12,007 shares in the company, valued at $540,315. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other General Motors news, EVP Gerald Johnson sold 27,122 shares of General Motors stock in a transaction 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 of the company’s stock, valued at $3,236,361.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Christopher Hatto sold 3,500 shares of the stock in a transaction dated Thursday, March 28th. The stock was sold at an average price of $45.00, for a total transaction of $157,500.00. Following the sale, the chief accounting officer now directly owns 12,007 shares in the company, valued at $540,315. The disclosure for this sale can be found here. In the last ninety days, insiders sold 86,248 shares of company stock valued at $3,614,078. 0.54% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on GM. Barclays boosted their price objective on shares of General Motors from $50.00 to $55.00 and gave the company an “overweight” rating in a research report on Thursday, April 11th. Tigress Financial lifted their target price on General Motors from $86.00 to $88.00 and gave the company a “strong-buy” rating in a research report on Thursday, February 15th. The Goldman Sachs Group increased their price target on General Motors from $45.00 to $50.00 and gave the stock a “buy” rating in a research report on Wednesday, January 31st. TheStreet upgraded shares of General Motors from a “c+” rating to a “b-” rating in a report on Tuesday, March 19th. Finally, Piper Sandler started coverage on shares of General Motors in a research report on Friday, March 15th. They set a “neutral” rating and a $44.00 target price on the stock. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $52.52.

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.