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

General Motors (NYSE:GM) (TSE:GMM.U) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided EPS guidance of 9.000-10.000 for the period, compared to the consensus EPS estimate of 9.080. The company issued revenue guidance of -. General Motors also updated its FY24 guidance to 9.00-10.00 EPS.

General Motors Stock Performance

GM traded up $1.89 during midday trading on Tuesday, hitting $45.10. 13,615,490 shares of the company were exchanged, compared to its average volume of 17,385,346. The company’s 50 day simple moving average is $41.73 and its 200 day simple moving average is $35.96. The firm has a market capitalization of $52.06 billion, a price-to-earnings ratio of 6.21, a price-to-earnings-growth ratio of 0.50 and a beta of 1.51. The company has a current ratio of 1.08, a quick ratio of 0.90 and a debt-to-equity ratio of 1.21. General Motors has a 1-year low of $26.30 and a 1-year high of $46.04.

General Motors (NYSE:GM) (TSE:GMM.U) last announced its quarterly earnings results on Tuesday, April 23rd. The auto manufacturer reported $2.62 earnings per share 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 company had revenue of $43.01 billion for the quarter, compared to the consensus estimate of $41.09 billion. During the same period last year, the firm earned $2.21 EPS. The firm’s revenue for the quarter was up 7.6% compared to the same quarter last year. As a group, sell-side analysts predict that General Motors will post 9.12 earnings per share for the current year.

General Motors Announces Dividend

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 paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 1.06%. General Motors’s dividend payout ratio (DPR) is 6.57%.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. TheStreet raised shares of General Motors from a c+ rating to a b- rating in a research note on Tuesday, March 19th. The Goldman Sachs Group raised their target price on shares of General Motors from $45.00 to $50.00 and gave the stock a buy rating in a research note on Wednesday, January 31st. Piper Sandler assumed coverage on shares of General Motors in a research note on Friday, March 15th. They issued a neutral rating and a $44.00 target price on the stock. Deutsche Bank Aktiengesellschaft raised their target price on shares of General Motors from $44.00 to $50.00 and gave the stock a hold rating in a research note on Tuesday. Finally, Tigress Financial raised their price target on shares of General Motors from $86.00 to $88.00 and gave the stock a strong-buy rating in a report on Thursday, February 15th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of Moderate Buy and an average price target of $52.52.

Insider Buying and Selling at General Motors

In other news, EVP Julian G. Blissett sold 13,826 shares of General Motors stock in a transaction on Tuesday, February 20th. The shares were 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 transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other General Motors news, EVP Julian G. Blissett sold 13,826 shares of General Motors stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $38.24, for a total value of $528,706.24. Following the transaction, the executive vice president now directly 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 the SEC website. Also, CAO Christopher Hatto sold 15,510 shares of General Motors stock in a transaction on Monday, February 26th. The shares were sold at an average price of $40.02, for a total transaction of $620,710.20. Following the completion of the transaction, the chief accounting officer now owns 21,507 shares in the company, valued at $860,710.14. 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 90 days. Company 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.