General Motors (NYSE:GM) Issues FY24 Earnings Guidance

General Motors (NYSE:GM) (TSE:GMM.U) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided EPS guidance of 9.00-10.00 for the period, compared to the consensus EPS estimate of $8.89. General Motors also updated its FY 2024 guidance to 9.000-10.000 EPS.

General Motors Trading Down 0.5 %

Shares of NYSE:GM traded down $0.23 during trading on Wednesday, reaching $44.87. The company’s stock had a trading volume of 7,013,666 shares, compared to its average volume of 17,444,070. 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 12 month low of $26.30 and a 12 month high of $46.04. The firm’s 50 day simple moving average is $41.86 and its two-hundred day simple moving average is $36.06. The stock has a market capitalization of $51.80 billion, a PE ratio of 6.14, a price-to-earnings-growth ratio of 0.51 and a beta of 1.51.

General Motors (NYSE:GM) (TSE:GMM.U) last announced its quarterly earnings data on Tuesday, April 23rd. The auto manufacturer reported $2.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.02 by $0.60. General Motors had a net margin of 5.89% and a return on equity of 14.34%. The business had revenue of $43.01 billion during the quarter, compared to the consensus estimate of $41.09 billion. During the same quarter last year, the firm earned $2.21 earnings per share. The firm’s quarterly revenue was up 7.6% compared to the same quarter last year. On average, research analysts predict that General Motors will post 9.12 EPS for the current fiscal year.

General Motors Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 20th. Shareholders of record on Friday, June 7th will be issued a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 1.07%. The ex-dividend date is Friday, June 7th. General Motors’s dividend payout ratio is currently 6.57%.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on GM shares. The Goldman Sachs Group lifted their price target on shares of General Motors from $45.00 to $50.00 and gave the stock a buy rating in a report on Wednesday, January 31st. Wedbush boosted their price objective on shares of General Motors from $45.00 to $55.00 and gave the company an outperform rating in a report on Wednesday. Redburn Atlantic assumed coverage on shares of General Motors in a report on Wednesday, January 24th. They set a neutral rating and a $40.00 price objective on the stock. TheStreet raised shares of General Motors from a c+ rating to a b- rating in a report on Tuesday, March 19th. Finally, Barclays upped their price target on shares of General Motors from $50.00 to $55.00 and gave the company an overweight rating in a report on Thursday, April 11th. One investment 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. According to MarketBeat, General Motors presently has an average rating of Moderate Buy and an average price target of $53.46.

Insider Buying and Selling at General Motors

In other news, EVP Julian G. Blissett sold 13,826 shares of the business’s stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $38.24, for a total transaction 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 sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, EVP Julian G. Blissett sold 13,826 shares of the business’s stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $38.24, for a total transaction 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 sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Gerald Johnson sold 27,122 shares of the business’s stock in a transaction dated Thursday, March 28th. The stock was sold at an average price of $45.26, for a total transaction of $1,227,541.72. Following the transaction, the executive vice president now owns 71,506 shares in the company, valued at $3,236,361.56. The disclosure for this sale can be found here. Over the last three months, insiders have sold 86,248 shares of company stock worth $3,614,078. 0.54% of the stock is owned by company insiders.

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.