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 9.500-10.500 for the period, compared to the consensus EPS estimate of 9.710. The company issued revenue guidance of -. General Motors also updated its FY24 guidance to $9.50-10.50 EPS.

General Motors Trading Down 4.1 %

GM stock opened at $47.52 on Tuesday. The firm has a market cap of $54.22 billion, a PE ratio of 6.06, a price-to-earnings-growth ratio of 0.51 and a beta of 1.43. The firm has a fifty day moving average price of $46.51 and a 200 day moving average price of $42.81. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.97 and a current ratio of 1.16. General Motors has a fifty-two week low of $26.30 and a fifty-two week high of $50.50.

General Motors (NYSE:GM) (TSE:GMM.U) last posted its earnings results on Tuesday, July 23rd. The auto manufacturer reported $3.06 earnings per share for the quarter, topping analysts’ consensus estimates of $2.67 by $0.39. General Motors had a net margin of 6.13% and a return on equity of 14.40%. The firm had revenue of $47.97 billion for the quarter, compared to the consensus estimate of $45.13 billion. During the same period in the previous year, the firm posted $1.91 EPS. The business’s quarterly revenue was up 7.2% on a year-over-year basis. Sell-side analysts anticipate that General Motors will post 9.43 earnings per share for the current fiscal year.

General Motors Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 19th. Stockholders of record on Friday, September 6th will be issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.01%. General Motors’s dividend payout ratio (DPR) is 5.87%.

General Motors announced that its board has authorized a stock buyback plan on Tuesday, June 11th that authorizes the company to buyback $6.00 billion in outstanding shares. This buyback authorization authorizes 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.

Wall Street Analyst Weigh In

GM has been the topic of a number of analyst reports. UBS Group boosted their price objective on shares of General Motors from $61.00 to $64.00 and gave the company a buy rating in a research report on Wednesday, July 10th. Wedbush raised their price objective on shares of General Motors from $45.00 to $55.00 and gave the stock an outperform rating in a research note on Wednesday, April 24th. StockNews.com raised General Motors from a hold rating to a buy rating in a research note on Saturday, June 1st. Morgan Stanley increased their price target on General Motors from $43.00 to $46.00 and gave the stock an overweight rating in a report on Wednesday, April 10th. Finally, Wells Fargo & Company boosted their price objective on General Motors from $30.00 to $32.00 and gave the company an underweight rating in a report on Tuesday, June 25th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of Moderate Buy and an average price target of $55.96.

Insiders Place Their Bets

In other news, CEO Mary T. Barra sold 326,305 shares of the business’s stock in a transaction on 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 directly owns 898,648 shares of the company’s stock, valued at approximately $43,431,657.84. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, CEO Mary T. Barra sold 326,305 shares of General Motors stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $48.33, for a total value of $15,770,320.65. Following the transaction, the chief executive officer now owns 898,648 shares of the company’s stock, valued at approximately $43,431,657.84. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, President Mark L. Reuss sold 150,000 shares of the stock in a transaction that occurred 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 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. Insiders sold a total of 1,152,621 shares of company stock worth $51,818,111 over the last 90 days. Company insiders own 0.72% 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.