General Motors (NYSE:GM) Updates FY24 Earnings Guidance

General Motors (NYSE:GM) (TSE:GMM.U) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share guidance of $9.50-10.50 for the period, compared to the consensus earnings per share estimate of $9.45. General Motors also updated its FY 2024 guidance to 9.500-10.500 EPS.

Analyst Ratings Changes

A number of brokerages have recently commented on GM. Wedbush increased their price target on General Motors from $45.00 to $55.00 and gave the company an outperform rating in a research note on Wednesday, April 24th. Morgan Stanley cut General Motors from an overweight rating to an equal weight rating and increased their price target for the company from $46.00 to $47.00 in a research note on Wednesday. JPMorgan Chase & Co. increased their price target on General Motors from $60.00 to $61.00 and gave the company an overweight rating in a research note on Wednesday. Bank of America reaffirmed a buy rating and set a $75.00 target price on shares of General Motors in a research report on Wednesday, June 12th. Finally, Deutsche Bank Aktiengesellschaft raised their target price on General Motors from $44.00 to $50.00 and gave the stock a hold rating in a research report on Tuesday, April 23rd. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, General Motors has an average rating of Moderate Buy and a consensus target price of $56.38.

General Motors Stock Down 0.9 %

GM stock traded down $0.40 during mid-day trading on Wednesday, reaching $45.98. 10,382,986 shares of the company traded hands, compared to its average volume of 15,845,427. The stock has a market cap of $52.46 billion, a price-to-earnings ratio of 5.65, a P/E/G ratio of 0.52 and a beta of 1.43. The company has a quick ratio of 0.97, a current ratio of 1.16 and a debt-to-equity ratio of 1.22. General Motors has a fifty-two week low of $26.30 and a fifty-two week high of $50.50. The firm’s 50 day moving average price is $46.54 and its 200 day moving average price is $42.88.

General Motors (NYSE:GM) (TSE:GMM.U) last released its quarterly earnings results on Tuesday, July 23rd. The auto manufacturer reported $3.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.67 by $0.39. The business had revenue of $47.97 billion during the quarter, compared to the consensus estimate of $45.13 billion. General Motors had a return on equity of 14.40% and a net margin of 6.13%. The company’s quarterly revenue was up 7.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.91 EPS. As a group, equities research analysts predict that General Motors will post 9.45 EPS for the current fiscal year.

General Motors Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 19th. Shareholders of record on Friday, September 6th will be paid a dividend of $0.12 per share. The ex-dividend date of this dividend is Friday, September 6th. This represents a $0.48 dividend on an annualized basis and a yield of 1.04%. General Motors’s dividend payout ratio (DPR) is currently 5.87%.

General Motors declared that its board has approved a stock buyback program on Tuesday, June 11th that permits the company to buyback $6.00 billion in outstanding shares. This buyback authorization permits the auto manufacturer to reacquire up to 10.8% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

In other General Motors 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 transaction 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 transaction was disclosed in a legal filing with the SEC, which is available through this link. In related news, President Mark L. Reuss sold 150,000 shares of General Motors stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $43.44, for a total value of $6,516,000.00. Following the sale, the president now owns 176,907 shares of the company’s stock, valued at approximately $7,684,840.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Mary T. Barra sold 326,305 shares of General Motors stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $48.33, for a total transaction of $15,770,320.65. Following the completion of the sale, the chief executive officer now directly owns 898,648 shares in the company, valued at approximately $43,431,657.84. The disclosure for this sale can be found here. Insiders have sold a total of 1,152,621 shares of company stock valued at $51,818,111 in the last 90 days. 0.72% of the stock is currently owned by corporate insiders.

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.