Wedbush Comments on General Motors’ Q2 2024 Earnings (NYSE:GM)

General Motors (NYSE:GM) (TSE:GMM.U) – Analysts at Wedbush upped their Q2 2024 earnings estimates for shares of General Motors in a research note issued to investors on Wednesday, April 24th. Wedbush analyst D. Ives now forecasts that the auto manufacturer will earn $2.74 per share for the quarter, up from their prior estimate of $2.13. Wedbush has a “Outperform” rating and a $55.00 price target on the stock. The consensus estimate for General Motors’ current full-year earnings is $9.44 per share. Wedbush also issued estimates for General Motors’ Q3 2024 earnings at $2.62 EPS, Q4 2024 earnings at $1.58 EPS, Q1 2025 earnings at $3.20 EPS and FY2025 earnings at $11.50 EPS.

A number of other analysts have also commented on GM. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of General Motors from $44.00 to $50.00 and gave the stock a “hold” rating in a research report on Tuesday. Tigress Financial increased their price objective on shares of General Motors from $86.00 to $88.00 and gave the stock a “strong-buy” rating in a research note on Thursday, February 15th. Wolfe Research raised General Motors from a “peer perform” rating to an “outperform” rating and set a $42.00 target price on the stock in a research report on Thursday, January 4th. Citigroup increased their price target on General Motors from $95.00 to $96.00 and gave the company a “buy” rating in a research report on Wednesday. Finally, Royal Bank of Canada boosted their price target on General Motors from $54.00 to $56.00 and gave the stock an “overweight” rating in a research report on Tuesday. One analyst has rated the stock with a sell rating, three have given a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, General Motors currently has an average rating of “Moderate Buy” and a consensus target price of $54.65.

General Motors Trading Up 0.4 %

NYSE:GM opened at $45.82 on Friday. The company has a market cap of $52.28 billion, a P/E ratio of 5.60, a price-to-earnings-growth ratio of 0.52 and a beta of 1.51. General Motors has a twelve month low of $26.30 and a twelve month high of $46.17. The business has a 50 day moving average price of $42.27 and a two-hundred day moving average price of $36.29. The company has a quick ratio of 0.90, a current ratio of 1.16 and a debt-to-equity ratio of 1.22.

General Motors (NYSE:GM) (TSE:GMM.U) last posted its quarterly earnings data 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 14.40% and a net margin of 6.13%. The company had revenue of $43.01 billion during the quarter, compared to analysts’ expectations of $41.09 billion. During the same period in the prior year, the firm earned $2.21 earnings per share. General Motors’s revenue for the quarter was up 7.6% compared to the same quarter last year.

Institutional Investors Weigh In On General Motors

A number of hedge funds and other institutional investors have recently made changes to their positions in GM. Unison Advisors LLC raised its stake in General Motors by 0.4% in the first quarter. Unison Advisors LLC now owns 67,196 shares of the auto manufacturer’s stock valued at $3,047,000 after purchasing an additional 246 shares in the last quarter. Janiczek Wealth Management LLC raised its position in shares of General Motors by 5.2% in the 1st quarter. Janiczek Wealth Management LLC now owns 5,063 shares of the auto manufacturer’s stock valued at $230,000 after buying an additional 248 shares in the last quarter. FinTrust Capital Advisors LLC lifted its holdings in shares of General Motors by 2.5% during the 4th quarter. FinTrust Capital Advisors LLC now owns 11,113 shares of the auto manufacturer’s stock worth $399,000 after acquiring an additional 268 shares during the period. Summit Financial LLC boosted its position in shares of General Motors by 4.3% during the 4th quarter. Summit Financial LLC now owns 6,662 shares of the auto manufacturer’s stock worth $239,000 after acquiring an additional 273 shares in the last quarter. Finally, Sutton Place Investors LLC increased its stake in General Motors by 1.7% in the first quarter. Sutton Place Investors LLC now owns 17,236 shares of the auto manufacturer’s stock valued at $782,000 after acquiring an additional 280 shares during the last quarter. 92.67% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at General Motors

In other news, EVP Julian G. Blissett sold 13,826 shares of the company’s stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $38.24, for a total value of $528,706.24. Following the transaction, the executive vice president now owns 87,567 shares of the company’s stock, valued at $3,348,562.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other General Motors news, EVP Gerald Johnson sold 27,122 shares of General Motors stock in a transaction dated 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 sale, the executive vice president now owns 71,506 shares in the company, valued at approximately $3,236,361.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Julian G. Blissett sold 13,826 shares of the stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $38.24, for a total transaction of $528,706.24. Following the transaction, the executive vice president now owns 87,567 shares in the company, valued at approximately $3,348,562.08. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 86,248 shares of company stock worth $3,614,078. Insiders own 0.54% of the company’s stock.

General Motors Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 20th. Investors of record on Friday, June 7th will be issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 1.05%. The ex-dividend date of this dividend is Friday, June 7th. General Motors’s payout ratio is 5.87%.

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.