General Motors (NYSE:GM) Announces Quarterly Earnings Results

General Motors (NYSE:GM) (TSE:GMM.U) announced its earnings results on Tuesday. The auto manufacturer reported $2.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.49 by $0.47, Briefing.com reports. General Motors had a return on equity of 15.77% and a net margin of 6.22%. The firm had revenue of $48.76 billion during the quarter, compared to analyst estimates of $44.67 billion. During the same quarter in the prior year, the company earned $2.28 EPS. The business’s revenue was up 10.5% compared to the same quarter last year. General Motors updated its FY 2024 guidance to 10.000-10.500 EPS and its FY24 guidance to $10.00-10.50 EPS.

General Motors Trading Up 0.1 %

General Motors stock opened at $52.78 on Friday. General Motors has a 1 year low of $26.30 and a 1 year high of $54.29. The firm’s 50 day moving average price is $47.52 and its 200-day moving average price is $46.09. The company has a debt-to-equity ratio of 1.23, a current ratio of 1.18 and a quick ratio of 0.99. The stock has a market cap of $60.22 billion, a P/E ratio of 6.44, a PEG ratio of 0.56 and a beta of 1.42.

General Motors Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 19th. Shareholders of record on Friday, December 6th will be paid a $0.12 dividend. The ex-dividend date is Friday, December 6th. This represents a $0.48 annualized dividend and a yield of 0.91%. General Motors’s payout ratio is 5.87%.

Insider Buying and Selling

In other General Motors news, EVP Rory Harvey sold 2,302 shares of General Motors stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $47.31, for a total value of $108,907.62. Following the sale, the executive vice president now directly owns 10,356 shares in the company, valued at approximately $489,942.36. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CEO Mary T. Barra sold 506,824 shares of the stock in a transaction that occurred on Wednesday, October 23rd. The stock was sold at an average price of $53.33, for a total transaction of $27,028,923.92. Following the completion of the transaction, the chief executive officer now directly owns 694,548 shares in the company, valued at approximately $37,040,244.84. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Rory Harvey sold 2,302 shares of the business’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $47.31, for a total transaction of $108,907.62. Following the completion of the sale, the executive vice president now owns 10,356 shares in the company, valued at $489,942.36. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 531,228 shares of company stock worth $28,267,714. 0.72% of the stock is owned by insiders.

Analysts Set New Price Targets

Several equities analysts have commented on GM shares. Nomura lowered General Motors from a “neutral” rating to a “reduce” rating and set a $34.00 price objective for the company. in a research report on Monday, August 5th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $53.00 price target on shares of General Motors in a research report on Tuesday, September 10th. Sanford C. Bernstein raised their target price on shares of General Motors from $53.00 to $55.00 and gave the company a “market perform” rating in a research note on Friday. Royal Bank of Canada lifted their target price on shares of General Motors from $58.00 to $65.00 and gave the company an “outperform” rating in a report on Wednesday. Finally, Wolfe Research initiated coverage on General Motors in a research note on Thursday, September 5th. They issued a “peer perform” rating on the stock. Four analysts have rated the stock with a sell rating, seven have given a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $57.06.

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.