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 earnings per share guidance of 10.000-10.500 for the period, compared to the consensus earnings per share estimate of 10.000. The company issued revenue guidance of -. General Motors also updated its FY24 guidance to $10.00-10.50 EPS.

General Motors Trading Down 0.4 %

Shares of NYSE:GM opened at $52.70 on Friday. General Motors has a 12-month low of $26.30 and a 12-month high of $54.29. The company has a current ratio of 1.18, a quick ratio of 0.99 and a debt-to-equity ratio of 1.23. The company has a market cap of $60.13 billion, a PE ratio of 6.44, a price-to-earnings-growth ratio of 0.56 and a beta of 1.42. The stock has a 50 day moving average of $47.52 and a 200 day moving average of $46.09.

General Motors (NYSE:GM) (TSE:GMM.U) last posted its quarterly earnings results on Tuesday, October 22nd. The auto manufacturer reported $2.96 earnings per share for the quarter, topping the consensus estimate of $2.49 by $0.47. General Motors had a return on equity of 15.77% and a net margin of 6.22%. The business had revenue of $48.76 billion during the quarter, compared to the consensus estimate of $44.67 billion. During the same period in the prior year, the company posted $2.28 EPS. The firm’s revenue for the quarter was up 10.5% compared to the same quarter last year. As a group, equities research analysts expect that General Motors will post 9.95 EPS for the current year.

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 of this dividend 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%.

Analyst Ratings Changes

Several analysts have recently issued reports on the company. Wells Fargo & Company upped their price objective on General Motors from $33.00 to $38.00 and gave the stock an “underweight” rating in a report on Wednesday. JPMorgan Chase & Co. increased their price target on General Motors from $64.00 to $70.00 and gave the company an “overweight” rating in a report on Wednesday. Wolfe Research assumed coverage on General Motors in a report on Thursday, September 5th. They set a “peer perform” rating on the stock. The Goldman Sachs Group increased their price target on General Motors from $53.00 to $61.00 and gave the company a “buy” rating in a report on Tuesday, October 1st. Finally, Barclays boosted their target price on shares of General Motors from $64.00 to $70.00 and gave the company an “overweight” rating in a research note on Wednesday. Four research analysts have rated the stock with a sell rating, seven have assigned a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $56.97.

Insider Activity at General Motors

In related news, CEO Mary T. Barra sold 506,824 shares of the stock in a transaction that occurred on Wednesday, October 23rd. The shares were sold at an average price of $53.33, for a total transaction of $27,028,923.92. Following the completion of the sale, the chief executive officer now owns 694,548 shares of the company’s stock, valued at $37,040,244.84. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other General Motors news, EVP Rory Harvey sold 9,307 shares of the firm’s stock in a transaction on Wednesday, October 23rd. The shares were sold at an average price of $54.01, for a total value of $502,671.07. Following the completion of the transaction, the executive vice president now owns 8,513 shares of the company’s stock, valued at approximately $459,787.13. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Mary T. Barra sold 506,824 shares of the firm’s stock in a transaction 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 of the company’s stock, valued at approximately $37,040,244.84. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 531,228 shares of company stock valued at $28,267,714 over the last 90 days. Insiders own 0.72% of the company’s stock.

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.