General Motors (NYSE:GM) Issues FY24 Earnings Guidance

General Motors (NYSE:GM) (TSE:GMM.U) updated its FY24 earnings guidance on Tuesday. The company provided EPS guidance of 9.00-10.00 for the period, compared to the consensus EPS estimate of $8.89. General Motors also updated its FY 2024 guidance to 9.000-10.000 EPS.

General Motors Stock Performance

NYSE:GM opened at $45.60 on Friday. The company has a current ratio of 1.16, a quick ratio of 0.90 and a debt-to-equity ratio of 1.22. General Motors has a 12-month low of $26.30 and a 12-month high of $46.04. The stock has a 50-day moving average price of $42.13 and a 200 day moving average price of $36.19. The stock has a market capitalization of $52.03 billion, a P/E ratio of 5.58, a P/E/G ratio of 0.52 and a beta of 1.51.

General Motors (NYSE:GM) (TSE:GMM.U) last released its earnings results on Tuesday, April 23rd. The auto manufacturer reported $2.62 earnings per share (EPS) 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 firm had revenue of $43.01 billion during the quarter, compared to analysts’ expectations of $41.09 billion. During the same quarter last year, the business posted $2.21 earnings per share. The firm’s revenue was up 7.6% on a year-over-year basis. Equities research analysts forecast that General Motors will post 9.44 EPS for the current fiscal year.

General Motors Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 20th. Shareholders 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 yield of 1.05%. The ex-dividend date of this dividend is Friday, June 7th. General Motors’s dividend payout ratio is presently 5.87%.

Analyst Ratings Changes

A number of brokerages recently issued reports on GM. Mizuho raised their price target on General Motors from $48.00 to $52.00 and gave the stock a buy rating in a research note on Wednesday. Royal Bank of Canada lifted their target price on General Motors from $54.00 to $56.00 and gave the company an overweight rating in a research report on Tuesday. UBS Group lifted their target price on General Motors from $56.00 to $58.00 and gave the company a buy rating in a research report on Wednesday. Sanford C. Bernstein assumed coverage on General Motors in a research report on Thursday. They set an outperform rating and a $55.00 target price for the company. Finally, Wells Fargo & Company lifted their target price on General Motors from $28.00 to $30.00 and gave the company an underweight rating in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, General Motors currently has a consensus rating of Moderate Buy and a consensus target price of $54.38.

Insider Activity at General Motors

In related news, EVP Rory Harvey sold 5,100 shares of the stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $43.04, for a total value of $219,504.00. Following the completion of the sale, the executive vice president now owns 12,658 shares of the company’s stock, valued at $544,800.32. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, EVP Julian G. Blissett sold 13,826 shares of General Motors stock in a transaction 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 completion of the sale, the executive vice president now directly owns 87,567 shares of the company’s stock, valued at $3,348,562.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Rory Harvey sold 5,100 shares of General Motors stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $43.04, for a total value of $219,504.00. Following the completion of the sale, the executive vice president now directly owns 12,658 shares of the company’s stock, valued at $544,800.32. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 86,248 shares of company stock valued at $3,614,078. 0.54% of the stock is currently owned by 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.