General Motors (NYSE:GM) Releases Quarterly Earnings Results, Beats Estimates By $0.60 EPS

General Motors (NYSE:GM) (TSE:GMM.U) released its earnings results on Tuesday. The auto manufacturer reported $2.62 earnings per share for the quarter, beating analysts’ consensus estimates of $2.02 by $0.60, RTT News reports. General Motors had a net margin of 6.13% and a return on equity of 14.40%. The company had revenue of $43.01 billion for the quarter, compared to analysts’ expectations of $41.09 billion. During the same quarter in the previous year, the company earned $2.21 EPS. General Motors’s revenue for the quarter was up 7.6% on a year-over-year basis. General Motors updated its FY24 guidance to 9.00-10.00 EPS and its FY 2024 guidance to 9.000-10.000 EPS.

General Motors Trading Up 0.1 %

Shares of NYSE:GM traded up $0.03 during trading on Friday, reaching $45.65. The stock had a trading volume of 4,579,009 shares, compared to its average volume of 17,358,705. The business has a fifty day moving average price of $42.13 and a 200-day moving average price of $36.19. The company has a quick ratio of 0.90, a current ratio of 1.16 and a debt-to-equity ratio of 1.22. The stock has a market cap of $52.08 billion, a P/E ratio of 5.58, a PEG ratio of 0.52 and a beta of 1.51. General Motors has a fifty-two week low of $26.30 and a fifty-two week high of $46.17.

General Motors Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 20th. Stockholders of record on Friday, June 7th will be issued a $0.12 dividend. 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%.

Analyst Upgrades and Downgrades

GM has been the subject of several recent analyst reports. Wells Fargo & Company boosted their price objective on shares of General Motors from $28.00 to $30.00 and gave the stock an “underweight” rating in a research note on Wednesday. The Goldman Sachs Group lifted their price target on shares of General Motors from $45.00 to $50.00 and gave the company a “buy” rating in a research report on Wednesday, January 31st. Wolfe Research upgraded shares of General Motors from a “peer perform” rating to an “outperform” rating and set a $42.00 price objective for the company in a report on Thursday, January 4th. UBS Group upped their target price on shares of General Motors from $56.00 to $58.00 and gave the company a “buy” rating in a report on Wednesday. Finally, Morgan Stanley increased their price target on shares of General Motors from $43.00 to $46.00 and gave the company an “overweight” rating in a report on Wednesday, April 10th. One research analyst has rated the stock with a sell rating, three have given a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, General Motors presently has a consensus rating of “Moderate Buy” and a consensus price target of $54.65.

Insiders Place Their Bets

In other General Motors news, EVP Gerald Johnson sold 27,122 shares of the firm’s 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 transaction, the executive vice president now directly owns 71,506 shares in the company, valued at $3,236,361.56. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other news, EVP Gerald Johnson sold 27,122 shares of the business’s stock in a transaction on 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 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 can be accessed through the SEC website. Also, EVP Julian G. Blissett sold 13,826 shares of the company’s stock in a transaction dated Tuesday, February 20th. The shares were 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 disclosure for this sale can be found here. Insiders sold a total of 86,248 shares of company stock worth $3,614,078 over the last ninety days. 0.54% of the stock is owned by company 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.