General Motors (NYSE:GM) Releases FY24 Earnings Guidance

General Motors (NYSE:GM) (TSE:GMM.U) updated its FY24 earnings guidance on Tuesday. The company provided EPS guidance of $10.00-10.50 for the period, compared to the consensus EPS estimate of $9.97. General Motors also updated its FY 2024 guidance to 10.000-10.500 EPS.

General Motors Stock Down 0.4 %

Shares of GM opened at $52.70 on Friday. 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 stock has a market capitalization of $60.13 billion, a PE ratio of 6.44, a P/E/G ratio of 0.56 and a beta of 1.42. The firm’s 50 day moving average is $47.52 and its 200-day moving average is $46.09. General Motors has a 12 month low of $26.30 and a 12 month high of $54.29.

General Motors (NYSE:GM) (TSE:GMM.U) last released its earnings results on Tuesday, October 22nd. The auto manufacturer reported $2.96 earnings per share for the quarter, beating analysts’ consensus estimates of $2.49 by $0.47. 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 the consensus estimate of $44.67 billion. During the same period in the prior year, the company posted $2.28 EPS. The company’s revenue was up 10.5% compared to the same quarter last year. Equities research analysts forecast that General Motors will post 9.95 EPS for the current year.

General Motors Dividend Announcement

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

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. JPMorgan Chase & Co. boosted their price objective on shares of General Motors from $64.00 to $70.00 and gave the company an “overweight” rating in a research report on Wednesday. Nomura cut General Motors from a “neutral” rating to a “reduce” rating and set a $34.00 price target for the company. in a report on Monday, August 5th. Sanford C. Bernstein raised their price objective on General Motors from $53.00 to $55.00 and gave the company a “market perform” rating in a research note on Friday. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $53.00 target price on shares of General Motors in a research note on Tuesday, September 10th. Finally, Nomura Securities upgraded shares of General Motors to a “strong sell” rating in a research note on Monday, August 5th. Four research analysts have rated the stock with a sell rating, seven have given a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, General Motors presently has a consensus rating of “Hold” and a consensus price target of $57.06.

Insiders Place Their Bets

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