General Motors (NYSE:GM) Posts Quarterly Earnings Results

General Motors (NYSE:GM) (TSE:GMM.U) released its quarterly earnings data on Tuesday. The auto manufacturer reported $2.62 EPS for the quarter, beating the consensus estimate 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 business had revenue of $43.01 billion during the quarter, compared to the consensus estimate of $41.09 billion. During the same quarter in the prior year, the firm earned $2.21 EPS. The business’s revenue 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 Down 0.8 %

NYSE:GM opened at $44.70 on Thursday. General Motors has a 12 month low of $26.30 and a 12 month high of $46.04. The firm has a fifty day simple moving average of $42.00 and a 200-day simple moving average of $36.12. The company has a current ratio of 1.16, a quick ratio of 0.90 and a debt-to-equity ratio of 1.22. The company has a market capitalization of $51.60 billion, a P/E ratio of 5.51, a PEG ratio of 0.53 and a beta of 1.51.

General Motors Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 20th. Shareholders of record on Friday, June 7th will be paid a $0.12 dividend. The ex-dividend date of this dividend is Friday, June 7th. This represents a $0.48 annualized dividend and a yield of 1.07%. General Motors’s dividend payout ratio (DPR) is 5.87%.

Analysts Set New Price Targets

GM has been the subject of several research reports. Barclays increased their price objective on shares of General Motors from $50.00 to $55.00 and gave the company an “overweight” rating in a report on Thursday, April 11th. Citigroup increased their price target on shares of General Motors from $95.00 to $96.00 and gave the company a “buy” rating in a report on Wednesday. Wells Fargo & Company increased their price target on shares of General Motors from $28.00 to $30.00 and gave the company an “underweight” rating in a report on Wednesday. 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. Finally, Piper Sandler increased their price target on shares of General Motors from $44.00 to $45.00 and gave the company a “neutral” rating in a report on Wednesday. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $54.38.

Insider Transactions at General Motors

In other news, EVP Gerald Johnson sold 27,122 shares of General Motors stock in a transaction on Thursday, March 28th. The shares were sold at an average price of $45.26, for a total transaction of $1,227,541.72. Following the completion of the sale, the executive vice president now directly owns 71,506 shares in the company, valued at $3,236,361.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, EVP Gerald Johnson sold 27,122 shares of the firm’s stock in a transaction on Thursday, March 28th. The shares were sold at an average price of $45.26, for a total transaction of $1,227,541.72. Following the completion of the transaction, the executive vice president now owns 71,506 shares of the company’s stock, valued at $3,236,361.56. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Julian G. Blissett sold 13,826 shares of the firm’s stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $38.24, for a total transaction of $528,706.24. Following the transaction, the executive vice president now directly owns 87,567 shares of the company’s stock, valued at approximately $3,348,562.08. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 86,248 shares of company stock worth $3,614,078. Company insiders own 0.54% of the company’s stock.

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.