General Motors (NYSE:GM) Releases FY24 Earnings Guidance

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

General Motors Price Performance

Shares of General Motors stock opened at $45.60 on Friday. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.90 and a current ratio of 1.16. The firm’s 50-day simple moving average is $42.13 and its 200-day simple moving average is $36.19. General Motors has a twelve month low of $26.30 and a twelve month high of $46.04. The firm has a market cap of $52.03 billion, a P/E ratio of 5.58, a price-to-earnings-growth ratio of 0.52 and a beta of 1.51.

General Motors (NYSE:GM) (TSE:GMM.U) last issued its earnings results on Tuesday, April 23rd. The auto manufacturer reported $2.62 earnings per share for the quarter, beating the consensus estimate of $2.02 by $0.60. 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 for the quarter, compared to analyst estimates of $41.09 billion. During the same period in the previous year, the business earned $2.21 EPS. The firm’s revenue was up 7.6% on a year-over-year basis. As a group, research analysts expect 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 given a $0.12 dividend. The ex-dividend date of this dividend is Friday, June 7th. This represents a $0.48 dividend on an annualized basis and a yield of 1.05%. General Motors’s dividend payout ratio (DPR) is presently 5.87%.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. TheStreet upgraded shares of General Motors from a c+ rating to a b- rating in a research report on Tuesday, March 19th. Royal Bank of Canada boosted their price target on shares of General Motors from $54.00 to $56.00 and gave the company an overweight rating in a research report on Tuesday. Barclays boosted their price target on shares of General Motors from $50.00 to $55.00 and gave the company an overweight rating in a research report on Thursday, April 11th. UBS Group boosted their price target on shares of General Motors from $56.00 to $58.00 and gave the company a buy rating in a research report on Wednesday. Finally, Redburn Atlantic assumed coverage on shares of General Motors in a research report on Wednesday, January 24th. They issued a neutral rating and a $40.00 price target on the stock. One analyst has rated the stock with a sell rating, three have assigned a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of Moderate Buy and a consensus price target of $54.38.

Insider Buying and Selling

In other General Motors news, EVP Rory Harvey sold 5,100 shares of the company’s stock in a transaction that occurred 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 owns 12,658 shares of the company’s stock, valued at $544,800.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other General Motors news, EVP Gerald Johnson sold 27,122 shares of the company’s stock in a transaction that occurred 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 completion of the sale, 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 legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Rory Harvey sold 5,100 shares of the company’s stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $43.04, for a total transaction of $219,504.00. Following the completion of the transaction, the executive vice president now owns 12,658 shares of the company’s stock, valued at approximately $544,800.32. The disclosure for this sale can be found here. Insiders sold a total of 86,248 shares of company stock valued at $3,614,078 over the last ninety days. Insiders own 0.54% 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.