General Motors (NYSE:GM) Issues Quarterly Earnings Results

General Motors (NYSE:GM) (TSE:GMM.U) released its quarterly earnings results on Tuesday. The auto manufacturer reported $2.96 EPS for the quarter, beating analysts’ consensus estimates of $2.49 by $0.47, Briefing.com reports. General Motors had a return on equity of 15.77% and a net margin of 6.22%. The business had revenue of $48.76 billion during the quarter, compared to analyst estimates of $44.67 billion. During the same quarter in the prior year, the company posted $2.28 EPS. General Motors’s quarterly revenue was up 10.5% compared to the same quarter last year. General Motors updated its FY 2024 guidance to 10.000-10.500 EPS and its FY24 guidance to $10.00-10.50 EPS.

General Motors Stock Up 9.8 %

General Motors stock opened at $53.73 on Wednesday. General Motors has a one year low of $26.30 and a one year high of $54.17. The stock has a fifty day moving average of $47.33 and a 200 day moving average of $46.04. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.99 and a current ratio of 1.18. The stock has a market cap of $61.30 billion, a PE ratio of 6.57, a price-to-earnings-growth ratio of 0.56 and a beta of 1.42.

General Motors Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 19th. Stockholders of record on Friday, December 6th will be paid a $0.12 dividend. The ex-dividend date is Friday, December 6th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.89%. General Motors’s dividend payout ratio (DPR) is currently 5.87%.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on GM shares. Royal Bank of Canada reissued an “outperform” rating and set a $54.00 price objective on shares of General Motors in a research report on Wednesday, October 9th. StockNews.com lowered shares of General Motors from a “buy” rating to a “hold” rating in a research note on Wednesday, July 24th. Nomura downgraded shares of General Motors from a “neutral” rating to a “reduce” rating and set a $34.00 target price for the company. in a research note on Monday, August 5th. Wolfe Research started coverage on General Motors in a research report on Thursday, September 5th. They issued a “peer perform” rating on the stock. Finally, JPMorgan Chase & Co. raised their price objective on General Motors from $60.00 to $61.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. Four investment analysts have rated the stock with a sell rating, seven have given a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, General Motors currently has a consensus rating of “Hold” and a consensus target price of $55.35.

Insiders Place Their Bets

In other General Motors news, CFO Paul A. Jacobson purchased 25,000 shares of General Motors stock in a transaction dated Friday, July 26th. The stock was purchased at an average price of $44.11 per share, with a total value of $1,102,750.00. Following the transaction, the chief financial officer now directly owns 261,872 shares of the company’s stock, valued at $11,551,173.92. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other General Motors news, EVP Rory Harvey sold 2,302 shares of the business’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $47.31, for a total transaction of $108,907.62. Following the completion of the sale, the executive vice president now owns 10,356 shares of the company’s stock, valued at approximately $489,942.36. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Paul A. Jacobson acquired 25,000 shares of the firm’s stock in a transaction dated Friday, July 26th. The stock was bought at an average cost of $44.11 per share, for a total transaction of $1,102,750.00. Following the purchase, the chief financial officer now directly owns 261,872 shares of the company’s stock, valued at approximately $11,551,173.92. This trade represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 0.72% 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.