General Motors (NYSE:GM) Posts Quarterly Earnings Results, Beats Expectations By $0.39 EPS

General Motors (NYSE:GM) (TSE:GMM.U) announced its quarterly earnings results on Tuesday. The auto manufacturer reported $3.06 EPS for the quarter, beating analysts’ consensus estimates of $2.67 by $0.39, RTT News reports. General Motors had a return on equity of 15.74% and a net margin of 6.22%. The company had revenue of $47.97 billion during the quarter, compared to analyst estimates of $45.13 billion. During the same period in the prior year, the company earned $1.91 earnings per share. The firm’s revenue was up 7.2% on a year-over-year basis. General Motors updated its FY 2024 guidance to 9.500-10.500 EPS and its FY24 guidance to $9.50-10.50 EPS.

General Motors Stock Performance

Shares of NYSE GM traded down $1.52 during trading hours on Thursday, reaching $44.97. The stock had a trading volume of 2,992,441 shares, compared to its average volume of 15,833,438. The company has a market cap of $51.31 billion, a price-to-earnings ratio of 5.68, a PEG ratio of 0.48 and a beta of 1.43. General Motors has a twelve month low of $26.30 and a twelve month high of $50.50. The business’s fifty day moving average is $46.56 and its two-hundred day moving average is $42.91. The company has a debt-to-equity ratio of 1.22, a current ratio of 1.16 and a quick ratio of 0.97.

General Motors Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 19th. Investors of record on Friday, September 6th will be paid a dividend of $0.12 per share. The ex-dividend date is Friday, September 6th. This represents a $0.48 annualized dividend and a yield of 1.07%. General Motors’s dividend payout ratio is 5.87%.

Analyst Ratings Changes

Several equities analysts have recently commented on GM shares. Mizuho raised their price target on General Motors from $48.00 to $52.00 and gave the company a “buy” rating in a research note on Wednesday, April 24th. Wedbush reiterated an “outperform” rating and set a $55.00 price objective on shares of General Motors in a research note on Wednesday. Sanford C. Bernstein assumed coverage on General Motors in a report on Thursday, April 25th. They issued an “outperform” rating and a $55.00 price target for the company. Barclays lifted their price target on General Motors from $55.00 to $60.00 and gave the stock an “overweight” rating in a research note on Friday, April 26th. Finally, Citigroup boosted their price objective on General Motors from $95.00 to $96.00 and gave the stock a “buy” rating in a research note on Wednesday, April 24th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $56.38.

Insiders Place Their Bets

In other news, CEO Mary T. Barra sold 626,316 shares of the firm’s stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $43.46, for a total transaction of $27,219,693.36. Following the completion of the transaction, the chief executive officer now directly owns 1,198,648 shares of the company’s stock, valued at approximately $52,093,242.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other General Motors news, CEO Mary T. Barra sold 626,316 shares of the stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $43.46, for a total transaction of $27,219,693.36. Following the completion of the transaction, the chief executive officer now directly owns 1,198,648 shares in the company, valued at $52,093,242.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, President Mark L. Reuss sold 14,858 shares of the business’s stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $46.01, for a total transaction of $683,616.58. Following the completion of the transaction, the president now owns 162,049 shares in the company, valued at $7,455,874.49. The disclosure for this sale can be found here. Insiders have sold 1,152,621 shares of company stock worth $51,818,111 over the last 90 days. Corporate insiders own 0.72% of the company’s stock.

General Motors announced that its Board of Directors has authorized a stock buyback program on Tuesday, June 11th that permits the company to buyback $6.00 billion in outstanding shares. This buyback authorization permits the auto manufacturer to buy up to 10.8% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its shares are undervalued.

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.