General Motors (NYSE:GM) Updates FY 2024 Earnings Guidance

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

Analyst Ratings Changes

A number of equities research analysts have weighed in on the stock. Morgan Stanley downgraded shares of General Motors from an “equal weight” rating to an “underweight” rating and cut their price target for the company from $47.00 to $42.00 in a report on Wednesday, September 25th. Royal Bank of Canada lifted their price target on shares of General Motors from $58.00 to $65.00 and gave the stock an “outperform” rating in a research report on Wednesday. The Goldman Sachs Group increased their price objective on General Motors from $53.00 to $61.00 and gave the company a “buy” rating in a research report on Tuesday, October 1st. Sanford C. Bernstein cut General Motors from an “outperform” rating to a “market perform” rating and set a $53.00 target price on the stock. in a report on Monday, September 23rd. Finally, Nomura lowered General Motors from a “neutral” rating to a “reduce” rating and set a $34.00 target price on the stock. in a research report on Monday, August 5th. Four analysts have rated the stock with a sell rating, seven have given a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $56.97.

General Motors Stock Up 0.6 %

GM stock traded up $0.30 during mid-day trading on Thursday, hitting $53.22. The stock had a trading volume of 1,902,497 shares, compared to its average volume of 15,120,923. The stock has a market capitalization of $60.72 billion, a price-to-earnings ratio of 6.47, a PEG ratio of 0.56 and a beta of 1.42. The company has a current ratio of 1.18, a quick ratio of 0.99 and a debt-to-equity ratio of 1.23. General Motors has a 1-year low of $26.30 and a 1-year high of $54.29. The company has a fifty day moving average of $47.52 and a 200 day moving average of $46.09.

General Motors (NYSE:GM) (TSE:GMM.U) last issued its quarterly earnings data on Tuesday, October 22nd. The auto manufacturer reported $2.96 earnings per share for the quarter, beating the consensus estimate of $2.49 by $0.47. The firm had revenue of $48.76 billion for the quarter, compared to analyst estimates of $44.67 billion. General Motors had a net margin of 6.22% and a return on equity of 15.77%. The company’s revenue for the quarter was up 10.5% on a year-over-year basis. During the same quarter last year, the firm earned $2.28 earnings per share. On average, equities analysts expect that General Motors will post 9.95 EPS for the current fiscal year.

General Motors Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 19th. Shareholders of record on Friday, December 6th will be given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 0.90%. The ex-dividend date is Friday, December 6th. General Motors’s payout ratio is 5.87%.

Insiders Place Their Bets

In other news, CFO Paul A. Jacobson acquired 25,000 shares of General Motors stock in a transaction on Friday, July 26th. The stock was bought at an average price of $44.11 per share, for a total transaction of $1,102,750.00. Following the transaction, the chief financial officer now owns 261,872 shares of the company’s stock, valued at $11,551,173.92. The trade was a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. In other General Motors news, CFO Paul A. Jacobson acquired 25,000 shares of the company’s stock in a transaction dated Friday, July 26th. The stock was bought at an average price of $44.11 per share, for a total transaction of $1,102,750.00. Following the purchase, the chief financial officer now owns 261,872 shares in the company, valued at $11,551,173.92. This represents a 0.00 % increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Rory Harvey sold 12,795 shares of General Motors stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $49.02, for a total transaction of $627,210.90. Following the sale, the executive vice president now owns 8,513 shares in the company, valued at approximately $417,307.26. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.72% 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.