Wedbush Predicts General Motors’ FY2024 Earnings (NYSE:GM)

General Motors (NYSE:GM) (TSE:GMM.U) – Equities researchers at Wedbush boosted their FY2024 EPS estimates for shares of General Motors in a note issued to investors on Tuesday, October 22nd. Wedbush analyst D. Ives now expects that the auto manufacturer will post earnings of $10.39 per share for the year, up from their previous forecast of $10.02. Wedbush has a “Outperform” rating and a $60.00 price target on the stock. The consensus estimate for General Motors’ current full-year earnings is $9.95 per share. Wedbush also issued estimates for General Motors’ Q4 2024 earnings at $1.66 EPS, Q2 2025 earnings at $2.70 EPS, Q4 2025 earnings at $2.19 EPS and FY2025 earnings at $10.41 EPS.

General Motors (NYSE:GM) (TSE:GMM.U) last posted its quarterly earnings data on Tuesday, October 22nd. The auto manufacturer reported $2.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.49 by $0.47. The company had revenue of $48.76 billion for the quarter, compared to the consensus estimate of $44.67 billion. General Motors had a return on equity of 15.77% and a net margin of 6.22%. General Motors’s revenue for the quarter was up 10.5% compared to the same quarter last year. During the same period in the previous year, the business earned $2.28 EPS.

Several other equities analysts have also recently commented on GM. Nomura Securities raised shares of General Motors to a “strong sell” rating in a research report on Monday, August 5th. Nomura downgraded General Motors from a “neutral” rating to a “reduce” rating and set a $34.00 target price on the stock. in a report on Monday, August 5th. JPMorgan Chase & Co. boosted their price target on General Motors from $64.00 to $70.00 and gave the company an “overweight” rating in a report on Wednesday. The Goldman Sachs Group raised their price objective on General Motors from $53.00 to $61.00 and gave the stock a “buy” rating in a research note on Tuesday, October 1st. Finally, UBS Group boosted their target price on shares of General Motors from $58.00 to $62.00 and gave the company a “buy” rating in a research note on Wednesday. Four investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $56.97.

General Motors Trading Down 0.4 %

NYSE GM opened at $52.70 on Friday. The company has a market capitalization of $60.13 billion, a price-to-earnings ratio of 6.44, a price-to-earnings-growth ratio of 0.56 and a beta of 1.42. The company has a debt-to-equity ratio of 1.23, a current ratio of 1.18 and a quick ratio of 0.99. General Motors has a 12 month low of $26.30 and a 12 month high of $54.29. The company’s fifty day moving average price is $47.52 and its two-hundred day moving average price is $46.09.

General Motors Dividend Announcement

The business 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. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.91%. The ex-dividend date of this dividend is Friday, December 6th. General Motors’s dividend payout ratio is currently 5.87%.

Insider Activity

In related news, EVP Rory Harvey sold 2,302 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $47.31, for a total transaction of $108,907.62. Following the sale, the executive vice president now owns 10,356 shares of the company’s stock, valued at $489,942.36. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other General Motors news, EVP Rory Harvey sold 2,302 shares of the company’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $47.31, for a total value of $108,907.62. Following the transaction, the executive vice president now owns 10,356 shares of the company’s stock, valued at approximately $489,942.36. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Mary T. Barra sold 506,824 shares of the business’s stock in a transaction on Wednesday, October 23rd. The stock was sold at an average price of $53.33, for a total value of $27,028,923.92. Following the sale, the chief executive officer now directly owns 694,548 shares in the company, valued at $37,040,244.84. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 531,228 shares of company stock worth $28,267,714 over the last three months. Corporate insiders own 0.72% of the company’s stock.

Institutional Trading of General Motors

Large investors have recently added to or reduced their stakes in the company. SJS Investment Consulting Inc. grew its holdings in shares of General Motors by 34.5% during the second quarter. SJS Investment Consulting Inc. now owns 792 shares of the auto manufacturer’s stock valued at $37,000 after buying an additional 203 shares in the last quarter. Allworth Financial LP boosted its holdings in General Motors by 2.3% in the third quarter. Allworth Financial LP now owns 9,184 shares of the auto manufacturer’s stock worth $412,000 after purchasing an additional 205 shares in the last quarter. Fortitude Family Office LLC increased its holdings in shares of General Motors by 56.1% during the 2nd quarter. Fortitude Family Office LLC now owns 626 shares of the auto manufacturer’s stock valued at $29,000 after acquiring an additional 225 shares during the last quarter. SeaCrest Wealth Management LLC grew its holdings in General Motors by 3.5% during the second quarter. SeaCrest Wealth Management LLC now owns 6,804 shares of the auto manufacturer’s stock valued at $316,000 after purchasing an additional 227 shares during the last quarter. Finally, Institute for Wealth Management LLC. raised its holdings in General Motors by 0.6% in the 2nd quarter. Institute for Wealth Management LLC. now owns 36,624 shares of the auto manufacturer’s stock worth $1,702,000 after acquiring an additional 230 shares during the period. 92.67% of the stock is owned by institutional investors and hedge funds.

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.