Wedbush Weighs in on General Motors’ Q2 2024 Earnings (NYSE:GM)

General Motors (NYSE:GM) (TSE:GMM.U) – Equities researchers at Wedbush boosted their Q2 2024 EPS estimates for shares of General Motors in a report released on Wednesday, April 24th. Wedbush analyst D. Ives now forecasts that the auto manufacturer will post earnings per share of $2.74 for the quarter, up from their previous estimate of $2.13. Wedbush has a “Outperform” rating and a $55.00 price target on the stock. The consensus estimate for General Motors’ current full-year earnings is $9.45 per share. Wedbush also issued estimates for General Motors’ Q3 2024 earnings at $2.62 EPS, Q4 2024 earnings at $1.58 EPS, Q1 2025 earnings at $3.20 EPS and FY2025 earnings at $11.50 EPS.

General Motors (NYSE:GM) (TSE:GMM.U) last issued its quarterly earnings results on Tuesday, April 23rd. The auto manufacturer reported $2.62 earnings per share for the quarter, topping the consensus estimate of $2.02 by $0.60. The company had revenue of $43.01 billion for the quarter, compared to the consensus estimate of $41.09 billion. General Motors had a return on equity of 14.40% and a net margin of 6.13%. General Motors’s revenue was up 7.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.21 EPS.

A number of other equities research analysts have also recently weighed in on GM. Mizuho boosted their price target on shares of General Motors from $48.00 to $52.00 and gave the company a “buy” rating in a research report on Wednesday. StockNews.com upgraded General Motors from a “hold” rating to a “buy” rating in a research report on Thursday. Wolfe Research raised shares of General Motors from a “peer perform” rating to an “outperform” rating and set a $42.00 price objective on the stock in a research note on Thursday, January 4th. Redburn Atlantic began coverage on shares of General Motors in a research report on Wednesday, January 24th. They set a “neutral” rating and a $40.00 target price for the company. Finally, Morgan Stanley raised their target price on General Motors from $43.00 to $46.00 and gave the company an “overweight” rating in a report on Wednesday, April 10th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, General Motors presently has a consensus rating of “Moderate Buy” and a consensus price target of $54.65.

General Motors Trading Up 0.5 %

GM opened at $45.84 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. General Motors has a one year low of $26.30 and a one year high of $46.17. The company has a market cap of $52.30 billion, a P/E ratio of 5.60, a PEG ratio of 0.52 and a beta of 1.51. The business’s 50-day simple moving average is $42.27 and its 200-day simple moving average is $36.32.

Hedge Funds Weigh In On General Motors

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. LifeSteps Financial Inc. bought a new position in shares of General Motors in the first quarter worth about $25,000. YHB Investment Advisors Inc. acquired a new stake in General Motors in the 1st quarter valued at approximately $32,000. Highlander Capital Management LLC bought a new position in General Motors in the 4th quarter worth approximately $27,000. SouthState Corp lifted its holdings in shares of General Motors by 173.8% during the third quarter. SouthState Corp now owns 764 shares of the auto manufacturer’s stock worth $25,000 after buying an additional 485 shares during the last quarter. Finally, Riverview Trust Co bought a new stake in shares of General Motors in the first quarter valued at approximately $38,000. Institutional investors and hedge funds own 92.67% of the company’s stock.

Insider Activity

In other General Motors news, CAO Christopher Hatto sold 3,500 shares of the company’s stock in a transaction dated Thursday, March 28th. The stock was sold at an average price of $45.00, for a total value of $157,500.00. Following the transaction, the chief accounting officer now directly owns 12,007 shares of the company’s stock, valued at approximately $540,315. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, EVP Julian G. Blissett sold 13,826 shares of General Motors stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $38.24, for a total value of $528,706.24. Following the completion of the sale, the executive vice president now owns 87,567 shares of the company’s stock, valued at approximately $3,348,562.08. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Christopher Hatto sold 3,500 shares of the stock in a transaction on Thursday, March 28th. The stock was sold at an average price of $45.00, for a total transaction of $157,500.00. Following the transaction, the chief accounting officer now directly owns 12,007 shares in the company, valued at $540,315. The disclosure for this sale can be found here. Insiders have sold a total of 86,248 shares of company stock worth $3,614,078 in the last ninety days. Corporate insiders own 0.54% of the company’s stock.

General Motors Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 20th. Shareholders of record on Friday, June 7th will be paid a $0.12 dividend. The ex-dividend date is Friday, June 7th. This represents a $0.48 annualized dividend and a yield of 1.05%. General Motors’s dividend payout ratio is presently 5.87%.

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.