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

General Motors (NYSE:GM) (TSE:GMM.U) released its quarterly earnings results on Tuesday. The auto manufacturer reported $3.06 EPS for the quarter, topping the consensus estimate of $2.67 by $0.39, RTT News reports. The firm had revenue of $47.97 billion during the quarter, compared to analyst estimates of $45.13 billion. General Motors had a return on equity of 15.74% and a net margin of 6.22%. The business’s revenue for the quarter was up 7.2% compared to the same quarter last year. During the same period in the previous year, the company posted $1.91 EPS. 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 GM stock traded down $1.96 on Thursday, hitting $44.53. The company had a trading volume of 15,389,559 shares, compared to its average volume of 15,920,742. The firm has a market cap of $50.81 billion, a P/E ratio of 5.45, a price-to-earnings-growth ratio of 0.48 and a beta of 1.43. The company has a 50-day moving average price of $46.56 and a 200-day moving average price of $42.91. The company has a quick ratio of 0.97, a current ratio of 1.16 and a debt-to-equity ratio of 1.22. General Motors has a twelve month low of $26.30 and a twelve month high of $50.50.

General Motors Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 19th. Stockholders of record on Friday, September 6th will be issued a $0.12 dividend. The ex-dividend date of this dividend is Friday, September 6th. This represents a $0.48 annualized dividend and a dividend yield of 1.08%. General Motors’s dividend payout ratio (DPR) is presently 5.87%.

Analyst Ratings Changes

GM has been the topic of several research analyst reports. Barclays boosted their target price on General Motors from $55.00 to $60.00 and gave the stock an “overweight” rating in a research note on Friday, April 26th. Citigroup boosted their target price on General Motors from $95.00 to $96.00 and gave the stock a “buy” rating in a research note on Wednesday, April 24th. JPMorgan Chase & Co. boosted their target price on General Motors from $60.00 to $61.00 and gave the stock an “overweight” rating in a research note on Wednesday. UBS Group boosted their target price on General Motors from $61.00 to $64.00 and gave the stock a “buy” rating in a research note on Wednesday, July 10th. Finally, Wells Fargo & Company boosted their target price on General Motors from $32.00 to $34.00 and gave the stock an “underweight” rating in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, five have given a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $56.38.

General Motors declared that its Board of Directors has initiated a stock buyback plan on Tuesday, June 11th that authorizes the company to repurchase $6.00 billion in shares. This repurchase authorization authorizes the auto manufacturer to buy up to 10.8% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

Insider Activity

In related news, CEO Mary T. Barra sold 626,316 shares of the company’s stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $43.46, for a total value of $27,219,693.36. Following the completion of the transaction, the chief executive officer now 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 accessible through the SEC website. In related news, President Mark L. Reuss sold 14,858 shares of the company’s stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $46.01, for a total value of $683,616.58. Following the completion of the transaction, the president now owns 162,049 shares of the company’s stock, valued at approximately $7,455,874.49. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Mary T. Barra sold 626,316 shares of the company’s stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $43.46, for a total value 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 disclosure for this sale can be found here. Insiders sold a total of 1,152,621 shares of company stock valued at $51,818,111 in the last quarter. 0.72% of the stock is currently owned by company insiders.

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.