General Motors (NYSE:GM) Issues FY24 Earnings Guidance

General Motors (NYSE:GM) (TSE:GMM.U) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share guidance of $9.50-10.50 for the period, compared to the consensus earnings per share estimate of $9.45. General Motors also updated its FY 2024 guidance to 9.500-10.500 EPS.

General Motors Stock Down 5.1 %

NYSE:GM opened at $44.12 on Friday. The company has a current ratio of 1.18, a quick ratio of 0.97 and a debt-to-equity ratio of 1.23. The stock has a 50 day moving average of $46.52 and a 200-day moving average of $42.91. The firm has a market capitalization of $49.59 billion, a PE ratio of 5.39, a price-to-earnings-growth ratio of 0.49 and a beta of 1.43. General Motors has a 52 week low of $26.30 and a 52 week high of $50.50.

General Motors (NYSE:GM) (TSE:GMM.U) last issued its quarterly earnings data on Tuesday, July 23rd. The auto manufacturer reported $3.06 EPS for the quarter, topping analysts’ consensus estimates of $2.67 by $0.39. The firm had revenue of $47.97 billion during the quarter, compared to the consensus estimate of $45.13 billion. General Motors had a return on equity of 15.77% and a net margin of 6.22%. The firm’s revenue was up 7.2% on a year-over-year basis. During the same period in the prior year, the business earned $1.91 EPS. Analysts predict that General Motors will post 9.58 EPS for the current year.

General Motors Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 19th. Investors 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 dividend on an annualized basis and a dividend yield of 1.09%. General Motors’s dividend payout ratio (DPR) is presently 5.87%.

General Motors declared that its board has initiated a share repurchase plan on Tuesday, June 11th that permits the company to buyback $6.00 billion in shares. This buyback authorization permits the auto manufacturer to purchase up to 10.8% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its stock is undervalued.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on GM shares. JPMorgan Chase & Co. lifted their price target on General Motors from $60.00 to $61.00 and gave the company an overweight rating in a report on Wednesday. Citigroup lifted their target price on General Motors from $95.00 to $96.00 and gave the company a buy rating in a research note on Wednesday, April 24th. StockNews.com cut General Motors from a buy rating to a hold rating in a research note on Wednesday. Royal Bank of Canada upped their price objective on shares of General Motors from $54.00 to $56.00 and gave the stock an overweight rating in a report on Tuesday, April 23rd. Finally, Mizuho increased their target price on shares of General Motors from $48.00 to $52.00 and gave the company a buy rating in a research report on Wednesday, April 24th. One analyst has rated the stock with a sell rating, five have issued a hold rating, thirteen have issued a buy rating and one has assigned 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 $56.38.

Insider Buying and Selling

In other news, President Mark L. Reuss sold 150,000 shares of the stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $43.44, for a total value of $6,516,000.00. Following the completion of the sale, the president now owns 176,907 shares in the company, valued at $7,684,840.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Mary T. Barra sold 326,305 shares of General Motors stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $48.33, for a total transaction of $15,770,320.65. Following the completion of the sale, the chief executive officer now owns 898,648 shares of the company’s stock, valued at $43,431,657.84. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, President Mark L. Reuss sold 150,000 shares of General Motors stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $43.44, for a total value of $6,516,000.00. Following the sale, the president now owns 176,907 shares of the company’s stock, valued at $7,684,840.08. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,152,621 shares of company stock valued at $51,818,111. Company 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.