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

General Motors (NYSE:GM) (TSE:GMM.U) issued its earnings results on Tuesday. The auto manufacturer reported $3.06 earnings per share for the quarter, topping the consensus estimate of $2.67 by $0.39, RTT News reports. General Motors had a return on equity of 15.77% and a net margin of 6.22%. The firm had revenue of $47.97 billion for the quarter, compared to analyst estimates of $45.13 billion. During the same period last year, the company earned $1.91 earnings per share. The firm’s revenue for the quarter was up 7.2% on a year-over-year basis. 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 Trading Up 0.2 %

Shares of GM stock traded up $0.07 on Friday, reaching $44.20. 9,656,481 shares of the stock were exchanged, compared to its average volume of 15,959,920. The stock has a market cap of $49.68 billion, a PE ratio of 5.39, a P/E/G ratio of 0.49 and a beta of 1.43. General Motors has a one year low of $26.30 and a one year high of $50.50. The company has a debt-to-equity ratio of 1.23, a current ratio of 1.18 and a quick ratio of 0.97. The stock has a 50 day moving average price of $46.52 and a 200 day moving average price of $42.91.

General Motors Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 19th. Investors of record on Friday, September 6th will be paid a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 1.09%. The ex-dividend date is Friday, September 6th. General Motors’s dividend payout ratio is 5.87%.

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

Insider Transactions at General Motors

In other news, CEO Mary T. Barra sold 326,305 shares of the business’s 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 in the company, valued at $43,431,657.84. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 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 sale, the chief executive officer now owns 1,198,648 shares in the company, valued at $52,093,242.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Mary T. Barra sold 326,305 shares of the company’s stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $48.33, for a total value 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 approximately $43,431,657.84. The disclosure for this sale can be found here. Insiders sold a total of 1,152,621 shares of company stock worth $51,818,111 over the last 90 days. 0.72% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

GM has been the topic of several analyst reports. Citigroup increased their target price on General Motors from $95.00 to $96.00 and gave the stock a “buy” rating in a research report on Wednesday, April 24th. Wedbush reissued an “outperform” rating and set a $55.00 price target on shares of General Motors in a report on Wednesday. Mizuho raised their price target on General Motors from $48.00 to $52.00 and gave the company a “buy” rating in a report on Wednesday, April 24th. Wells Fargo & Company raised their price target on General Motors from $32.00 to $34.00 and gave the company an “underweight” rating in a report on Wednesday. Finally, Bank of America reissued a “buy” rating and set a $75.00 price target on shares of General Motors in a report on Wednesday, June 12th. One equities research 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. According to MarketBeat, General Motors currently has an average rating of “Moderate Buy” and an average price target of $56.38.

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.