Q3 2024 Earnings Forecast for General Motors Issued By Zacks Research (NYSE:GM)

General Motors (NYSE:GM) (TSE:GMM.U) – Stock analysts at Zacks Research upped their Q3 2024 earnings per share (EPS) estimates for General Motors in a note issued to investors on Tuesday, August 6th. Zacks Research analyst R. Singhi now forecasts that the auto manufacturer will post earnings per share of $2.59 for the quarter, up from their previous forecast of $2.49. The consensus estimate for General Motors’ current full-year earnings is $9.94 per share. Zacks Research also issued estimates for General Motors’ Q4 2024 earnings at $1.71 EPS, FY2024 earnings at $9.98 EPS, Q1 2025 earnings at $2.69 EPS, Q3 2025 earnings at $2.51 EPS and Q1 2026 earnings at $2.56 EPS.

General Motors (NYSE:GM) (TSE:GMM.U) last issued its earnings results on Tuesday, July 23rd. The auto manufacturer reported $3.06 earnings per share for the quarter, topping the consensus estimate of $2.67 by $0.39. 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.

GM has been the topic of several other reports. Royal Bank of Canada increased their target price on General Motors from $54.00 to $56.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 23rd. Deutsche Bank Aktiengesellschaft raised their price target on General Motors from $44.00 to $50.00 and gave the company a “hold” rating in a report on Tuesday, April 23rd. StockNews.com lowered General Motors from a “buy” rating to a “hold” rating in a report on Wednesday, July 24th. Citigroup raised their price target on General Motors from $95.00 to $96.00 and gave the company a “buy” rating in a report on Wednesday, April 24th. Finally, Barclays raised their price target on General Motors from $55.00 to $60.00 and gave the company an “overweight” rating in a report on Friday, April 26th. Three analysts have rated the stock with a sell rating, five have assigned a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $55.27.

General Motors Price Performance

Shares of NYSE GM opened at $42.73 on Wednesday. General Motors has a 1-year low of $26.30 and a 1-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 0.99. The business’s fifty day moving average price is $46.21 and its two-hundred day moving average price is $43.39. The firm has a market capitalization of $48.75 billion, a PE ratio of 5.22, a P/E/G ratio of 0.44 and a beta of 1.43.

General Motors announced that its board has authorized a share buyback program on Tuesday, June 11th that permits the company to buyback $6.00 billion in shares. This buyback authorization permits the auto manufacturer to repurchase up to 10.8% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.

General Motors Announces Dividend

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 given 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 1.12%. General Motors’s dividend payout ratio (DPR) is 5.87%.

Insider Activity at General Motors

In related news, CFO Paul A. Jacobson purchased 25,000 shares of the firm’s stock in a transaction that occurred on Friday, July 26th. The stock was acquired at an average price of $44.11 per share, for a total transaction of $1,102,750.00. Following the transaction, the chief financial officer now directly owns 261,872 shares of the company’s stock, valued at approximately $11,551,173.92. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other General Motors news, CEO Mary T. Barra sold 626,316 shares of the firm’s stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $43.46, for a total transaction of $27,219,693.36. Following the completion of the sale, the chief executive officer now directly owns 1,198,648 shares in the company, valued at approximately $52,093,242.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Paul A. Jacobson acquired 25,000 shares of the firm’s stock in a transaction on Friday, July 26th. The shares were acquired at an average price of $44.11 per share, with a total value of $1,102,750.00. Following the completion of the transaction, the chief financial officer now directly owns 261,872 shares in the company, valued at approximately $11,551,173.92. The disclosure for this purchase can be found here. Insiders sold 1,152,621 shares of company stock worth $51,818,111 in the last quarter. 0.72% of the stock is owned by company insiders.

Institutional Investors Weigh In On General Motors

Institutional investors have recently bought and sold shares of the business. Oppenheimer Asset Management Inc. raised its stake in shares of General Motors by 12.3% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 1,428,348 shares of the auto manufacturer’s stock worth $66,361,000 after purchasing an additional 156,543 shares in the last quarter. Thoroughbred Financial Services LLC purchased a new stake in shares of General Motors during the 2nd quarter worth about $1,077,000. Parallel Advisors LLC raised its stake in shares of General Motors by 25.7% during the 2nd quarter. Parallel Advisors LLC now owns 14,369 shares of the auto manufacturer’s stock worth $668,000 after purchasing an additional 2,934 shares in the last quarter. CoreCap Advisors LLC purchased a new stake in shares of General Motors during the 2nd quarter worth about $383,000. Finally, SYM FINANCIAL Corp purchased a new stake in shares of General Motors during the 2nd quarter worth about $243,000. 92.67% of the stock is currently owned by institutional investors and hedge funds.

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.