General Motors (NYSE:GM) Issues Quarterly Earnings Results, Beats Expectations By $0.47 EPS

by · The Cerbat Gem

General Motors (NYSE:GM – Get Free Report) (TSE:GMM.U) posted its quarterly earnings data on Tuesday. The auto manufacturer reported $2.96 EPS for the quarter, beating analysts’ consensus estimates of $2.49 by $0.47, Briefing.com reports. The firm had revenue of $48.76 billion for the quarter, compared to the consensus estimate of $44.67 billion. General Motors had a net margin of 6.22% and a return on equity of 15.77%. The firm’s revenue was up 10.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.28 EPS. General Motors updated its FY 2024 guidance to 10.000-10.500 EPS and its FY24 guidance to $10.00-10.50 EPS.

General Motors Price Performance

NYSE GM opened at $53.71 on Thursday. General Motors has a 12 month low of $26.30 and a 12 month high of $54.29. The firm has a market capitalization of $61.28 billion, a PE ratio of 6.47, a P/E/G ratio of 0.56 and a beta of 1.42. The company’s 50 day simple moving average is $47.52 and its 200 day simple moving average is $46.09. The company has a debt-to-equity ratio of 1.23, a current ratio of 1.18 and a quick ratio of 0.99.

General Motors Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 19th. Stockholders of record on Friday, December 6th will be paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.89%. The ex-dividend date of this dividend is Friday, December 6th. General Motors’s dividend payout ratio is currently 5.87%.

Analyst Ratings Changes

GM has been the subject of a number of research reports. Wells Fargo & Company lifted their price target on General Motors from $33.00 to $38.00 and gave the stock an “underweight” rating in a research note on Wednesday. DZ Bank lowered General Motors from a “buy” rating to a “hold” rating and set a $49.00 target price for the company. in a research report on Friday, October 11th. The Goldman Sachs Group upped their price target on General Motors from $53.00 to $61.00 and gave the company a “buy” rating in a research report on Tuesday, October 1st. UBS Group boosted their target price on shares of General Motors from $58.00 to $62.00 and gave the company a “buy” rating in a research note on Wednesday. Finally, Wedbush increased their target price on shares of General Motors from $55.00 to $60.00 and gave the stock an “outperform” rating in a report on Wednesday. Four analysts have rated the stock with a sell rating, seven have assigned a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, General Motors currently has a consensus rating of “Hold” and a consensus price target of $56.97.

Check Out Our Latest Analysis on General Motors

Insiders Place Their Bets

In other news, EVP Rory Harvey sold 2,302 shares of General Motors stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $47.31, for a total transaction of $108,907.62. Following the transaction, the executive vice president now directly owns 10,356 shares in the company, valued at approximately $489,942.36. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, EVP Rory Harvey sold 2,302 shares of the firm’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $47.31, for a total transaction of $108,907.62. Following the completion of the transaction, the executive vice president now owns 10,356 shares in the company, valued at approximately $489,942.36. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Paul A. Jacobson bought 25,000 shares of the company’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 completion of the acquisition, the chief financial officer now directly owns 261,872 shares in the company, valued at approximately $11,551,173.92. This represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.72% of the stock is currently owned by insiders.

About General Motors

(Get Free Report)

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.

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