General Motors (NYSE:GM) Announces Earnings Results

General Motors (NYSE:GM) (TSE:GMM.U) issued its quarterly earnings data on Tuesday. The auto manufacturer reported $3.06 EPS for the quarter, topping analysts’ consensus estimates of $2.67 by $0.39, RTT News reports. The firm had revenue of $47.97 billion for the quarter, compared to analyst estimates of $45.13 billion. General Motors had a net margin of 6.22% and a return on equity of 15.74%. The company’s revenue was up 7.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $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 Down 5.1 %

Shares of General Motors stock traded down $2.36 during trading hours on Thursday, reaching $44.13. The company’s stock had a trading volume of 26,723,945 shares, compared to its average volume of 16,000,562. The company has a market capitalization of $50.35 billion, a P/E ratio of 5.45, a P/E/G ratio of 0.48 and a beta of 1.43. The stock’s fifty day simple moving average is $46.56 and its two-hundred day simple moving average is $42.91. 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 1.22, a quick ratio of 0.97 and a current ratio of 1.16.

General Motors Dividend Announcement

The company also recently announced 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. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.09%. The ex-dividend date of this dividend is Friday, September 6th. General Motors’s dividend payout ratio is currently 5.87%.

Analyst Upgrades and Downgrades

GM has been the topic of several analyst reports. Piper Sandler increased their target price on shares of General Motors from $44.00 to $45.00 and gave the stock a “neutral” rating in a report on Wednesday, April 24th. Citigroup increased their price objective on shares of General Motors from $95.00 to $96.00 and gave the stock a “buy” rating in a research note on Wednesday, April 24th. Barclays boosted their target price on shares of General Motors from $55.00 to $60.00 and gave the stock an “overweight” rating in a report on Friday, April 26th. StockNews.com lowered General Motors from a “buy” rating to a “hold” rating in a research note on Wednesday. Finally, Morgan Stanley lowered shares of General Motors from an “overweight” rating to an “equal weight” rating and upped their price target for the company from $46.00 to $47.00 in a research note on Wednesday. One 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 given a strong buy rating to the stock. Based on data from MarketBeat, General Motors currently has a consensus rating of “Moderate Buy” and an average price target of $56.38.

General Motors declared that its board has authorized a stock buyback program on Tuesday, June 11th that allows the company to buyback $6.00 billion in outstanding shares. This buyback authorization allows the auto manufacturer to reacquire up to 10.8% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

Insider Transactions at General Motors

In related news, CEO Mary T. Barra sold 326,305 shares of the firm’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 transaction, the chief executive officer now owns 898,648 shares of the company’s stock, valued at approximately $43,431,657.84. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, CEO Mary T. Barra sold 326,305 shares of the stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $48.33, for a total transaction of $15,770,320.65. Following the completion of the transaction, the chief executive officer now directly owns 898,648 shares of the company’s stock, valued at approximately $43,431,657.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, President Mark L. Reuss sold 150,000 shares of the business’s 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 completion of the sale, the president now owns 176,907 shares in the company, valued at $7,684,840.08. 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 over the last three months. Corporate insiders own 0.72% of the company’s stock.

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.