General Motors (NYSE:GM) Announces Earnings Results, Beats Estimates By $0.47 EPS

General Motors (NYSE:GM) (TSE:GMM.U) announced its quarterly earnings results on Tuesday. The auto manufacturer reported $2.96 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.49 by $0.47, Briefing.com reports. General Motors had a net margin of 6.22% and a return on equity of 15.77%. The company had revenue of $48.76 billion for the quarter, compared to analysts’ expectations of $44.67 billion. During the same quarter in the previous year, the business posted $2.28 EPS. General Motors’s revenue was up 10.5% compared to the same quarter last year. 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

GM stock traded down $0.22 during midday trading on Thursday, hitting $52.70. The company’s stock had a trading volume of 11,784,067 shares, compared to its average volume of 15,168,846. General Motors has a 12 month low of $26.30 and a 12 month high of $54.29. The company has a quick ratio of 0.99, a current ratio of 1.18 and a debt-to-equity ratio of 1.23. The firm has a market capitalization of $60.13 billion, a price-to-earnings ratio of 6.44, a price-to-earnings-growth ratio of 0.56 and a beta of 1.42. The company has a 50 day moving average of $47.52 and a two-hundred day moving average of $46.09.

General Motors Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 19th. Shareholders of record on Friday, December 6th will be paid a $0.12 dividend. The ex-dividend date of this dividend is Friday, December 6th. This represents a $0.48 annualized dividend and a yield of 0.91%. General Motors’s payout ratio is 5.87%.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. UBS Group boosted their target price on General Motors from $58.00 to $62.00 and gave the stock a “buy” rating in a research report on Wednesday. Sanford C. Bernstein lowered General Motors from an “outperform” rating to a “market perform” rating and set a $53.00 target price for the company. in a research report on Monday, September 23rd. Nomura lowered General Motors from a “neutral” rating to a “reduce” rating and set a $34.00 target price for the company. in a research report on Monday, August 5th. Barclays boosted their target price on General Motors from $64.00 to $70.00 and gave the stock an “overweight” rating in a research report on Wednesday. Finally, Nomura Securities raised General Motors to a “strong sell” rating in a research report on Monday, August 5th. Four research analysts have rated the stock with a sell rating, seven have given a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $56.97.

Insiders Place Their Bets

In other General Motors news, EVP Rory Harvey sold 9,307 shares of the company’s stock in a transaction that occurred on Wednesday, October 23rd. The stock was sold at an average price of $54.01, for a total value of $502,671.07. Following the completion of the transaction, the executive vice president now directly owns 8,513 shares in the company, valued at $459,787.13. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, CEO Mary T. Barra sold 506,824 shares of the stock in a transaction that occurred on Wednesday, October 23rd. The stock was sold at an average price of $53.33, for a total transaction of $27,028,923.92. Following the completion of the transaction, the chief executive officer now directly owns 694,548 shares in the company, valued at approximately $37,040,244.84. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Rory Harvey sold 9,307 shares of the stock in a transaction that occurred on Wednesday, October 23rd. The shares were sold at an average price of $54.01, for a total value of $502,671.07. Following the transaction, the executive vice president now owns 8,513 shares of the company’s stock, valued at $459,787.13. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 531,228 shares of company stock worth $28,267,714 in the last three months. 0.72% of the stock is owned by company insiders.

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.