General Motors (NYSE:GM) Announces Quarterly Earnings Results

by · The Markets Daily

General Motors (NYSE:GM – Get Free Report) (TSE:GMM.U) issued its quarterly earnings data 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 return on equity of 15.77% and a net margin of 6.22%. The company had revenue of $48.76 billion during the quarter, compared to analysts’ expectations of $44.67 billion. During the same quarter in the previous year, the company posted $2.28 earnings per share. The business’s revenue was up 10.5% on a year-over-year basis. 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 Stock Down 0.8 %

GM traded down $0.44 during midday trading on Wednesday, reaching $53.29. 4,598,196 shares of the company were exchanged, compared to its average volume of 15,122,982. General Motors has a one year low of $26.30 and a one year high of $54.19. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.99 and a current ratio of 1.18. The company’s fifty day moving average price is $47.33 and its 200 day moving average price is $46.04. The company has a market cap of $60.80 billion, a price-to-earnings ratio of 6.53, a price-to-earnings-growth ratio of 0.56 and a beta of 1.42.

General Motors Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 19th. Investors of record on Friday, December 6th will be given a $0.12 dividend. The ex-dividend date is Friday, December 6th. This represents a $0.48 annualized dividend and a yield of 0.90%. General Motors’s payout ratio is 5.87%.

Insider Activity at General Motors

In other news, CFO Paul A. Jacobson purchased 25,000 shares of the company’s stock in a transaction that occurred on Friday, July 26th. The shares were bought at an average cost 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 of the company’s stock, valued at approximately $11,551,173.92. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. In other General Motors news, CFO Paul A. Jacobson purchased 25,000 shares of the company’s stock in a transaction that occurred on Friday, July 26th. The shares were acquired at an average cost 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 owns 261,872 shares of the company’s stock, valued at $11,551,173.92. The trade was a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Rory Harvey sold 2,302 shares of the business’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $47.31, for a total value of $108,907.62. Following the completion of the transaction, the executive vice president now directly owns 10,356 shares in the company, valued at approximately $489,942.36. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.72% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on GM. Nomura cut General Motors from a “neutral” rating to a “reduce” rating and set a $34.00 price target for the company. in a report on Monday, August 5th. UBS Group upped their price target on shares of General Motors from $61.00 to $64.00 and gave the stock a “buy” rating in a report on Wednesday, July 10th. StockNews.com downgraded General Motors from a “buy” rating to a “hold” rating in a research report on Wednesday, July 24th. Royal Bank of Canada reissued an “outperform” rating and set a $54.00 target price on shares of General Motors in a report on Wednesday, October 9th. Finally, Morgan Stanley downgraded shares of General Motors from an “equal weight” rating to an “underweight” rating and dropped their price target for the company from $47.00 to $42.00 in a research note on Wednesday, September 25th. Four analysts have rated the stock with a sell rating, seven have issued a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $55.63.

Get Our Latest Stock Analysis on GM

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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