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

General Motors (NYSE:GM - Get Free Report) TSE: GMM.U announced its quarterly earnings results on Tuesday. The auto manufacturer reported $2.96 earnings per share 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 firm earned $2.28 earnings per share. The business's quarterly 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

Shares of GM traded down $0.82 on Wednesday, hitting $52.91. The company's stock had a trading volume of 16,106,980 shares, compared to its average volume of 15,185,354. The company has a 50 day moving average price of $47.33 and a 200 day moving average price of $46.04. General Motors has a fifty-two week low of $26.30 and a fifty-two week high of $54.19. 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 company has a market capitalization of $60.37 billion, a PE ratio of 6.46, a PEG ratio of 0.56 and a beta of 1.42.

General Motors Dividend Announcement

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

Analysts Set New Price Targets

GM has been the subject of a number of analyst reports. Sanford C. Bernstein cut General Motors from an "outperform" rating to a "market perform" rating and set a $53.00 price target for the company. in a research report on Monday, September 23rd. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and issued a $53.00 price objective on shares of General Motors in a research note on Tuesday, September 10th. The Goldman Sachs Group lifted their price objective on General Motors from $53.00 to $61.00 and gave the stock a "buy" rating in a research note on Tuesday, October 1st. Nomura Securities upgraded General Motors to a "strong sell" rating in a research note on Monday, August 5th. Finally, Royal Bank of Canada lifted their price objective on General Motors from $58.00 to $65.00 and gave the stock an "outperform" rating in a research note on Wednesday. Four analysts have rated the stock with a sell rating, seven have given a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, General Motors currently has a consensus rating of "Hold" and an average target price of $56.97.

Insiders Place Their Bets

In other General Motors news, EVP Rory Harvey sold 12,795 shares of the company's stock in a transaction on Monday, August 26th. The stock was sold at an average price of $49.02, for a total transaction of $627,210.90. Following the transaction, the executive vice president now owns 8,513 shares of the company's stock, valued at approximately $417,307.26. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other General Motors news, CFO Paul A. Jacobson bought 25,000 shares of the company's stock in a transaction on Friday, July 26th. The stock was bought 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 owns 261,872 shares of the company's stock, valued at approximately $11,551,173.92. The trade was a 0.00 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Rory Harvey sold 12,795 shares of the company's stock in a transaction on Monday, August 26th. The shares were sold at an average price of $49.02, for a total transaction of $627,210.90. Following the sale, the executive vice president now owns 8,513 shares of the company's stock, valued at $417,307.26. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company 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.