General Motors (NYSE:GM) Releases Earnings Results, Beats Expectations By $0.60 EPS

General Motors (NYSE:GM - Get Free Report) TSE: GMM.U released its quarterly earnings results on Tuesday. The auto manufacturer reported $2.62 earnings per share for the quarter, beating analysts' consensus estimates of $2.02 by $0.60, RTT News reports. The company had revenue of $43.01 billion during the quarter, compared to the consensus estimate of $41.09 billion. General Motors had a net margin of 5.89% and a return on equity of 14.34%. The firm's quarterly revenue was up 7.6% on a year-over-year basis. During the same period in the previous year, the business earned $2.21 earnings per share. General Motors updated its FY24 guidance to 9.00-10.00 EPS and its FY 2024 guidance to 9.000-10.000 EPS.

General Motors Stock Up 4.4 %

General Motors stock traded up $1.89 during trading on Tuesday, reaching $45.10. 28,608,554 shares of the company's stock were exchanged, compared to its average volume of 17,589,910. The firm has a market cap of $52.06 billion, a price-to-earnings ratio of 6.21, a PEG ratio of 0.50 and a beta of 1.51. The company's 50-day moving average is $41.73 and its two-hundred day moving average is $35.96. The company has a debt-to-equity ratio of 1.21, a quick ratio of 0.90 and a current ratio of 1.08. General Motors has a 52-week low of $26.30 and a 52-week high of $46.04.

General Motors Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 20th. Stockholders of record on Friday, June 7th will be paid a dividend of $0.12 per share. The ex-dividend date of this dividend is Friday, June 7th. This represents a $0.48 annualized dividend and a dividend yield of 1.06%. General Motors's dividend payout ratio is presently 6.57%.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on GM shares. Tigress Financial raised their target price on General Motors from $86.00 to $88.00 and gave the stock a "strong-buy" rating in a research report on Thursday, February 15th. TheStreet upgraded General Motors from a "c+" rating to a "b-" rating in a research note on Tuesday, March 19th. Mizuho lifted their price target on General Motors from $44.00 to $48.00 and gave the company a "buy" rating in a research note on Monday, March 25th. Wolfe Research upgraded General Motors from a "peer perform" rating to an "outperform" rating and set a $42.00 price target for the company in a research note on Thursday, January 4th. Finally, Royal Bank of Canada lifted their target price on shares of General Motors from $54.00 to $56.00 and gave the stock an "overweight" rating in a research report on Tuesday. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $52.52.

Insiders Place Their Bets

In related news, EVP Julian G. Blissett sold 13,826 shares of the firm's stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $38.24, for a total transaction of $528,706.24. Following the transaction, the executive vice president now owns 87,567 shares in the company, valued at $3,348,562.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other General Motors news, EVP Julian G. Blissett sold 13,826 shares of General Motors stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $38.24, for a total transaction of $528,706.24. Following the completion of the sale, the executive vice president now owns 87,567 shares of the company's stock, valued at approximately $3,348,562.08. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Christopher Hatto sold 3,500 shares of the firm's stock in a transaction on Thursday, March 28th. The shares were sold at an average price of $45.00, for a total transaction of $157,500.00. Following the transaction, the chief accounting officer now owns 12,007 shares in the company, valued at approximately $540,315. The disclosure for this sale can be found here. Insiders have sold 86,248 shares of company stock valued at $3,614,078 over the last quarter. Insiders own 0.54% 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.