Zacks Research Weighs in on General Motors’ Q2 2024 Earnings (NYSE:GM)

General Motors (NYSE:GM) (TSE:GMM.U) – Zacks Research boosted their Q2 2024 earnings estimates for shares of General Motors in a research note issued to investors on Tuesday, May 7th. Zacks Research analyst R. Singhi now forecasts that the auto manufacturer will post earnings of $2.19 per share for the quarter, up from their prior forecast of $2.06. The consensus estimate for General Motors’ current full-year earnings is $9.44 per share. Zacks Research also issued estimates for General Motors’ FY2024 earnings at $9.05 EPS.

General Motors (NYSE:GM) (TSE:GMM.U) last announced its quarterly earnings data on Tuesday, April 23rd. The auto manufacturer reported $2.62 EPS for the quarter, beating the consensus estimate of $2.02 by $0.60. The company had revenue of $43.01 billion for the quarter, compared to the consensus estimate of $41.09 billion. General Motors had a return on equity of 14.40% and a net margin of 6.13%. General Motors’s quarterly revenue was up 7.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.21 EPS.

Other analysts have also issued reports about the stock. Morgan Stanley upped their price objective on shares of General Motors from $43.00 to $46.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 10th. TheStreet raised General Motors from a “c+” rating to a “b-” rating in a research report on Tuesday, March 19th. Sanford C. Bernstein assumed coverage on shares of General Motors in a report on Thursday, April 25th. They issued an “outperform” rating and a $55.00 target price for the company. Wells Fargo & Company raised their target price on shares of General Motors from $28.00 to $30.00 and gave the company an “underweight” rating in a research note on Wednesday, April 24th. Finally, Wedbush boosted their target price on General Motors from $45.00 to $55.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 24th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $54.65.

General Motors Stock Down 0.5 %

Shares of NYSE GM opened at $45.06 on Thursday. General Motors has a 52-week low of $26.30 and a 52-week high of $46.17. The firm has a market capitalization of $51.41 billion, a price-to-earnings ratio of 5.51, a PEG ratio of 0.53 and a beta of 1.49. The stock has a 50 day moving average price of $43.05 and a 200 day moving average price of $37.11. 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 Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 20th. Investors of record on Friday, June 7th will be given a $0.12 dividend. The ex-dividend date of this dividend is Friday, June 7th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.07%. General Motors’s dividend payout ratio (DPR) is presently 5.87%.

Insider Buying and Selling

In other news, CAO Christopher Hatto sold 3,500 shares of the business’s stock in a transaction that occurred on Thursday, March 28th. The stock was sold at an average price of $45.00, for a total value of $157,500.00. Following the transaction, the chief accounting officer now owns 12,007 shares of the company’s stock, valued at $540,315. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CAO Christopher Hatto sold 3,500 shares of the business’s stock in a transaction that occurred on Thursday, March 28th. The shares were sold at an average price of $45.00, for a total value of $157,500.00. Following the completion of the transaction, the chief accounting officer now owns 12,007 shares of the company’s stock, valued at $540,315. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Gerald Johnson sold 27,122 shares of the firm’s stock in a transaction that occurred on Thursday, March 28th. The shares were sold at an average price of $45.26, for a total transaction of $1,227,541.72. Following the completion of the transaction, the executive vice president now owns 71,506 shares in the company, valued at approximately $3,236,361.56. The disclosure for this sale can be found here. Insiders have sold 86,248 shares of company stock worth $3,614,078 in the last quarter. 0.72% of the stock is owned by insiders.

Institutional Trading of General Motors

Several hedge funds and other institutional investors have recently modified their holdings of the company. SouthState Corp increased its stake in General Motors by 173.8% in the third quarter. SouthState Corp now owns 764 shares of the auto manufacturer’s stock valued at $25,000 after acquiring an additional 485 shares during the period. LifeSteps Financial Inc. acquired a new stake in shares of General Motors in the 1st quarter valued at approximately $25,000. Highlander Capital Management LLC bought a new stake in shares of General Motors in the fourth quarter worth about $27,000. Cape Investment Advisory Inc. raised its holdings in shares of General Motors by 75.9% during the fourth quarter. Cape Investment Advisory Inc. now owns 832 shares of the auto manufacturer’s stock worth $30,000 after acquiring an additional 359 shares during the period. Finally, Montag A & Associates Inc. acquired a new stake in shares of General Motors in the first quarter valued at approximately $30,000. 92.67% of the stock is currently owned by hedge funds and other institutional investors.

About General Motors

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.