Zacks Research Brokers Increase Earnings Estimates for General Motors (NYSE:GM)

General Motors (NYSE:GM) (TSE:GMM.U) – Research analysts at Zacks Research upped their Q2 2024 earnings per share 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 estimate 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.

A number of other equities analysts also recently commented on GM. The Goldman Sachs Group upped their target price on General Motors from $45.00 to $50.00 and gave the company a “buy” rating in a report on Wednesday, January 31st. Piper Sandler raised their target price on shares of General Motors from $44.00 to $45.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 24th. Sanford C. Bernstein assumed coverage on shares of General Motors in a research note on Thursday, April 25th. They set an “outperform” rating and a $55.00 target price on the stock. StockNews.com raised shares of General Motors from a “hold” rating to a “buy” rating in a research note on Thursday, April 25th. Finally, Wedbush lifted their price objective on General Motors from $45.00 to $55.00 and gave the company an “outperform” rating in a research report on Wednesday, April 24th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $54.65.

General Motors Stock Up 0.7 %

Shares of NYSE:GM opened at $45.36 on Thursday. General Motors has a 1 year low of $26.30 and a 1 year high of $46.17. The company has a debt-to-equity ratio of 1.22, a current ratio of 1.16 and a quick ratio of 0.97. The stock’s 50-day moving average is $43.14 and its 200 day moving average is $37.16. The company has a market cap of $51.75 billion, a PE ratio of 5.55, a P/E/G ratio of 0.53 and a beta of 1.49.

General Motors (NYSE:GM) (TSE:GMM.U) last issued its earnings results on Tuesday, April 23rd. The auto manufacturer reported $2.62 EPS for the quarter, topping 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 net margin of 6.13% and a return on equity of 14.40%. The firm’s revenue for the quarter was up 7.6% on a year-over-year basis. During the same period in the previous year, the firm earned $2.21 earnings per share.

Institutional Investors Weigh In On General Motors

A number of large investors have recently added to or reduced their stakes in GM. Dorsey & Whitney Trust CO LLC bought a new stake in shares of General Motors in the first quarter worth $286,000. Leo Wealth LLC purchased a new position in General Motors in the first quarter worth about $210,000. Orion Portfolio Solutions LLC grew its stake in shares of General Motors by 14.8% during the 1st quarter. Orion Portfolio Solutions LLC now owns 53,078 shares of the auto manufacturer’s stock valued at $2,407,000 after purchasing an additional 6,852 shares during the period. Picton Mahoney Asset Management purchased a new stake in shares of General Motors during the 1st quarter valued at about $12,095,000. Finally, Lord Abbett & CO. LLC lifted its stake in shares of General Motors by 50.5% in the 1st quarter. Lord Abbett & CO. LLC now owns 2,213,081 shares of the auto manufacturer’s stock worth $100,364,000 after purchasing an additional 742,625 shares during the period. Institutional investors own 92.67% of the company’s stock.

Insider Buying and Selling

In other news, EVP Julian G. Blissett sold 13,826 shares of the 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 sale, the executive vice president now owns 87,567 shares in the company, valued at $3,348,562.08. The transaction was disclosed in a filing with the SEC, which is available at this link. In related news, EVP Julian G. Blissett sold 13,826 shares of General Motors stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $38.24, for a total value of $528,706.24. Following the completion of the sale, the executive vice president now directly owns 87,567 shares in the company, valued at approximately $3,348,562.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Christopher Hatto sold 3,500 shares of the firm’s stock in a transaction dated Thursday, March 28th. The shares were sold at an average price of $45.00, for a total transaction of $157,500.00. Following the sale, the chief accounting officer now directly owns 12,007 shares in the company, valued at approximately $540,315. The disclosure for this sale can be found here. Insiders have sold a total of 86,248 shares of company stock worth $3,614,078 in the last quarter. Corporate insiders own 0.72% of the company’s stock.

General Motors Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 20th. Investors of record on Friday, June 7th will be paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 1.06%. The ex-dividend date is Friday, June 7th. General Motors’s payout ratio is 5.87%.

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.