Wedbush Has Positive View of General Motors FY2024 Earnings

General Motors (NYSE:GM) (TSE:GMM.U) – Wedbush lifted their FY2024 earnings per share estimates for shares of General Motors in a research report issued to clients and investors on Tuesday, October 22nd. Wedbush analyst D. Ives now forecasts that the auto manufacturer will post earnings of $10.39 per share for the year, up from their prior estimate of $10.02. Wedbush currently has a “Outperform” rating and a $60.00 target price on the stock. The consensus estimate for General Motors’ current full-year earnings is $10.05 per share. Wedbush also issued estimates for General Motors’ Q4 2024 earnings at $1.66 EPS, Q2 2025 earnings at $2.70 EPS, Q4 2025 earnings at $2.19 EPS and FY2025 earnings at $10.41 EPS.

General Motors (NYSE:GM) (TSE:GMM.U) last released its earnings results on Tuesday, October 22nd. The auto manufacturer reported $2.96 EPS for the quarter, beating the consensus estimate of $2.49 by $0.47. The business had revenue of $48.76 billion during the quarter, compared to analyst estimates of $44.67 billion. General Motors had a net margin of 6.06% and a return on equity of 16.30%. The business’s quarterly revenue was up 10.5% on a year-over-year basis. During the same period in the prior year, the business earned $2.28 earnings per share.

Several other research firms also recently issued reports on GM. UBS Group boosted their price objective on General Motors from $58.00 to $62.00 and gave the stock a “buy” rating in a report on Wednesday. Barclays upped their price target on shares of General Motors from $64.00 to $70.00 and gave the company an “overweight” rating in a research report on Wednesday. Sanford C. Bernstein lifted their price objective on shares of General Motors from $53.00 to $55.00 and gave the stock a “market perform” rating in a research report on Friday. Wells Fargo & Company raised their price objective on General Motors from $33.00 to $38.00 and gave the stock an “underweight” rating in a research report on Wednesday. Finally, StockNews.com downgraded General Motors from a “buy” rating to a “hold” rating in a report on Wednesday, July 24th. Four investment analysts have rated the stock with a sell rating, seven have issued a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $56.92.

General Motors Stock Performance

Shares of NYSE GM opened at $52.07 on Friday. The stock’s fifty day simple moving average is $47.81 and its 200 day simple moving average is $46.19. The stock has a market capitalization of $58.52 billion, a price-to-earnings ratio of 5.55, a PEG ratio of 0.60 and a beta of 1.42. The company has a quick ratio of 0.99, a current ratio of 1.21 and a debt-to-equity ratio of 1.24. General Motors has a 52-week low of $26.30 and a 52-week high of $54.29.

General Motors Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 19th. Stockholders of record on Friday, December 6th will be given a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 0.92%. The ex-dividend date is Friday, December 6th. General Motors’s dividend payout ratio is currently 5.12%.

Insider Transactions at General Motors

In other news, EVP Rory Harvey sold 2,302 shares of the stock in a transaction that occurred 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 sale, the executive vice president now directly owns 10,356 shares of the company’s stock, valued at approximately $489,942.36. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CEO Mary T. Barra sold 506,824 shares of General Motors stock in a transaction that occurred on Wednesday, October 23rd. The stock was sold at an average price of $53.33, for a total transaction of $27,028,923.92. Following the sale, the chief executive officer now owns 694,548 shares of the company’s stock, valued at approximately $37,040,244.84. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Rory Harvey sold 2,302 shares of the firm’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 of the company’s stock, valued at approximately $489,942.36. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 531,228 shares of company stock worth $28,267,714. Company insiders own 0.72% of the company’s stock.

Institutional Trading of General Motors

Institutional investors have recently made changes to their positions in the business. Strategic Investment Solutions Inc. IL acquired a new position in General Motors during the second quarter worth $25,000. Wellington Shields Capital Management LLC acquired a new stake in shares of General Motors during the 2nd quarter worth about $28,000. Fortitude Family Office LLC lifted its holdings in General Motors by 56.1% during the 2nd quarter. Fortitude Family Office LLC now owns 626 shares of the auto manufacturer’s stock valued at $29,000 after purchasing an additional 225 shares during the last quarter. Montag A & Associates Inc. bought a new stake in General Motors during the first quarter worth about $30,000. Finally, EdgeRock Capital LLC acquired a new stake in shares of General Motors during the second quarter worth approximately $33,000. 92.67% of the stock is currently owned by institutional investors and hedge funds.

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.