General Motors (NYSE:GM) Shares Gap Up on Better-Than-Expected Earnings

General Motors (NYSE:GMGet Free Report) (TSE:GMM.U)’s share price gapped up before the market opened on Tuesday after the company announced better than expected quarterly earnings. The stock had previously closed at $43.21, but opened at $45.89. General Motors shares last traded at $45.30, with a volume of 8,988,857 shares.

The auto manufacturer reported $2.62 EPS for the quarter, topping the consensus estimate of $2.02 by $0.60. General Motors had a return on equity of 14.34% and a net margin of 5.89%. The business had revenue of $43.01 billion for the quarter, compared to analyst estimates of $41.09 billion. During the same quarter in the previous year, the firm earned $2.21 EPS. The company’s quarterly revenue was up 7.6% compared to the same quarter last year.

General Motors Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 20th. Stockholders of record on Friday, June 7th will be issued a dividend of $0.12 per share. The ex-dividend date 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%.

Analyst Upgrades and Downgrades

GM has been the topic of several analyst reports. Wells Fargo & Company lifted their price target on General Motors from $27.00 to $28.00 and gave the stock an “underweight” rating in a report on Wednesday, January 31st. Tigress Financial raised their price objective 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. Wedbush raised their price objective on General Motors from $40.00 to $45.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 31st. Wolfe Research raised General Motors from a “peer perform” rating to an “outperform” rating and set a $42.00 price objective for the company in a research report on Thursday, January 4th. Finally, TheStreet raised General Motors from a “c+” rating to a “b-” rating in a research report on Tuesday, March 19th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $52.52.

Check Out Our Latest Stock Report on General Motors

Insider Buying and Selling at General Motors

In other news, EVP Gerald Johnson sold 27,122 shares of the business’s stock in a transaction dated Thursday, March 28th. The stock was 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 directly owns 71,506 shares of the company’s stock, valued at $3,236,361.56. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other news, CAO Christopher Hatto sold 15,510 shares of the business’s stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $40.02, for a total transaction of $620,710.20. Following the completion of the transaction, the chief accounting officer now directly owns 21,507 shares of the company’s stock, valued at $860,710.14. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Gerald Johnson sold 27,122 shares of the business’s stock in a transaction dated Thursday, March 28th. The stock was sold at an average price of $45.26, for a total value of $1,227,541.72. Following the transaction, the executive vice president now directly owns 71,506 shares of the company’s stock, valued at $3,236,361.56. The disclosure for this sale can be found here. Insiders sold a total of 86,248 shares of company stock valued at $3,614,078 in the last three months. 0.54% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On General Motors

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. CWM LLC lifted its stake in General Motors by 16.8% during the third quarter. CWM LLC now owns 29,724 shares of the auto manufacturer’s stock worth $980,000 after purchasing an additional 4,265 shares during the last quarter. Arkadios Wealth Advisors purchased a new stake in General Motors during the third quarter worth approximately $249,000. Summit Global Investments purchased a new stake in General Motors during the third quarter worth approximately $360,000. Impact Partnership Wealth LLC lifted its stake in General Motors by 53.8% during the third quarter. Impact Partnership Wealth LLC now owns 1,649 shares of the auto manufacturer’s stock worth $54,000 after purchasing an additional 577 shares during the last quarter. Finally, Founders Financial Securities LLC lifted its stake in General Motors by 6.6% in the third quarter. Founders Financial Securities LLC now owns 14,472 shares of the auto manufacturer’s stock valued at $477,000 after buying an additional 890 shares during the last quarter. 92.67% of the stock is owned by institutional investors and hedge funds.

General Motors Stock Performance

The company has a debt-to-equity ratio of 1.21, a current ratio of 1.08 and a quick ratio of 0.90. The stock has a 50 day simple moving average of $41.86 and a two-hundred day simple moving average of $36.06. The company has a market cap of $52.06 billion, a PE ratio of 6.17, a PEG ratio of 0.50 and a beta of 1.51.

About General Motors

(Get Free Report)

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.

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