General Motors to Post Q1 2024 Earnings of $1.99 Per Share, Zacks Research Forecasts (NYSE:GM)

General Motors (NYSE:GM) (TSE:GMM.U) – Stock analysts at Zacks Research dropped their Q1 2024 earnings per share (EPS) estimates for General Motors in a research note issued on Monday, April 22nd. Zacks Research analyst R. Singhi now anticipates that the auto manufacturer will post earnings per share of $1.99 for the quarter, down from their prior forecast of $2.01. The consensus estimate for General Motors’ current full-year earnings is $9.12 per share. Zacks Research also issued estimates for General Motors’ Q2 2024 earnings at $2.06 EPS, Q3 2024 earnings at $2.38 EPS, Q4 2024 earnings at $2.49 EPS, FY2024 earnings at $8.93 EPS, Q1 2025 earnings at $2.19 EPS, Q2 2025 earnings at $2.41 EPS, Q3 2025 earnings at $2.52 EPS, Q4 2025 earnings at $2.67 EPS, FY2025 earnings at $9.79 EPS, Q1 2026 earnings at $2.29 EPS and FY2026 earnings at $10.32 EPS.

General Motors (NYSE:GM) (TSE:GMM.U) last announced its quarterly earnings data on Tuesday, April 23rd. The auto manufacturer reported $2.62 earnings per share for the quarter, beating analysts’ consensus estimates of $2.02 by $0.60. General Motors had a return on equity of 14.34% and a net margin of 5.89%. The company 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 company earned $2.21 EPS. The firm’s revenue for the quarter was up 7.6% compared to the same quarter last year.

GM has been the topic of a number of other research reports. Morgan Stanley lifted their price objective on General Motors from $43.00 to $46.00 and gave the company an “overweight” rating in a report on Wednesday, April 10th. Piper Sandler started coverage on General Motors in a report on Friday, March 15th. They issued a “neutral” rating and a $44.00 price objective on the stock. Wedbush lifted their price target on shares of General Motors from $40.00 to $45.00 and gave the company an “outperform” rating in a research report on Wednesday, January 31st. Tigress Financial lifted their price target on shares of General Motors from $86.00 to $88.00 and gave the company a “strong-buy” rating in a research report on Thursday, February 15th. Finally, Redburn Atlantic started coverage on shares of General Motors in a research report on Wednesday, January 24th. They set a “neutral” rating and a $40.00 price target for the company. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $52.52.

General Motors Price Performance

Shares of GM opened at $45.10 on Tuesday. General Motors has a twelve month low of $26.30 and a twelve month high of $46.04. The stock’s 50 day moving average is $41.86 and its two-hundred day moving average is $36.06. The firm has a market capitalization of $52.06 billion, a PE ratio of 6.17, a P/E/G ratio of 0.50 and a beta of 1.51. The company has a current ratio of 1.08, a quick ratio of 0.90 and a debt-to-equity ratio of 1.21.

Hedge Funds Weigh In On General Motors

A number of institutional investors have recently added to or reduced their stakes in GM. Cerity Partners LLC raised its stake in shares of General Motors by 361.1% in the 4th quarter. Cerity Partners LLC now owns 119,714 shares of the auto manufacturer’s stock valued at $4,300,000 after purchasing an additional 93,754 shares in the last quarter. Foundry Partners LLC raised its stake in General Motors by 15.0% during the third quarter. Foundry Partners LLC now owns 394,047 shares of the auto manufacturer’s stock worth $12,992,000 after acquiring an additional 51,336 shares during the period. Public Sector Pension Investment Board raised its stake in General Motors by 10.5% during the third quarter. Public Sector Pension Investment Board now owns 147,383 shares of the auto manufacturer’s stock worth $4,859,000 after acquiring an additional 14,002 shares during the period. AM Squared Ltd raised its stake in General Motors by 195.0% during the fourth quarter. AM Squared Ltd now owns 41,300 shares of the auto manufacturer’s stock worth $1,483,000 after acquiring an additional 27,300 shares during the period. Finally, Strs Ohio raised its stake in General Motors by 7.7% during the fourth quarter. Strs Ohio now owns 1,532,997 shares of the auto manufacturer’s stock worth $55,065,000 after acquiring an additional 109,760 shares during the period. Institutional investors and hedge funds own 92.67% of the company’s stock.

Insider Buying and Selling at General Motors

In other General Motors news, EVP Julian G. Blissett sold 13,826 shares of the business’s stock in a transaction on 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 transaction, the executive vice president now directly owns 87,567 shares in the company, valued at approximately $3,348,562.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CAO Christopher Hatto sold 15,510 shares of the company’s stock in a transaction on Monday, February 26th. The shares were sold at an average price of $40.02, for a total transaction of $620,710.20. Following the completion of the sale, the chief accounting officer now directly owns 21,507 shares of the company’s stock, valued at approximately $860,710.14. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Julian G. Blissett sold 13,826 shares of the company’s stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $38.24, for a total transaction of $528,706.24. Following the sale, the executive vice president now directly owns 87,567 shares of the company’s stock, valued at $3,348,562.08. The disclosure for this sale can be found here. In the last three months, insiders sold 86,248 shares of company stock worth $3,614,078. Insiders own 0.54% of the company’s stock.

General Motors Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 20th. Shareholders of record on Friday, June 7th will be issued a $0.12 dividend. The ex-dividend date is Friday, June 7th. This represents a $0.48 annualized dividend and a yield of 1.06%. General Motors’s dividend payout ratio (DPR) is presently 6.57%.

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.