Q2 2024 Earnings Forecast for General Motors Issued By Wedbush (NYSE:GM)

General Motors (NYSE:GM) (TSE:GMM.U) – Equities research analysts at Wedbush increased their Q2 2024 earnings per share (EPS) estimates for shares of General Motors in a report issued on Wednesday, April 24th. Wedbush analyst D. Ives now anticipates that the auto manufacturer will earn $2.74 per share for the quarter, up from their previous forecast of $2.13. Wedbush currently has a “Outperform” rating and a $55.00 price target on the stock. The consensus estimate for General Motors’ current full-year earnings is $9.45 per share. Wedbush also issued estimates for General Motors’ Q3 2024 earnings at $2.62 EPS, Q4 2024 earnings at $1.58 EPS, Q1 2025 earnings at $3.20 EPS and FY2025 earnings at $11.50 EPS.

General Motors (NYSE:GM) (TSE:GMM.U) last posted its earnings results on Tuesday, April 23rd. The auto manufacturer reported $2.62 EPS for the quarter, topping analysts’ consensus estimates of $2.02 by $0.60. The firm had revenue of $43.01 billion during the quarter, compared to analysts’ expectations of $41.09 billion. General Motors had a net margin of 6.13% and a return on equity of 14.40%. The business’s revenue for the quarter was up 7.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.21 earnings per share.

GM has been the topic of several other reports. StockNews.com upgraded General Motors from a “hold” rating to a “buy” rating in a report on Thursday. Wells Fargo & Company upped their price target on shares of General Motors from $28.00 to $30.00 and gave the company an “underweight” rating in a research report on Wednesday. Deutsche Bank Aktiengesellschaft raised their target price on General Motors from $44.00 to $50.00 and gave the stock a “hold” rating in a research note on Tuesday, April 23rd. 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 objective for the company. Finally, Mizuho boosted their target price on shares of General Motors from $48.00 to $52.00 and gave the company a “buy” rating in a research report on Wednesday. One 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. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $54.65.

General Motors Stock Performance

Shares of General Motors stock opened at $45.84 on Friday. The company’s 50 day moving average price is $42.27 and its two-hundred day moving average price is $36.32. The firm has a market capitalization of $52.30 billion, a P/E ratio of 5.60, a P/E/G ratio of 0.52 and a beta of 1.51. General Motors has a fifty-two week low of $26.30 and a fifty-two week 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 0.90.

General Motors Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 20th. Shareholders of record on Friday, June 7th will be issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 1.05%. The ex-dividend date of this dividend is Friday, June 7th. General Motors’s dividend payout ratio is 5.87%.

Insider Transactions at General Motors

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

Institutional Investors Weigh In On General Motors

Several large investors have recently modified their holdings of GM. LifeSteps Financial Inc. bought a new position in General Motors during the first quarter valued at $25,000. YHB Investment Advisors Inc. purchased a new position in shares of General Motors during the 1st quarter valued at $32,000. Highlander Capital Management LLC bought a new position in shares of General Motors during the 4th quarter worth $27,000. SouthState Corp increased its holdings in General Motors by 173.8% in the 3rd quarter. SouthState Corp now owns 764 shares of the auto manufacturer’s stock worth $25,000 after acquiring an additional 485 shares during the last quarter. Finally, Riverview Trust Co bought a new stake in General Motors in the 1st quarter valued at about $38,000. Hedge funds and other institutional investors own 92.67% of the company’s stock.

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.