Wedbush Forecasts General Motors’ FY2024 Earnings (NYSE:GM)

General Motors (NYSE:GM) (TSE:GMM.U) – Equities research analysts at Wedbush lifted their FY2024 EPS 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 per share of $10.39 for the year, up from their prior estimate of $10.02. Wedbush has a “Outperform” rating and a $60.00 price objective 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.

Several other brokerages have also weighed in on GM. Nomura Securities upgraded General Motors to a “strong sell” rating in a research note on Monday, August 5th. Wolfe Research began coverage on General Motors in a research report on Thursday, September 5th. They set a “peer perform” rating on the stock. Wells Fargo & Company boosted their price target on shares of General Motors from $33.00 to $38.00 and gave the stock an “underweight” rating in a report on Wednesday. Royal Bank of Canada increased their price objective on shares of General Motors from $58.00 to $65.00 and gave the company an “outperform” rating in a report on Wednesday. Finally, Barclays boosted their target price on shares of General Motors from $64.00 to $70.00 and gave the stock an “overweight” rating in a research note on Wednesday. Four research analysts have rated the stock with a sell rating, seven have assigned a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $56.92.

General Motors Stock Performance

Shares of NYSE GM opened at $52.07 on Friday. General Motors has a 1 year low of $26.30 and a 1 year high of $54.29. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.99 and a current ratio of 1.21. The company’s fifty day moving average price is $47.81 and its 200 day moving average price is $46.19. The company has a market capitalization of $58.52 billion, a PE ratio of 5.55, a price-to-earnings-growth ratio of 0.60 and a beta of 1.42.

General Motors (NYSE:GM) (TSE:GMM.U) last posted its quarterly 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 company had revenue of $48.76 billion for 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 firm’s revenue was up 10.5% on a year-over-year basis. During the same period in the prior year, the company earned $2.28 earnings per share.

General Motors Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 19th. Shareholders of record on Friday, December 6th will be paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 0.92%. The ex-dividend date of this dividend is Friday, December 6th. General Motors’s dividend payout ratio (DPR) is presently 5.12%.

Insiders Place Their Bets

In related news, EVP Rory Harvey sold 9,307 shares of the business’s stock in a transaction that occurred on Wednesday, October 23rd. The stock was sold at an average price of $54.01, for a total transaction of $502,671.07. Following the completion of the sale, the executive vice president now owns 8,513 shares in the company, valued at $459,787.13. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other General Motors news, EVP Rory Harvey sold 9,307 shares of the business’s stock in a transaction on Wednesday, October 23rd. The stock was sold at an average price of $54.01, for a total transaction of $502,671.07. Following the sale, the executive vice president now directly owns 8,513 shares in the company, valued at approximately $459,787.13. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Mary T. Barra sold 506,824 shares of the stock in a transaction that occurred on Wednesday, October 23rd. The shares were sold at an average price of $53.33, for a total transaction of $27,028,923.92. Following the completion of the sale, the chief executive officer now owns 694,548 shares in the company, valued at $37,040,244.84. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 531,228 shares of company stock worth $28,267,714 over the last ninety days. Corporate insiders own 0.72% of the company’s stock.

Hedge Funds Weigh In On General Motors

Several institutional investors and hedge funds have recently bought and sold shares of GM. Strategic Investment Solutions Inc. IL acquired a new stake in General Motors in the second quarter valued at $25,000. Wellington Shields Capital Management LLC acquired a new stake in General Motors in the 2nd quarter valued at approximately $28,000. Fortitude Family Office LLC raised its stake 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 acquiring an additional 225 shares in the last quarter. Montag A & Associates Inc. bought a new position in shares of General Motors in the first quarter worth $30,000. Finally, EdgeRock Capital LLC bought a new position in shares of General Motors in the second quarter worth $33,000. Institutional investors and hedge funds 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.