Zacks Research Comments on General Motors’ Q1 2024 Earnings (NYSE:GM)

General Motors (NYSE:GM) (TSE:GMM.U) – Investment analysts at Zacks Research lowered their Q1 2024 EPS estimates for shares of General Motors in a research note issued on Monday, April 22nd. Zacks Research analyst R. Singhi now expects that the auto manufacturer will earn $1.99 per share for the quarter, down from their previous 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.

A number of other research firms have also recently weighed in on GM. Mizuho increased their price objective on shares of General Motors from $44.00 to $48.00 and gave the stock a “buy” rating in a research report on Monday, March 25th. Morgan Stanley increased their price objective on shares of General Motors from $43.00 to $46.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 10th. TheStreet raised shares of General Motors from a “c+” rating to a “b-” rating in a research report on Tuesday, March 19th. Wolfe Research raised shares of 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, Tigress Financial increased their price objective on shares of General Motors from $86.00 to $88.00 and gave the stock a “strong-buy” rating in a research report on Thursday, February 15th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $51.57.

General Motors Stock Performance

General Motors stock opened at $43.25 on Tuesday. 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 market cap of $49.93 billion, a price-to-earnings ratio of 5.92, a price-to-earnings-growth ratio of 0.50 and a beta of 1.51. The firm has a 50 day simple moving average of $41.73 and a 200-day simple moving average of $35.96. General Motors has a 1-year low of $26.30 and a 1-year high of $46.04.

General Motors (NYSE:GM) (TSE:GMM.U) last posted its quarterly earnings results on Tuesday, January 30th. The auto manufacturer reported $1.24 earnings per share for the quarter, beating the consensus estimate of $1.16 by $0.08. General Motors had a net margin of 5.89% and a return on equity of 14.34%. The business had revenue of $42.98 billion during the quarter, compared to analysts’ expectations of $38.81 billion. During the same quarter in the prior year, the company posted $2.12 EPS. The business’s revenue for the quarter was down .3% on a year-over-year basis.

Institutional Investors Weigh In On General Motors

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Highlander Capital Management LLC purchased a new position in shares of General Motors in the 4th quarter valued at $27,000. SouthState Corp grew its position in shares of General Motors by 173.8% in the 3rd quarter. SouthState Corp now owns 764 shares of the auto manufacturer’s stock valued at $25,000 after buying an additional 485 shares during the last quarter. Riverview Trust Co purchased a new position in shares of General Motors in the 1st quarter valued at $38,000. Cape Investment Advisory Inc. grew its position in shares of General Motors by 75.9% in the 4th quarter. Cape Investment Advisory Inc. now owns 832 shares of the auto manufacturer’s stock valued at $30,000 after buying an additional 359 shares during the last quarter. Finally, Sachetta LLC purchased a new position in shares of General Motors in the 4th quarter valued at $33,000. 92.67% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, CAO Christopher Hatto sold 3,500 shares of the firm’s stock in a transaction on Thursday, March 28th. The shares were sold at an average price of $45.00, for a total value of $157,500.00. Following the sale, the chief accounting officer now directly owns 12,007 shares in the company, valued at approximately $540,315. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, EVP Gerald Johnson sold 27,122 shares of the firm’s stock in a transaction on 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 sale, the executive vice president now directly owns 71,506 shares in the company, valued at approximately $3,236,361.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Christopher Hatto sold 3,500 shares of the firm’s stock in a transaction on Thursday, March 28th. The shares were sold at an average price of $45.00, for a total transaction of $157,500.00. Following the completion of the sale, the chief accounting officer now owns 12,007 shares in the company, valued at $540,315. The disclosure for this sale can be found here. In the last three months, insiders have sold 86,248 shares of company stock worth $3,614,078. 0.54% of the stock is currently owned by corporate insiders.

General Motors Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 20th. Stockholders of record on Friday, June 7th will be issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.11%. General Motors’s payout ratio is 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.