General Motors Company (GM) Announces Quarterly Earnings Results, Beats Expectations By $0.17 EPS
General Motors Company (NYSE:GM) (TSE:GMM.U) released its quarterly earnings results on Tuesday. The auto manufacturer reported $1.89 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.72 by $0.17, Morningstar.com reports. General Motors had a return on equity of 22.82% and a net margin of 5.92%. The company had revenue of $36.98 billion for the quarter, compared to analyst estimates of $37.67 billion. During the same quarter in the prior year, the firm posted $1.86 EPS. General Motors’s quarterly revenue was down 1.1% compared to the same quarter last year. General Motors updated its FY17 guidance to $6.00-6.50 EPS.
Shares of General Motors (NYSE:GM) opened at 35.82 on Tuesday. The company has a market cap of $54.06 billion, a P/E ratio of 5.54 and a beta of 1.45. General Motors has a 12 month low of $29.82 and a 12 month high of $38.55. The company’s 50-day moving average price is $35.00 and its 200-day moving average price is $35.28. General Motors also was the recipient of unusually large options trading on Monday. Stock traders bought 26,435 put options on the stock. This is an increase of 328% compared to the average daily volume of 6,179 put options.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 22nd. Investors of record on Friday, September 8th will be given a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 4.24%. The ex-dividend date of this dividend is Thursday, September 7th. General Motors’s payout ratio is currently 23.53%.
In other news, insider John J. Quattrone sold 15,000 shares of the company’s stock in a transaction dated Friday, June 30th. The stock was sold at an average price of $35.00, for a total transaction of $525,000.00. Following the completion of the transaction, the insider now directly owns 42,623 shares of the company’s stock, valued at approximately $1,491,805. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Karl-Thomas Neumann sold 46,472 shares of the company’s stock in a transaction dated Monday, May 22nd. The stock was sold at an average price of $32.84, for a total value of $1,526,140.48. The disclosure for this sale can be found here. Insiders have sold a total of 139,158 shares of company stock valued at $4,643,312 over the last three months. 0.04% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in GM. State of Alaska Department of Revenue acquired a new position in General Motors during the first quarter valued at about $103,000. Franklin Parlapiano Turner & Welch LLC acquired a new position in General Motors during the first quarter valued at about $106,000. FNY Managed Accounts LLC acquired a new position in General Motors during the first quarter valued at about $107,000. SRS Capital Advisors Inc. boosted its position in General Motors by 171.9% in the first quarter. SRS Capital Advisors Inc. now owns 5,160 shares of the auto manufacturer’s stock valued at $182,000 after buying an additional 3,262 shares in the last quarter. Finally, North Star Investment Management Corp. boosted its position in General Motors by 0.8% in the first quarter. North Star Investment Management Corp. now owns 5,215 shares of the auto manufacturer’s stock valued at $184,000 after buying an additional 42 shares in the last quarter. 73.52% of the stock is owned by institutional investors and hedge funds.
Several analysts recently weighed in on GM shares. Tigress Financial restated a “strong-buy” rating on shares of General Motors in a report on Thursday, March 30th. Evercore ISI restated an “in-line” rating and set a $40.00 price target on shares of General Motors in a report on Thursday, March 30th. Jefferies Group LLC restated a “hold” rating and set a $36.00 price target on shares of General Motors in a report on Friday, April 7th. UBS AG restated a “buy” rating and set a $40.00 price target (up previously from $38.00) on shares of General Motors in a report on Friday, April 14th. Finally, Nomura restated a “buy” rating and set a $47.00 price target on shares of General Motors in a report on Tuesday, May 2nd. Three equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating, twelve have assigned a buy rating and three have issued a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $39.50.
About General Motors
General Motors Company designs, builds and sells cars, trucks, crossovers and automobile parts. The Company’s segments include GM North America (GMNA), GM Europe (GME), GM International Operations (GMIO), GM South America (GMSA) and General Motors Financial Company, Inc (GM Financial). The Company provides automotive financing services through General Motors Financial Company, Inc The Company develops, manufactures and/or markets vehicles in North America under the brands, including Buick, Cadillac, Chevrolet and GMC.
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