General Motors (NYSE:GM) Sees Unusually-High Trading Volume on Earnings Beat

Posted by on Apr 26th, 2023

Shares of General Motors (NYSE:GM – Get Rating) (TSE:GMM.U) saw unusually-high trading volume on Tuesday following a stronger than expected earnings report. Approximately 9,585,190 shares were traded during mid-day trading, a decline of 35% from the previous session’s volume of 14,777,668 shares.The stock last traded at $33.79 and had previously closed at $34.29.

The auto manufacturer reported $2.21 earnings per share for the quarter, beating the consensus estimate of $1.53 by $0.68. General Motors had a return on equity of 16.08% and a net margin of 6.34%. The business had revenue of $39.99 billion during the quarter, compared to analyst estimates of $39.38 billion. During the same period in the prior year, the company earned $2.09 earnings per share. General Motors’s revenue was up 11.1% compared to the same quarter last year.

General Motors Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 15th. Shareholders of record on Friday, June 2nd will be paid a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a yield of 1.09%. The ex-dividend date is Thursday, June 1st. General Motors’s dividend payout ratio (DPR) is currently 5.87%.

Wall Street Analyst Weigh In

GM has been the topic of a number of research analyst reports. Bank of America reduced their price target on General Motors from $80.00 to $70.00 and set a “buy” rating on the stock in a report on Wednesday, February 1st. StockNews.com assumed coverage on General Motors in a research note on Thursday, March 16th. They issued a “buy” rating for the company. JPMorgan Chase & Co. cut their price objective on General Motors from $59.00 to $57.00 and set an “overweight” rating for the company in a research report on Wednesday, January 25th. Barclays decreased their price objective on shares of General Motors from $46.00 to $45.00 and set an “equal weight” rating for the company in a research note on Monday, April 17th. Finally, Tigress Financial reaffirmed a “strong-buy” rating and set a $86.00 price target on shares of General Motors in a research note on Tuesday, February 21st. One analyst has rated the stock with a sell rating, seven have given a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $49.06.

Insiders Place Their Bets

In other news, EVP Gerald Johnson sold 15,743 shares of the firm’s stock in a transaction on Thursday, February 9th. The shares were sold at an average price of $42.65, for a total value of $671,438.95. Following the sale, the executive vice president now directly owns 71,209 shares in the company, valued at approximately $3,037,063.85. 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 15,743 shares of the firm’s stock in a transaction on Thursday, February 9th. The shares were sold at an average price of $42.65, for a total value of $671,438.95. Following the completion of the sale, the executive vice president now owns 71,209 shares in the company, valued at approximately $3,037,063.85. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Stephen K. Carlisle sold 18,000 shares of General Motors stock in a transaction dated Thursday, February 2nd. The stock was sold at an average price of $41.97, for a total transaction of $755,460.00. Following the transaction, the executive vice president now owns 46,170 shares of the company’s stock, valued at approximately $1,937,754.90. The disclosure for this sale can be found here. 0.10% of the stock is owned by company insiders.

Institutional Trading of General Motors

Large investors have recently modified their holdings of the business. Penserra Capital Management LLC raised its holdings in General Motors by 85.8% during the first quarter. Penserra Capital Management LLC now owns 613 shares of the auto manufacturer’s stock worth $26,000 after purchasing an additional 283 shares in the last quarter. Carmel Capital Partners LLC acquired a new position in General Motors in the first quarter worth approximately $29,000. Ahrens Investment Partners LLC acquired a new position in General Motors in the first quarter worth approximately $29,000. Clear Investment Research LLC acquired a new position in General Motors in the third quarter worth approximately $31,000. Finally, Elequin Securities LLC acquired a new position in General Motors in the fourth quarter worth approximately $35,000. 78.92% of the stock is currently owned by institutional investors and hedge funds.

General Motors Stock Performance

The company has a current ratio of 1.10, a quick ratio of 0.93 and a debt-to-equity ratio of 1.06. The stock has a market capitalization of $45.90 billion, a PE ratio of 5.43, a PEG ratio of 0.54 and a beta of 1.34. The firm’s 50-day simple moving average is $36.91 and its two-hundred day simple moving average is $37.18.

General Motors Company Profile

(Get Rating)

General Motors Co engages in the designing, manufacturing, and selling of trucks, crossovers, cars, and automobile parts and in providing software-enabled services and subscriptions. It operates through the following segments: GMNA, GMI, Cruise, and GM Financial. The company was founded by William C.

Featured Stories

Receive News & Ratings for General Motors Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for General Motors and related companies with MarketBeat.com's FREE daily email newsletter.