Markets

The General Motors Company (GM) Rating Reiterated by Evercore ISI

The General Motors Company (GM) Rating Reiterated by Evercore ISI”

United States stocks started the second quarter with a thud on Monday after carmakers reported disappointing March sales, a possible warning about other types of spending. The "double-I" concerns, namely incentives and inventories, did not bode well for the companies either.

Zacks Investment Research lowered shares of Ford Motor Company (NYSE:F) from a hold rating to a strong sell rating in a report issued on Wednesday morning. Investors' concerns about softening USA auto sales could be the primary reason for USA automakers' underperformance on Wall Street. Chevrolet Silverado pickup sales fell almost 12 percent, but that was offset by smaller SUVs.

At GMC, sales of the Acadia, which was redesigned in 2016, increased 84% in March, driving the brand's big increase for the month. Analysts forecast that General Motors Company will post $6.03 earnings per share for the current fiscal year.

While SUV sales were key to those increases, sedans also bolstered the numbers.

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Sales for the month fell 1.6 percent to just over 1.55 million vehicles, surprising analysts who expected a small increase. GM's profit will be $2.22B for 5.95 P/E if the $1.49 EPS becomes a reality. The stock was sold at an average price of $36.12, for a total transaction of $91,744.80.

Industry analysts expected March sales industrywide to be higher compared to the same month a year ago, marking the first time this year auto sales will grow. The difference between Actual EPS and Estimated EPS was 0.11 Percent.

Combined sales of Volkswagen's namesake brand and Audi premium brand rose less than projected as Audi reported a 1.7 percent increase, its smallest gain of the year.

In other news, EVP Karl-Thomas Neumann sold 1,379 shares of General Motors Company stock in a transaction on Monday, February 13th. But that's being offset by falling auto sales, pushing overall sales for Honda and Ford down compared with a year ago.

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Honda Motor Co Ltd (7267.T) reported an overall decline in sales of 0.7 percent versus March 2016, but said truck sales were up 8.4 percent. The shares were sold at an average price of $12.68, for a total transaction of $1,173,255.04. Ford, now worth less than Tesla Inc.by market capitalization, was down as much as 3.1 percent, while Fiat Chrysler dropped as much as 6 percent.

US auto sales last month were below analyst estimates, as heavy incentive spending failed to keep struggling sedan and compact models from plunging.

In the report, Kia reportedly suffered a drop of 11 percent, while Ford suffered a decline of 7.2 percent.

Toyota sales slid 2.1% vs. views for a 1.2% gain. The Company's business includes designing, manufacturing, marketing, and servicing a full line of Ford cars, trucks, and sport utility vehicles, as well as Lincoln luxury vehicles. On Friday, July 22 the stock rating was maintained by RBC Capital Markets with "Sector Perform". Vehicle retail sales for the Chevrolet brand slipped 11 percent, though sales of the Chevy Cruze jumped 88 percent compared to a year ago. The last session's volume of 3.17 million shares was lower than its average volume of 4.62 million shares. The stock was last seen -3.37% lower, reaching at $34.17 on April 3, 2017.

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In case of Revenue Estimates, 10 analysts have provided their consensus Average Revenue Estimates for General Motors Company as 39.42 Billion. As for our metric, numerous major OEMs were aggressive in the month especially Honda (-0.22) followed by GM (-0.19) and Mercedes (-0.26)...



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