GM Stock Alert: General Motors Allows $6 Billion in Share Buybacks

General Motors (NYSE:GM) shares are gaining on Tuesday after the auto company announced a $6 billion share repurchase program.

General Motors’ board of directors has signed an agreement to repurchase GM stock worth up to $6 billion. The company is announcing a share buyback program as it expects to complete its previous $10 billion program by the end of June.

It is worth emphasizing that the share buyback will increase the morale of GM investors in the face of turmoil in the company. This comes as consumer demand for electric vehicles (EVs) begins to wane.

General Motors Chief Financial Officer (CFO) Paul Jacobson said the following regarding share buybacks.

“The investments GM has made in its brands and product portfolio over the past several years, as well as the company’s operational discipline, are delivering consistently strong growth in revenues, margins and free cash flow. We are very focused on the profitability of our ICE business, growing and improving the profitability of our electric vehicle business and using our capital efficiently. This allows us to continue to return cash to shareholders.”

GM stock moves on Tuesday

The news about the GM share buyback is associated with strong trading in the company’s shares today. As of this writing, there are over 11 million shares outstanding. This rounds out the company’s average daily trading volume of approximately 14.9 million shares.

GM shares were up slightly since Tuesday afternoon after larger gains earlier this morning.

Investors will want to follow even more of the latest stock market news today!

On Tuesday, we have all the hottest stock market events that investors should know about! Among them is what is happening Nvidia (NASDAQ:NVDA), Confirm (NASDAQ:AFRM) I Snowflake (NYSE:SNOW) shares today. You can find all these new products at the links below!

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As of the date of publication, William White did not hold (directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the author and are subject to InvestorPlace.com Publishing guidelines.

Article printed from InvestorPlace Media, https://investorplace.com/2024/06/gm-stock-alert-general-motors-authorizes-6-billion-buyback/.

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