MW GM's stock jumps 4.2% after auto giant raises dividend, unveils $6 billion share buyback
General Motors Co.'s stock jumped 4.2% early Wednesday, after the auto giant said its board has approved a 3 cent-per-share increase in its quarterly dividend, as well as new $6 billion share buyback authorization.
The new dividend will kick in with the next dividend announcement likely to come in April, while the company has entered a $2 billion accelerated share buyback with a group of banks.
The news is part of GM's $(GM)$ capital spending plan for 2025, which is expected to range from $10 billion to $11 billion, including investments in the company's battery cell manufacturing joint ventures. Spending on R&D is expected to top $8 billion.
The stock has gained 17.4% in the last 12 months, while the S&P 500 SPX has gained 17.5%.
-Ciara Linnane
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(END) Dow Jones Newswires
February 26, 2025 06:39 ET (11:39 GMT)
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