New York State Teachers Retirement System cut its holdings in General Dynamics (NYSE:GD) by 3.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 451,465 shares of the aerospace company’s stock after selling 16,148 shares during the quarter. New York State Teachers Retirement System owned approximately 0.15% of General Dynamics worth $99,729,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors have also bought and sold shares of the stock. BlackRock Inc. grew its stake in shares of General Dynamics by 0.4% in the fourth quarter. BlackRock Inc. now owns 16,670,214 shares of the aerospace company’s stock worth $3,391,556,000 after purchasing an additional 60,034 shares during the last quarter. Geode Capital Management LLC lifted its holdings in General Dynamics by 1.9% in the fourth quarter. Geode Capital Management LLC now owns 3,115,765 shares of the aerospace company’s stock worth $632,676,000 after buying an additional 57,738 shares during the period. Bank of Montreal Can lifted its holdings in General Dynamics by 15.0% in the fourth quarter. Bank of Montreal Can now owns 1,557,931 shares of the aerospace company’s stock worth $316,962,000 after buying an additional 202,628 shares during the period. Aristotle Capital Management LLC lifted its holdings in General Dynamics by 7.5% in the fourth quarter. Aristotle Capital Management LLC now owns 1,519,557 shares of the aerospace company’s stock worth $309,154,000 after buying an additional 106,068 shares during the period. Finally, Schwab Charles Investment Management Inc. lifted its holdings in General Dynamics by 3.2% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 988,582 shares of the aerospace company’s stock worth $201,128,000 after buying an additional 30,588 shares during the period. 85.74% of the stock is currently owned by institutional investors.
In related news, Director Lester L. Lyles sold 5,210 shares of the business’s stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $220.73, for a total value of $1,150,003.30. Following the completion of the transaction, the director now directly owns 12,537 shares in the company, valued at approximately $2,767,292.01. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Gary L. Whited sold 5,977 shares of the business’s stock in a transaction that occurred on Tuesday, March 6th. The stock was sold at an average price of $224.52, for a total transaction of $1,341,956.04. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 19,253 shares of company stock valued at $4,322,831. 6.70% of the stock is owned by company insiders.
GD has been the subject of several research analyst reports. Bank of America raised their price objective on shares of General Dynamics from $245.00 to $260.00 and gave the stock a “buy” rating in a report on Thursday, January 25th. Jefferies Group raised their price objective on shares of General Dynamics to $247.00 and gave the stock a “buy” rating in a report on Thursday, January 25th. They noted that the move was a valuation call. Royal Bank of Canada set a $246.00 price objective on shares of General Dynamics and gave the stock a “buy” rating in a report on Tuesday, January 23rd. Zacks Investment Research upgraded shares of General Dynamics from a “hold” rating to a “buy” rating and set a $234.00 price objective for the company in a report on Friday, January 19th. Finally, Argus upgraded shares of General Dynamics to a “buy” rating and raised their price objective for the stock from $230.00 to $250.00 in a report on Tuesday, January 30th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and twelve have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $242.72.
General Dynamics opened at $201.76 on Friday, Marketbeat.com reports. General Dynamics has a 52-week low of $201.35 and a 52-week high of $202.58. The company has a market cap of $59.56 billion, a PE ratio of 19.81, a price-to-earnings-growth ratio of 1.95 and a beta of 0.84. The company has a quick ratio of 0.98, a current ratio of 1.34 and a debt-to-equity ratio of 0.34.
General Dynamics (NYSE:GD) last released its earnings results on Wednesday, April 25th. The aerospace company reported $2.65 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.49 by $0.16. General Dynamics had a net margin of 9.49% and a return on equity of 26.83%. The firm had revenue of $7.50 billion during the quarter, compared to analyst estimates of $7.56 billion. During the same period last year, the business earned $2.48 earnings per share. The business’s revenue was up .8% on a year-over-year basis. sell-side analysts predict that General Dynamics will post 11.08 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, May 11th. Investors of record on Friday, April 13th were issued a $0.93 dividend. This is a positive change from General Dynamics’s previous quarterly dividend of $0.84. This represents a $3.72 dividend on an annualized basis and a yield of 1.84%. The ex-dividend date was Thursday, April 12th. General Dynamics’s payout ratio is presently 37.39%.
General Dynamics Company Profile
General Dynamics Corporation operates as an aerospace and defense company worldwide. It operates through four business groups: Aerospace; Combat Systems; Information Systems and Technology; and Marine Systems. The Aerospace group designs, develops, manufactures, service and supports business-jet aircraft; and provides aircraft services, such as maintenance, aircraft management, charter, fixed-base operational, and staffing services.
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