First Manhattan Co. grew its stake in shares of General Dynamics Co. (NYSE:GD) by 1.8% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 5,984 shares of the aerospace company’s stock after buying an additional 108 shares during the period. First Manhattan Co.’s holdings in General Dynamics were worth $1,012,000 as of its most recent filing with the SEC.
Several other institutional investors and hedge funds also recently made changes to their positions in the company. U S Global Investors Inc. grew its stake in General Dynamics by 3.4% during the fourth quarter. U S Global Investors Inc. now owns 15,151 shares of the aerospace company’s stock worth $2,382,000 after buying an additional 499 shares during the last quarter. Tompkins Financial Corp lifted its holdings in General Dynamics by 3.8% in the fourth quarter. Tompkins Financial Corp now owns 16,406 shares of the aerospace company’s stock valued at $2,579,000 after buying an additional 608 shares during the period. Iberiabank Corp lifted its holdings in General Dynamics by 6.0% in the fourth quarter. Iberiabank Corp now owns 10,339 shares of the aerospace company’s stock valued at $1,625,000 after buying an additional 581 shares during the period. Miracle Mile Advisors LLC acquired a new position in General Dynamics in the fourth quarter valued at approximately $241,000. Finally, United Services Automobile Association lifted its holdings in General Dynamics by 5.4% in the fourth quarter. United Services Automobile Association now owns 136,689 shares of the aerospace company’s stock valued at $21,489,000 after buying an additional 6,985 shares during the period. 87.27% of the stock is owned by institutional investors and hedge funds.
In other General Dynamics news, Director Lester L. Lyles sold 4,580 shares of General Dynamics stock in a transaction dated Friday, February 22nd. The shares were sold at an average price of $172.42, for a total value of $789,683.60. Following the completion of the sale, the director now owns 12,314 shares in the company, valued at approximately $2,123,179.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Gary L. Whited sold 14,640 shares of General Dynamics stock in a transaction dated Friday, March 8th. The stock was sold at an average price of $165.38, for a total transaction of $2,421,163.20. Following the completion of the sale, the vice president now owns 30,462 shares of the company’s stock, valued at approximately $5,037,805.56. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 21,547 shares of company stock valued at $3,609,299. 7.10% of the stock is currently owned by corporate insiders.
Shares of GD opened at $173.74 on Wednesday. The company has a quick ratio of 0.83, a current ratio of 1.23 and a debt-to-equity ratio of 0.98. The stock has a market capitalization of $49.67 billion, a PE ratio of 15.21, a PEG ratio of 1.60 and a beta of 1.12. General Dynamics Co. has a one year low of $143.87 and a one year high of $229.74.
General Dynamics (NYSE:GD) last posted its earnings results on Wednesday, January 30th. The aerospace company reported $3.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.98 by $0.09. The company had revenue of $10.38 billion during the quarter, compared to analysts’ expectations of $10.34 billion. General Dynamics had a net margin of 9.24% and a return on equity of 28.33%. General Dynamics’s quarterly revenue was up 25.4% compared to the same quarter last year. During the same quarter last year, the company posted $2.50 EPS. On average, research analysts forecast that General Dynamics Co. will post 11.72 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, May 10th. Stockholders of record on Friday, April 12th will be paid a dividend of $1.02 per share. This represents a $4.08 dividend on an annualized basis and a dividend yield of 2.35%. The ex-dividend date of this dividend is Thursday, April 11th. This is a boost from General Dynamics’s previous quarterly dividend of $0.93. General Dynamics’s dividend payout ratio (DPR) is currently 35.73%.
Several brokerages recently weighed in on GD. Zacks Investment Research lowered shares of General Dynamics from a “hold” rating to a “sell” rating in a report on Monday, March 11th. Cowen restated a “buy” rating on shares of General Dynamics in a report on Wednesday, March 6th. Credit Suisse Group lowered shares of General Dynamics from an “outperform” rating to a “neutral” rating and cut their target price for the stock from $190.00 to $184.00 in a report on Friday, February 15th. Drexel Hamilton reiterated a “buy” rating and issued a $230.00 target price on shares of General Dynamics in a report on Monday, February 4th. Finally, Sanford C. Bernstein cut their target price on shares of General Dynamics from $186.00 to $178.00 and set a “market perform” rating on the stock in a report on Monday, February 4th. Four investment analysts have rated the stock with a sell rating, nine have issued a hold rating and six have assigned a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $204.43.
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About General Dynamics
General Dynamics Corporation operates as an aerospace and defense company worldwide. It operates in five segments: Aerospace, Combat Systems, Information Technology, Mission Systems, and Marine Systems. The Aerospace segment designs, manufactures, and supports business-jet aircraft; and offers business-aviation services, including maintenance, fixed-base operation, government fleet, aircraft management, charter, and staffing services, as well as integrated aviation solutions.
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