American International Group Inc. cut its holdings in General Dynamics Co. (NYSE:GD) by 14.7% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 91,201 shares of the aerospace company’s stock after selling 15,753 shares during the quarter. American International Group Inc.’s holdings in General Dynamics were worth $15,439,000 at the end of the most recent reporting period.
A number of other large investors have also added to or reduced their stakes in GD. Oregon Public Employees Retirement Fund boosted its stake in General Dynamics by 14,601.4% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 9,581,635 shares of the aerospace company’s stock valued at $61,000 after buying an additional 9,516,460 shares in the last quarter. Ellis Investment Partners LLC raised its position in General Dynamics by 16,833.7% in the first quarter. Ellis Investment Partners LLC now owns 960,820 shares of the aerospace company’s stock valued at $960,000 after purchasing an additional 955,146 shares during the last quarter. Vanguard Group Inc raised its position in General Dynamics by 1.7% in the third quarter. Vanguard Group Inc now owns 20,905,951 shares of the aerospace company’s stock valued at $4,279,866,000 after purchasing an additional 357,032 shares during the last quarter. California Public Employees Retirement System raised its position in General Dynamics by 35.1% in the fourth quarter. California Public Employees Retirement System now owns 1,172,516 shares of the aerospace company’s stock valued at $184,331,000 after purchasing an additional 304,454 shares during the last quarter. Finally, Ceredex Value Advisors LLC bought a new position in General Dynamics in the fourth quarter valued at about $41,069,000. 86.41% of the stock is currently owned by institutional investors and hedge funds.
In related news, VP Gary L. Whited sold 14,640 shares of the firm’s stock in a transaction that occurred on 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 $5,037,805.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP John Patrick Casey sold 45,470 shares of the firm’s stock in a transaction that occurred on Monday, April 15th. The stock was sold at an average price of $172.46, for a total value of $7,841,756.20. Following the sale, the executive vice president now directly owns 148,133 shares of the company’s stock, valued at approximately $25,547,017.18. The disclosure for this sale can be found here. Insiders have sold 64,690 shares of company stock valued at $11,052,603 in the last ninety days. 7.10% of the stock is currently owned by insiders.
GD has been the subject of several research reports. Zacks Investment Research downgraded General Dynamics from a “hold” rating to a “sell” rating in a research report on Friday, March 1st. Sanford C. Bernstein dropped their target price on General Dynamics from $186.00 to $178.00 and set a “market perform” rating for the company in a research report on Monday, February 4th. Credit Suisse Group downgraded General Dynamics from an “outperform” rating to a “neutral” rating and dropped their target price for the company from $190.00 to $184.00 in a research report on Friday, February 15th. UBS Group increased their target price on General Dynamics from $175.00 to $190.00 and gave the company a “neutral” rating in a research report on Thursday, April 25th. Finally, Argus downgraded General Dynamics from a “buy” rating to a “hold” rating and set a $170.91 target price for the company. in a research report on Thursday, January 31st. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating and seven have assigned a buy rating to the company’s stock. General Dynamics presently has a consensus rating of “Hold” and a consensus target price of $198.29.
Shares of GD opened at $167.72 on Thursday. General Dynamics Co. has a 1 year low of $143.87 and a 1 year high of $208.88. The company has a quick ratio of 0.82, a current ratio of 1.23 and a debt-to-equity ratio of 0.94. The stock has a market cap of $48.53 billion, a PE ratio of 14.69, a P/E/G ratio of 1.61 and a beta of 1.13.
General Dynamics (NYSE:GD) last issued its quarterly earnings data on Wednesday, April 24th. The aerospace company reported $2.56 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.38 by $0.18. General Dynamics had a return on equity of 27.62% and a net margin of 8.68%. The company had revenue of $9.26 billion during the quarter, compared to the consensus estimate of $8.90 billion. During the same period last year, the company earned $2.65 earnings per share. The firm’s revenue was up 22.9% compared to the same quarter last year. On average, research analysts anticipate that General Dynamics Co. will post 11.74 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, May 10th. Investors of record on Friday, April 12th were paid a dividend of $1.02 per share. The ex-dividend date of this dividend was Thursday, April 11th. This represents a $4.08 annualized dividend and a yield of 2.43%. 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%.
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General Dynamics Company Profile
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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