Cullen Frost Bankers Inc. lowered its position in shares of General Dynamics Co. (NYSE:GD) by 2.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,638 shares of the aerospace company’s stock after selling 252 shares during the period. Cullen Frost Bankers Inc.’s holdings in General Dynamics were worth $1,761,000 at the end of the most recent quarter.
Several other hedge funds have also recently modified their holdings of GD. Prestige Wealth Management Group LLC acquired a new position in shares of General Dynamics in the 2nd quarter valued at $29,000. KCS Wealth Advisory bought a new stake in General Dynamics in the 3rd quarter valued at $31,000. Kings Point Capital Management bought a new stake in General Dynamics in the 2nd quarter valued at $36,000. TCI Wealth Advisors Inc. lifted its position in General Dynamics by 213.3% in the 3rd quarter. TCI Wealth Advisors Inc. now owns 235 shares of the aerospace company’s stock valued at $43,000 after acquiring an additional 160 shares in the last quarter. Finally, Stonebridge Capital Advisors LLC bought a new stake in General Dynamics in the 2nd quarter valued at $46,000. Hedge funds and other institutional investors own 86.19% of the company’s stock.
In other news, EVP Christopher Marzilli sold 32,930 shares of the stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $187.16, for a total transaction of $6,163,178.80. Following the completion of the sale, the executive vice president now directly owns 100,557 shares in the company, valued at $18,820,248.12. The transaction was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 7.10% of the company’s stock.
Shares of GD traded up $2.34 during trading hours on Friday, hitting $185.29. 632,617 shares of the stock were exchanged, compared to its average volume of 1,363,026. General Dynamics Co. has a fifty-two week low of $143.87 and a fifty-two week high of $193.76. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.11 and a quick ratio of 0.74. The business has a 50-day moving average of $179.34 and a 200-day moving average of $179.33. The firm has a market capitalization of $51.87 billion, a P/E ratio of 16.23, a price-to-earnings-growth ratio of 1.75 and a beta of 1.17.
General Dynamics (NYSE:GD) last posted its quarterly earnings data on Wednesday, October 23rd. The aerospace company reported $3.14 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $3.06 by $0.08. General Dynamics had a net margin of 8.66% and a return on equity of 26.79%. The company had revenue of $9.76 billion during the quarter, compared to analysts’ expectations of $9.75 billion. During the same period in the prior year, the company posted $2.89 earnings per share. General Dynamics’s revenue for the quarter was up 7.3% compared to the same quarter last year. As a group, analysts forecast that General Dynamics Co. will post 11.91 earnings per share for the current fiscal year.
Several equities research analysts recently commented on the stock. Cowen set a $202.00 price objective on shares of General Dynamics and gave the company a “buy” rating in a research report on Friday, August 30th. Credit Suisse Group dropped their price target on shares of General Dynamics from $197.00 to $193.00 and set a “neutral” rating for the company in a research note on Thursday, October 24th. Zacks Investment Research raised shares of General Dynamics from a “hold” rating to a “buy” rating and set a $203.00 price target for the company in a research note on Monday, September 2nd. Barclays set a $215.00 price target on shares of General Dynamics and gave the company a “buy” rating in a research note on Tuesday, October 8th. Finally, Morgan Stanley dropped their price target on shares of General Dynamics from $173.00 to $172.00 and set an “underweight” rating for the company in a research note on Thursday, October 10th. One research analyst has rated the stock with a sell rating, ten have given a hold rating and six have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $192.66.
General Dynamics 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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