Johnson Investment Counsel Inc. Lowers Position in General Dynamics Co. (NYSE:GD)

Johnson Investment Counsel Inc. cut its holdings in shares of General Dynamics Co. (NYSE:GD) by 14.3% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 3,026 shares of the aerospace company’s stock after selling 504 shares during the quarter. Johnson Investment Counsel Inc.’s holdings in General Dynamics were worth $651,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of the business. Mirae Asset Global Investments Co. Ltd. boosted its holdings in General Dynamics by 12.4% during the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 40,305 shares of the aerospace company’s stock valued at $8,672,000 after acquiring an additional 4,452 shares during the period. Shelton Capital Management boosted its holdings in General Dynamics by 29.1% during the 2nd quarter. Shelton Capital Management now owns 36,386 shares of the aerospace company’s stock valued at $7,828,000 after acquiring an additional 8,200 shares during the period. Kelleher Financial Advisors raised its holdings in General Dynamics by 20.9% during the second quarter. Kelleher Financial Advisors now owns 1,363 shares of the aerospace company’s stock worth $293,000 after purchasing an additional 236 shares during the last quarter. Boston Partners raised its holdings in General Dynamics by 12.4% during the second quarter. Boston Partners now owns 1,565,693 shares of the aerospace company’s stock worth $337,728,000 after purchasing an additional 172,573 shares during the last quarter. Finally, Prospector Partners LLC raised its holdings in General Dynamics by 1.0% during the second quarter. Prospector Partners LLC now owns 24,410 shares of the aerospace company’s stock worth $5,252,000 after purchasing an additional 250 shares during the last quarter. 86.08% of the stock is currently owned by hedge funds and other institutional investors.

General Dynamics Stock Performance

General Dynamics stock opened at $245.78 on Tuesday. The firm has a market capitalization of $67.07 billion, a P/E ratio of 20.55, a PEG ratio of 2.18 and a beta of 0.77. The stock has a fifty day moving average price of $233.47 and a 200 day moving average price of $222.58. General Dynamics Co. has a 52 week low of $202.35 and a 52 week high of $256.86. The company has a current ratio of 1.43, a quick ratio of 0.91 and a debt-to-equity ratio of 0.46.

General Dynamics (NYSE:GD) last announced its quarterly earnings data on Wednesday, October 25th. The aerospace company reported $3.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.87 by $0.17. General Dynamics had a return on equity of 17.13% and a net margin of 7.97%. The firm had revenue of $10.57 billion for the quarter, compared to analysts’ expectations of $10.05 billion. During the same quarter in the prior year, the firm posted $3.26 earnings per share. General Dynamics’s revenue for the quarter was up 6.0% compared to the same quarter last year. Equities research analysts anticipate that General Dynamics Co. will post 12.59 earnings per share for the current year.

Wall Street Analysts Forecast Growth

GD has been the subject of several research reports. Citigroup reaffirmed a “buy” rating and set a $283.00 price objective on shares of General Dynamics in a report on Tuesday, September 19th. Deutsche Bank Aktiengesellschaft initiated coverage on General Dynamics in a report on Wednesday, September 27th. They set a “buy” rating and a $271.00 price objective for the company. Morgan Stanley boosted their price target on General Dynamics from $248.00 to $250.00 in a report on Thursday, July 27th. Bank Of America (Bofa) boosted their price target on General Dynamics from $295.00 to $305.00 and gave the stock a “buy” rating in a report on Tuesday, October 24th. Finally, Wells Fargo & Company boosted their price target on General Dynamics from $243.00 to $264.00 and gave the stock an “overweight” rating in a report on Thursday, October 26th. Three analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $263.43.

Insider Transactions at General Dynamics

In other news, VP Gregory S. Gallopoulos sold 33,200 shares of the stock in a transaction that occurred on Monday, October 30th. The stock was sold at an average price of $238.37, for a total transaction of $7,913,884.00. Following the sale, the vice president now directly owns 113,319 shares in the company, valued at approximately $27,011,850.03. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.52% of the company’s stock.

About General Dynamics

General Dynamics Corporation operates as an aerospace and defense company worldwide. It operates through four segments: Aerospace, Marine Systems, Combat Systems, and Technologies. The Aerospace segment produces and sells business jets; and offers aircraft maintenance and repair, management, aircraft-on-ground support and completion, charter, staffing, and fixed-base operator services.