TD Asset Management Inc. decreased its stake in shares of General Dynamics Co. (NYSE:GD) by 58.0% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 141,591 shares of the aerospace company’s stock after selling 195,832 shares during the quarter. TD Asset Management Inc.’s holdings in General Dynamics were worth $28,987,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently made changes to their positions in GD. Bank of Montreal Can bought a new stake in General Dynamics during the 2nd quarter valued at about $258,844,000. Cornerstone Wealth Management LLC lifted its holdings in General Dynamics by 1,393.1% during the 3rd quarter. Cornerstone Wealth Management LLC now owns 658,951 shares of the aerospace company’s stock valued at $3,086,000 after buying an additional 614,817 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec lifted its holdings in General Dynamics by 29.0% during the 2nd quarter. Caisse DE Depot ET Placement DU Quebec now owns 2,243,297 shares of the aerospace company’s stock valued at $418,173,000 after buying an additional 504,326 shares in the last quarter. Levin Capital Strategies L.P. bought a new stake in General Dynamics during the 2nd quarter valued at about $68,282,000. Finally, Chevy Chase Trust Holdings Inc. bought a new stake in General Dynamics during the 2nd quarter valued at about $43,807,000. Institutional investors own 85.84% of the company’s stock.
NYSE:GD opened at $184.50 on Friday. General Dynamics Co. has a one year low of $164.76 and a one year high of $230.00. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.27 and a quick ratio of 0.87. The stock has a market capitalization of $54.80 billion, a PE ratio of 18.54, a price-to-earnings-growth ratio of 1.47 and a beta of 0.98.
General Dynamics (NYSE:GD) last posted its quarterly earnings results on Wednesday, October 24th. The aerospace company reported $2.89 EPS for the quarter, beating the consensus estimate of $2.76 by $0.13. General Dynamics had a net margin of 9.01% and a return on equity of 27.22%. The business had revenue of $9.09 billion during the quarter, compared to analyst estimates of $9.41 billion. During the same quarter in the previous year, the business posted $2.52 EPS. The company’s quarterly revenue was up 20.0% compared to the same quarter last year. Research analysts forecast that General Dynamics Co. will post 11.3 earnings per share for the current year.
GD has been the subject of a number of research analyst reports. Cowen reiterated a “buy” rating and set a $253.00 price objective on shares of General Dynamics in a report on Wednesday, October 24th. Argus decreased their price objective on shares of General Dynamics from $250.00 to $200.00 and set a “buy” rating for the company in a report on Friday, October 26th. Drexel Hamilton reiterated a “buy” rating and set a $230.00 price objective on shares of General Dynamics in a report on Thursday, August 16th. Bank of America set a $275.00 price objective on shares of General Dynamics and gave the company a “buy” rating in a report on Tuesday, July 31st. Finally, ValuEngine upgraded shares of General Dynamics from a “sell” rating to a “hold” rating in a report on Saturday, July 28th. Three research analysts have rated the stock with a sell rating, five have given a hold rating and eleven have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $231.00.
In related news, insider John Patrick Casey sold 22,500 shares of the business’s stock in a transaction that occurred on Monday, October 15th. The shares were sold at an average price of $193.28, for a total transaction of $4,348,800.00. Following the completion of the transaction, the insider now owns 118,555 shares in the company, valued at approximately $22,914,310.40. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider S. Daniel Johnson sold 77,810 shares of the business’s stock in a transaction that occurred on Friday, September 14th. The stock was sold at an average price of $199.85, for a total transaction of $15,550,328.50. Following the transaction, the insider now owns 99,333 shares of the company’s stock, valued at approximately $19,851,700.05. The disclosure for this sale can be found here. Insiders own 6.70% of the company’s stock.
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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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