Fifth Third Bancorp lessened its stake in shares of General Dynamics Co. (NYSE:GD) by 6.8% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 153,593 shares of the aerospace company’s stock after selling 11,125 shares during the period. Fifth Third Bancorp owned approximately 0.05% of General Dynamics worth $31,444,000 at the end of the most recent reporting period.
Other hedge funds also recently bought and sold shares of the company. Zions Bancorporation bought a new position in General Dynamics during the 3rd quarter valued at approximately $109,000. CSat Investment Advisory L.P. bought a new position in General Dynamics during the 2nd quarter valued at approximately $101,000. Fort L.P. bought a new position in General Dynamics during the 2nd quarter valued at approximately $117,000. Psagot Investment House Ltd. bought a new position in General Dynamics during the 3rd quarter valued at approximately $133,000. Finally, Ruggie Capital Group bought a new position in General Dynamics during the 2nd quarter valued at approximately $122,000. 86.38% of the stock is owned by institutional investors.
A number of research firms have commented on GD. Barclays reduced their target price on General Dynamics from $256.00 to $210.00 and set an “overweight” rating for the company in a report on Tuesday. Morgan Stanley reduced their target price on General Dynamics from $209.00 to $189.00 and set an “underweight” rating for the company in a report on Wednesday, November 14th. Argus reduced their target price on General Dynamics from $250.00 to $200.00 and set a “buy” rating for the company in a report on Friday, October 26th. Stifel Nicolaus reduced their target price on General Dynamics from $210.00 to $200.00 and set a “hold” rating for the company in a report on Friday, October 26th. Finally, Credit Suisse Group reduced their target price on General Dynamics from $229.00 to $216.00 and set an “outperform” rating for the company in a report on Thursday, October 25th. Three analysts have rated the stock with a sell rating, five have issued a hold rating and eleven have given a buy rating to the stock. General Dynamics currently has a consensus rating of “Hold” and a consensus price target of $227.44.
In other news, insider S. Daniel Johnson sold 77,810 shares of the firm’s stock in a transaction on Friday, September 14th. The stock was sold at an average price of $199.85, for a total value of $15,550,328.50. Following the transaction, the insider now directly owns 99,333 shares in the company, valued at approximately $19,851,700.05. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Mark Malcolm purchased 3,000 shares of the company’s stock in a transaction dated Friday, October 26th. The stock was purchased at an average price of $169.87 per share, for a total transaction of $509,610.00. Following the completion of the purchase, the director now owns 4,455 shares in the company, valued at $756,770.85. The disclosure for this purchase can be found here. Company insiders own 6.70% of the company’s stock.
GD stock opened at $167.38 on Friday. The firm has a market capitalization of $50.65 billion, a PE ratio of 16.82, a PEG ratio of 1.42 and a beta of 0.98. General Dynamics Co. has a 1 year low of $164.76 and a 1 year high of $230.00. The company has a current ratio of 1.27, a quick ratio of 0.87 and a debt-to-equity ratio of 0.89.
General Dynamics (NYSE:GD) last released its quarterly earnings results on Wednesday, October 24th. The aerospace company reported $2.89 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.76 by $0.13. The firm had revenue of $9.09 billion for the quarter, compared to the consensus estimate of $9.41 billion. General Dynamics had a return on equity of 27.22% and a net margin of 9.01%. The company’s revenue for the quarter was up 20.0% on a year-over-year basis. During the same period last year, the business posted $2.52 EPS. On average, equities research analysts expect that General Dynamics Co. will post 11.31 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, February 8th. Stockholders of record on Friday, January 18th will be paid a $0.93 dividend. The ex-dividend date of this dividend is Thursday, January 17th. This represents a $3.72 dividend on an annualized basis and a dividend yield of 2.22%. General Dynamics’s dividend payout ratio (DPR) is currently 37.39%.
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About General Dynamics
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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