Panagora Asset Management Inc. cut its stake in shares of General Dynamics Co. (NYSE:GD) by 39.2% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 22,398 shares of the aerospace company’s stock after selling 14,457 shares during the period. Panagora Asset Management Inc.’s holdings in General Dynamics were worth $4,585,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Cornerstone Wealth Management LLC acquired a new position in shares of General Dynamics in the second quarter worth about $235,000. Acadian Asset Management LLC acquired a new position in shares of General Dynamics in the second quarter worth about $247,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of General Dynamics in the second quarter worth about $1,146,000. Victory Capital Management Inc. boosted its holdings in shares of General Dynamics by 9.6% in the second quarter. Victory Capital Management Inc. now owns 20,470 shares of the aerospace company’s stock worth $3,816,000 after buying an additional 1,794 shares during the period. Finally, CIBC Private Wealth Group LLC boosted its holdings in shares of General Dynamics by 3.9% in the second quarter. CIBC Private Wealth Group LLC now owns 28,426 shares of the aerospace company’s stock worth $5,300,000 after buying an additional 1,076 shares during the period. Institutional investors own 86.38% of the company’s stock.
NYSE GD opened at $167.38 on Friday. The company has a quick ratio of 0.87, a current ratio of 1.27 and a debt-to-equity ratio of 0.89. The company has a market capitalization of $50.65 billion, a price-to-earnings ratio of 16.82, a price-to-earnings-growth ratio of 1.42 and a beta of 0.98. General Dynamics Co. has a 12-month low of $164.76 and a 12-month high of $230.00.
General Dynamics (NYSE:GD) last posted its earnings results on Wednesday, October 24th. The aerospace company reported $2.89 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.76 by $0.13. The firm had revenue of $9.09 billion during the quarter, compared to analysts’ expectations of $9.41 billion. General Dynamics had a net margin of 9.01% and a return on equity of 27.22%. The company’s revenue was up 20.0% compared to the same quarter last year. During the same period in the previous year, the company earned $2.52 earnings per share. As a group, analysts anticipate that General Dynamics Co. will post 11.31 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, February 8th. Shareholders of record on Friday, January 18th will be paid a $0.93 dividend. This represents a $3.72 dividend on an annualized basis and a yield of 2.22%. The ex-dividend date is Thursday, January 17th. General Dynamics’s dividend payout ratio (DPR) is presently 37.39%.
Several analysts recently commented on the stock. UBS Group assumed coverage on shares of General Dynamics in a report on Wednesday, August 15th. They set a “neutral” rating and a $210.00 price target for the company. Argus decreased their price target 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 restated a “buy” rating and set a $230.00 price target on shares of General Dynamics in a report on Thursday, August 16th. Stifel Nicolaus decreased their price target on shares of General Dynamics from $210.00 to $200.00 and set a “hold” rating for the company in a report on Friday, October 26th. Finally, Citigroup decreased their price target on shares of General Dynamics from $210.00 to $195.00 and set a “neutral” rating for the company in a report on Thursday, October 25th. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and eleven have issued a buy rating to the stock. General Dynamics presently has an average rating of “Hold” and an average target price of $227.44.
In other General Dynamics news, Director Mark Malcolm bought 3,000 shares of General Dynamics stock in a transaction on Friday, October 26th. The stock was purchased at an average cost of $169.87 per share, for a total transaction of $509,610.00. Following the completion of the purchase, the director now directly owns 4,455 shares of the company’s stock, valued at $756,770.85. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider John Patrick Casey sold 22,500 shares of General Dynamics 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 sale, the insider now owns 118,555 shares of the company’s stock, valued at $22,914,310.40. The disclosure for this sale can be found here. 6.70% of the stock is owned by insiders.
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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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