State Treasurer State of Michigan decreased its holdings in shares of General Dynamics Co. (NYSE:GD) by 16.8% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 65,027 shares of the aerospace company’s stock after selling 13,100 shares during the period. State Treasurer State of Michigan’s holdings in General Dynamics were worth $11,823,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Harvest Group Wealth Management LLC acquired a new position in General Dynamics during the 1st quarter worth approximately $28,000. TCG Advisors LP acquired a new position in General Dynamics during the 1st quarter worth approximately $38,000. Zions Bancorporation N.A. acquired a new stake in shares of General Dynamics in the 1st quarter worth approximately $40,000. Princeton Global Asset Management LLC acquired a new stake in shares of General Dynamics in the 1st quarter worth approximately $42,000. Finally, Horan Capital Advisors LLC. acquired a new stake in shares of General Dynamics in the 1st quarter worth approximately $47,000. Institutional investors own 86.79% of the company’s stock.
A number of equities research analysts recently weighed in on GD shares. ValuEngine upgraded General Dynamics from a “sell” rating to a “hold” rating in a report on Thursday, June 6th. JPMorgan Chase & Co. upgraded General Dynamics from an “underweight” rating to a “neutral” rating and upped their price target for the stock from $188.00 to $200.00 in a report on Thursday, April 25th. They noted that the move was a valuation call. Robert W. Baird upped their price target on General Dynamics from $188.00 to $218.00 and gave the stock an “outperform” rating in a report on Wednesday, July 10th. Zacks Investment Research upgraded General Dynamics from a “hold” rating to a “buy” rating and set a $171.00 price target on the stock in a report on Monday, June 3rd. Finally, UBS Group upped their price target on General Dynamics from $175.00 to $190.00 and gave the stock a “neutral” rating in a report on Thursday, April 25th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and seven have assigned a buy rating to the company’s stock. General Dynamics has an average rating of “Hold” and a consensus price target of $191.35.
General Dynamics (NYSE:GD) last posted its earnings results on Wednesday, July 24th. The aerospace company reported $2.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.68 by $0.09. General Dynamics had a return on equity of 26.81% and a net margin of 8.65%. The firm had revenue of $9.56 billion for the quarter, compared to analyst estimates of $9.36 billion. During the same quarter in the prior year, the company earned $2.82 EPS. General Dynamics’s revenue was up 4.0% on a year-over-year basis. As a group, equities analysts anticipate that General Dynamics Co. will post 11.83 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, August 9th. Investors of record on Friday, July 5th will be paid a $1.02 dividend. This represents a $4.08 dividend on an annualized basis and a yield of 2.27%. The ex-dividend date of this dividend is Wednesday, July 3rd. General Dynamics’s payout ratio is currently 35.73%.
In other news, Director William A. Osborn sold 1,500 shares of the company’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $182.56, for a total transaction of $273,840.00. Following the completion of the sale, the director now directly owns 37,585 shares in the company, valued at approximately $6,861,517.60. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Gary L. Whited sold 14,029 shares of the company’s stock in a transaction on Tuesday, July 30th. The stock was sold at an average price of $188.38, for a total value of $2,642,783.02. Following the sale, the vice president now owns 37,542 shares of the company’s stock, valued at $7,072,161.96. The disclosure for this sale can be found here. 7.10% of the stock is currently owned by corporate insiders.
About General Dynamics
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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