WASHINGTON TRUST Co reduced its stake in General Dynamics Co. (NYSE:GD) by 4.8% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,977 shares of the aerospace company’s stock after selling 100 shares during the period. WASHINGTON TRUST Co’s holdings in General Dynamics were worth $370,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Janus Capital Management LLC raised its position in shares of General Dynamics by 66.7% in the fourth quarter. Janus Capital Management LLC now owns 3,398,597 shares of the aerospace company’s stock valued at $586,887,000 after buying an additional 1,360,427 shares during the period. First Eagle Investment Management LLC raised its position in shares of General Dynamics by 96.4% in the third quarter. First Eagle Investment Management LLC now owns 1,780,485 shares of the aerospace company’s stock valued at $276,260,000 after buying an additional 873,795 shares during the period. Bain Capital Public Equity Management LLC bought a new position in shares of General Dynamics during the fourth quarter valued at approximately $103,234,000. Asset Management One Co. Ltd. raised its position in shares of General Dynamics by 1,757.5% in the fourth quarter. Asset Management One Co. Ltd. now owns 508,069 shares of the aerospace company’s stock valued at $87,742,000 after buying an additional 480,716 shares during the period. Finally, The Manufacturers Life Insurance Company bought a new position in shares of General Dynamics during the third quarter valued at approximately $71,674,000. Institutional investors and hedge funds own 87.35% of the company’s stock.
Shares of General Dynamics Co. (NYSE:GD) opened at 195.87 on Friday. The stock has a market capitalization of $59.11 billion, a P/E ratio of 19.64 and a beta of 0.75. The company’s 50-day moving average is $191.51 and its 200 day moving average is $181.85. General Dynamics Co. has a 12 month low of $132.68 and a 12 month high of $197.00.
General Dynamics (NYSE:GD) last announced its earnings results on Wednesday, April 26th. The aerospace company reported $2.48 EPS for the quarter, topping the Zacks’ consensus estimate of $2.32 by $0.16. The business had revenue of $7.44 billion during the quarter, compared to the consensus estimate of $7.70 billion. General Dynamics had a net margin of 9.42% and a return on equity of 27.92%. The firm’s revenue was down .5% on a year-over-year basis. During the same period in the previous year, the company posted $2.08 earnings per share. Equities research analysts predict that General Dynamics Co. will post $9.80 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, May 5th. Shareholders of record on Friday, April 7th were issued a $0.84 dividend. The ex-dividend date of this dividend was Wednesday, April 5th. This is an increase from General Dynamics’s previous quarterly dividend of $0.76. This represents a $3.36 dividend on an annualized basis and a yield of 1.72%. General Dynamics’s payout ratio is currently 31.90%.
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Several brokerages recently issued reports on GD. Sanford C. Bernstein reiterated a “mkt perform” rating on shares of General Dynamics in a research note on Wednesday, May 10th. Barclays PLC reiterated an “overweight” rating and issued a $210.00 price target (up from $200.00) on shares of General Dynamics in a research note on Monday, May 1st. Jefferies Group LLC reiterated a “buy” rating and issued a $220.00 price target (up from $200.00) on shares of General Dynamics in a research note on Friday, April 28th. Stifel Nicolaus increased their price target on shares of General Dynamics from $173.00 to $200.00 and gave the stock a “hold” rating in a research note on Thursday, April 27th. Finally, Royal Bank of Canada increased their price target on shares of General Dynamics from $211.00 to $220.00 and gave the stock an “outperform” rating in a research note on Thursday, April 27th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $198.98.
In other General Dynamics news, Director William P. Fricks sold 10,146 shares of the business’s stock in a transaction dated Thursday, March 2nd. The shares were sold at an average price of $191.19, for a total value of $1,939,813.74. Following the completion of the transaction, the director now directly owns 43,856 shares in the company, valued at $8,384,828.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Mark Lagrand Burns sold 19,075 shares of the business’s stock in a transaction dated Wednesday, March 29th. The stock was sold at an average price of $187.89, for a total transaction of $3,584,001.75. Following the completion of the transaction, the vice president now owns 48,453 shares of the company’s stock, valued at $9,103,834.17. The disclosure for this sale can be found here. Insiders sold 44,300 shares of company stock valued at $8,366,195 over the last quarter. 6.80% of the stock is currently owned by corporate insiders.
General Dynamics Company Profile
General Dynamics Corporation is a global aerospace and defense company. The Company offers a portfolio of products and services in business aviation; combat vehicles, weapons systems and munitions; information technology (IT) services and C4ISR (command, control, communications, computers, intelligence, surveillance and reconnaissance) solutions, and shipbuilding and ship repair.
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