State of New Jersey Common Pension Fund D lessened its holdings in General Dynamics Co. (NYSE:GD) by 39.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 270,000 shares of the aerospace company’s stock after selling 175,000 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in General Dynamics were worth $45,706,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also modified their holdings of the company. Financial Gravity Companies Inc. bought a new position in General Dynamics during the 4th quarter worth approximately $25,000. We Are One Seven LLC bought a new position in General Dynamics during the 4th quarter worth approximately $27,000. Aspire Private Capital LLC bought a new position in General Dynamics during the 4th quarter worth approximately $29,000. CX Institutional bought a new position in General Dynamics during the 1st quarter worth approximately $45,000. Finally, Athena Capital Advisors LLC bought a new position in General Dynamics during the 4th quarter worth approximately $46,000. 87.16% of the stock is currently owned by institutional investors.
Shares of NYSE GD traded down $3.22 during midday trading on Tuesday, reaching $172.14. The company’s stock had a trading volume of 7,080 shares, compared to its average volume of 1,324,367. The company has a quick ratio of 0.82, a current ratio of 1.23 and a debt-to-equity ratio of 0.94. General Dynamics Co. has a fifty-two week low of $143.87 and a fifty-two week high of $208.88. The company has a market capitalization of $51.04 billion, a PE ratio of 15.04, a price-to-earnings-growth ratio of 1.69 and a beta of 1.13.
The company also recently announced a quarterly dividend, which will be paid on Friday, May 10th. Investors of record on Friday, April 12th will be issued a dividend of $1.02 per share. This represents a $4.08 dividend on an annualized basis and a yield of 2.37%. This is an increase from General Dynamics’s previous quarterly dividend of $0.93. The ex-dividend date is Thursday, April 11th. General Dynamics’s payout ratio is presently 35.73%.
In related news, VP Gary L. Whited sold 14,640 shares of the business’s stock in a transaction on Friday, March 8th. The shares were sold at an average price of $165.38, for a total transaction of $2,421,163.20. Following the transaction, the vice president now directly owns 30,462 shares in the company, valued at $5,037,805.56. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP John Patrick Casey sold 45,470 shares of the business’s stock in a transaction on Monday, April 15th. The stock was sold at an average price of $172.46, for a total transaction of $7,841,756.20. Following the transaction, the executive vice president now owns 148,133 shares in the company, valued at $25,547,017.18. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 64,690 shares of company stock worth $11,052,603. 7.10% of the stock is owned by corporate insiders.
A number of research analysts have weighed in on GD shares. Zacks Investment Research lowered shares of General Dynamics from a “buy” rating to a “hold” rating in a research note on Monday. UBS Group lifted their price target on shares of General Dynamics from $175.00 to $190.00 and gave the company a “neutral” rating in a research note on Thursday, April 25th. JPMorgan Chase & Co. raised shares of General Dynamics from an “underweight” rating to a “neutral” rating and lifted their price target for the company from $188.00 to $200.00 in a research note on Thursday, April 25th. They noted that the move was a valuation call. Cowen reaffirmed a “buy” rating and issued a $202.00 price target on shares of General Dynamics in a research note on Wednesday, April 24th. Finally, Credit Suisse Group lowered shares of General Dynamics from an “outperform” rating to a “neutral” rating and cut their price target for the company from $190.00 to $184.00 in a research note on Friday, February 15th. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have given a buy rating to the company’s stock. General Dynamics has a consensus rating of “Hold” and an average price target of $198.43.
General Dynamics Profile
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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