Capital Investment Counsel Inc bought a new stake in General Dynamics Co. (NYSE:GD) during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund bought 1,200 shares of the aerospace company’s stock, valued at approximately $203,000.
Other institutional investors and hedge funds also recently bought and sold shares of the company. CNB Bank lifted its holdings in shares of General Dynamics by 11.6% during the first quarter. CNB Bank now owns 3,747 shares of the aerospace company’s stock worth $634,000 after purchasing an additional 389 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of General Dynamics by 5.2% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 49,167 shares of the aerospace company’s stock worth $8,323,000 after purchasing an additional 2,430 shares during the period. Quadrant Capital Group LLC lifted its holdings in shares of General Dynamics by 58.5% during the first quarter. Quadrant Capital Group LLC now owns 1,051 shares of the aerospace company’s stock worth $173,000 after purchasing an additional 388 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. lifted its holdings in shares of General Dynamics by 5.8% during the first quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 36,842 shares of the aerospace company’s stock worth $6,237,000 after purchasing an additional 2,032 shares during the period. Finally, Arrow Financial Corp lifted its holdings in shares of General Dynamics by 1.2% during the first quarter. Arrow Financial Corp now owns 6,741 shares of the aerospace company’s stock worth $1,141,000 after purchasing an additional 80 shares during the period. Institutional investors own 86.41% of the company’s stock.
Shares of GD traded down $2.17 during midday trading on Wednesday, reaching $169.28. 916,570 shares of the company were exchanged, compared to its average volume of 1,369,919. The stock has a market cap of $48.06 billion, a PE ratio of 14.82, a P/E/G ratio of 1.59 and a beta of 1.13. General Dynamics Co. has a 1-year low of $143.87 and a 1-year high of $208.88. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.23 and a quick ratio of 0.82.
General Dynamics (NYSE:GD) last issued its quarterly earnings data on Wednesday, April 24th. The aerospace company reported $2.56 EPS for the quarter, topping the Zacks’ consensus estimate of $2.38 by $0.18. The company had revenue of $9.26 billion for the quarter, compared to analysts’ expectations of $8.90 billion. General Dynamics had a return on equity of 27.62% and a net margin of 8.68%. The firm’s quarterly revenue was up 22.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.65 earnings per share. On average, research analysts anticipate that General Dynamics Co. will post 11.74 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, May 10th. Shareholders of record on Friday, April 12th were paid a dividend of $1.02 per share. This represents a $4.08 dividend on an annualized basis and a dividend yield of 2.41%. The ex-dividend date of this dividend was Thursday, April 11th. This is a boost from General Dynamics’s previous quarterly dividend of $0.93. General Dynamics’s payout ratio is currently 35.73%.
A number of brokerages have issued reports on GD. Goldman Sachs Group raised General Dynamics from a “neutral” rating to a “buy” rating and set a $204.00 price target for the company in a report on Sunday. Zacks Investment Research cut General Dynamics from a “buy” rating to a “hold” rating in a report on Friday, May 17th. UBS Group upped their price target on 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 General Dynamics from an “underweight” rating to a “neutral” rating and increased their price target for the company from $188.00 to $200.00 in a research report on Thursday, April 25th. They noted that the move was a valuation call. Finally, Cowen reaffirmed a “buy” rating and set a $202.00 price objective on shares of General Dynamics in a research report on Wednesday, April 24th. Two equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and seven have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $198.16.
In related news, Director Lester L. Lyles sold 4,580 shares of the business’s stock in a transaction dated Friday, February 22nd. The stock was sold at an average price of $172.42, for a total value of $789,683.60. Following the completion of the sale, the director now directly owns 12,314 shares of the company’s stock, valued at $2,123,179.88. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP John Patrick Casey sold 45,470 shares of the business’s stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $172.46, for a total value of $7,841,756.20. Following the completion of the sale, the executive vice president now directly owns 148,133 shares of the company’s stock, valued at $25,547,017.18. The disclosure for this sale can be found here. In the last quarter, insiders sold 64,690 shares of company stock worth $11,052,603. Insiders own 7.10% of the company’s stock.
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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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