Allspring Global Investments Holdings LLC Reduces Position in General Dynamics Corporation (NYSE:GD)

Allspring Global Investments Holdings LLC decreased its holdings in General Dynamics Corporation (NYSE:GD - Free Report) by 14.1% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 109,893 shares of the aerospace company's stock after selling 18,057 shares during the period. Allspring Global Investments Holdings LLC's holdings in General Dynamics were worth $30,126,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Jones Financial Companies Lllp boosted its stake in General Dynamics by 45.4% in the 4th quarter. Jones Financial Companies Lllp now owns 80,565 shares of the aerospace company's stock worth $21,228,000 after purchasing an additional 25,144 shares during the period. Renasant Bank boosted its position in shares of General Dynamics by 46.8% during the fourth quarter. Renasant Bank now owns 3,258 shares of the aerospace company's stock worth $858,000 after acquiring an additional 1,038 shares during the last quarter. Advisory Resource Group grew its stake in General Dynamics by 7.1% during the first quarter. Advisory Resource Group now owns 19,200 shares of the aerospace company's stock valued at $5,234,000 after acquiring an additional 1,276 shares in the last quarter. Retirement Guys Formula LLC bought a new stake in General Dynamics in the 1st quarter valued at $1,692,000. Finally, Quantbot Technologies LP lifted its stake in General Dynamics by 990.0% in the 4th quarter. Quantbot Technologies LP now owns 66,557 shares of the aerospace company's stock worth $17,537,000 after purchasing an additional 60,451 shares in the last quarter. Hedge funds and other institutional investors own 86.14% of the company's stock.

General Dynamics Stock Down 1.3%

General Dynamics stock traded down $3.92 during midday trading on Wednesday, hitting $290.46. 163,772 shares of the company's stock were exchanged, compared to its average volume of 1,392,053. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.82 and a current ratio of 1.34. The firm has a 50-day moving average of $277.32 and a two-hundred day moving average of $267.48. General Dynamics Corporation has a 12 month low of $239.20 and a 12 month high of $316.90. The company has a market cap of $77.96 billion, a PE ratio of 20.15, a P/E/G ratio of 1.96 and a beta of 0.46.

General Dynamics (NYSE:GD - Get Free Report) last issued its quarterly earnings data on Wednesday, April 23rd. The aerospace company reported $3.66 earnings per share for the quarter, topping analysts' consensus estimates of $3.43 by $0.23. General Dynamics had a return on equity of 17.82% and a net margin of 8.08%. The firm had revenue of $12.22 billion during the quarter, compared to analysts' expectations of $11.92 billion. During the same period in the prior year, the business posted $2.88 EPS. The firm's quarterly revenue was up 13.9% on a year-over-year basis. As a group, analysts expect that General Dynamics Corporation will post 14.83 earnings per share for the current fiscal year.

General Dynamics Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 8th. Investors of record on Thursday, July 3rd will be given a dividend of $1.50 per share. The ex-dividend date of this dividend is Thursday, July 3rd. This represents a $6.00 dividend on an annualized basis and a yield of 2.07%. General Dynamics's payout ratio is 41.61%.

Insiders Place Their Bets

In other news, CEO Phebe N. Novakovic sold 7,639 shares of the stock in a transaction on Monday, June 16th. The stock was sold at an average price of $280.44, for a total transaction of $2,142,281.16. Following the completion of the sale, the chief executive officer owned 769,607 shares in the company, valued at approximately $215,828,587.08. This represents a 0.98% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 1.50% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on GD. Morgan Stanley reduced their target price on General Dynamics from $305.00 to $300.00 and set an "equal weight" rating on the stock in a report on Thursday, April 24th. UBS Group upped their price objective on General Dynamics from $268.00 to $279.00 and gave the stock a "neutral" rating in a report on Thursday, April 24th. Wells Fargo & Company reduced their price target on shares of General Dynamics from $261.00 to $236.00 and set an "equal weight" rating on the stock in a research report on Tuesday, April 8th. TD Cowen upped their price target on shares of General Dynamics from $290.00 to $300.00 and gave the company a "buy" rating in a research note on Wednesday, June 25th. Finally, Argus set a $295.00 price objective on shares of General Dynamics in a research note on Tuesday, May 6th. One equities research analyst has rated the stock with a sell rating, fourteen have given a hold rating and seven have assigned a buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $290.24.

General Dynamics Profile

General Dynamics Corporation operates as an aerospace and defense company worldwide. It operates through four segments: Aerospace, Marine Systems, Combat Systems, and Technologies. The Aerospace segment produces and sells business jets; and offers aircraft maintenance and repair, management, aircraft-on-ground support and completion, charter, staffing, and fixed-base operator services.