Burney Co. Reduces Stake in General Dynamics Corporation $GD

Key Points

• Burney Co. reduced its General Dynamics stake by 21.1% in the first quarter, selling 3,585 shares and leaving it with 13,373 shares worth about $4.59 million.
• General Dynamics reported a strong quarter, with EPS of $4.10 beating estimates and revenue of $13.48 billion topping expectations; revenue also rose 10.3% year over year.
• The company announced a quarterly dividend of $1.59 per share payable on August 7, while analysts remain generally positive with a Moderate Buy consensus and a price target of $389.15.

Burney Co. cut its stake in General Dynamics Corporation (NYSE:GD - Free Report) by 21.1% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 13,373 shares of the aerospace company's stock after selling 3,585 shares during the quarter. Burney Co.'s holdings in General Dynamics were worth $4,590,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of GD. KERR FINANCIAL PLANNING Corp purchased a new stake in shares of General Dynamics in the 3rd quarter valued at approximately $25,000. Dagco Inc. purchased a new stake in shares of General Dynamics during the 4th quarter valued at approximately $25,000. Burkett Financial Services LLC lifted its holdings in General Dynamics by 650.0% in the third quarter. Burkett Financial Services LLC now owns 75 shares of the aerospace company's stock valued at $26,000 after acquiring an additional 65 shares during the last quarter. Steph & Co. grew its position in General Dynamics by 65.2% in the fourth quarter. Steph & Co. now owns 76 shares of the aerospace company's stock worth $26,000 after acquiring an additional 30 shares during the period. Finally, Center for Financial Planning Inc. increased its stake in General Dynamics by 220.7% during the fourth quarter. Center for Financial Planning Inc. now owns 93 shares of the aerospace company's stock worth $31,000 after acquiring an additional 64 shares during the last quarter. Hedge funds and other institutional investors own 86.14% of the company's stock.

General Dynamics Stock Performance

NYSE:GD opened at $374.49 on Wednesday. General Dynamics Corporation has a 52 week low of $293.95 and a 52 week high of $380.71. The company has a fifty day simple moving average of $347.36 and a two-hundred day simple moving average of $348.95. The company has a quick ratio of 0.90, a current ratio of 1.38 and a debt-to-equity ratio of 0.24. The company has a market cap of $101.27 billion, a price-to-earnings ratio of 23.57, a price-to-earnings-growth ratio of 2.34 and a beta of 0.34.

General Dynamics (NYSE:GD - Get Free Report) last announced its quarterly earnings data on Wednesday, April 29th. The aerospace company reported $4.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.67 by $0.43. General Dynamics had a return on equity of 17.41% and a net margin of 8.07%.The business had revenue of $13.48 billion for the quarter, compared to analysts' expectations of $12.70 billion. During the same period last year, the firm earned $3.66 earnings per share. The company's revenue for the quarter was up 10.3% compared to the same quarter last year. As a group, equities analysts anticipate that General Dynamics Corporation will post 16.63 earnings per share for the current fiscal year.

General Dynamics Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 7th. Investors of record on Thursday, July 2nd will be paid a dividend of $1.59 per share. This represents a $6.36 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date is Thursday, July 2nd. General Dynamics's dividend payout ratio is presently 40.03%.

Insider Buying and Selling

In other General Dynamics news, EVP Mark Lagrand Burns sold 36,480 shares of the business's stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $345.29, for a total transaction of $12,596,179.20. Following the completion of the transaction, the executive vice president owned 38,975 shares in the company, valued at $13,457,677.75. The trade was a 48.35% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Mark Malcolm sold 5,480 shares of the firm's stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $365.00, for a total value of $2,000,200.00. Following the completion of the sale, the director owned 10,643 shares in the company, valued at approximately $3,884,695. This represents a 33.99% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 78,190 shares of company stock worth $27,041,022 over the last 90 days. Insiders own 1.40% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Wall Street Zen upgraded General Dynamics from a "buy" rating to a "strong-buy" rating in a research report on Saturday, June 13th. Bank of America raised their price objective on General Dynamics from $400.00 to $415.00 and gave the stock a "buy" rating in a research report on Monday. BNP Paribas Exane reduced their price objective on shares of General Dynamics from $430.00 to $390.00 and set an "outperform" rating on the stock in a report on Thursday, April 30th. Weiss Ratings raised shares of General Dynamics from a "buy (b-)" rating to a "buy (b)" rating in a research note on Wednesday, July 1st. Finally, Jefferies Financial Group upgraded shares of General Dynamics from a "hold" rating to a "buy" rating and lifted their price target for the company from $380.00 to $400.00 in a research report on Thursday, June 11th. Two analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, General Dynamics currently has a consensus rating of "Moderate Buy" and a consensus price target of $389.15.

General Dynamics Profile

General Dynamics is a major American aerospace and defense contractor that designs, manufactures and supports a broad range of products and services for government and commercial customers worldwide. Headquartered in the United States (Reston, Virginia), the company supplies platforms and systems used by armed forces, civil authorities and private operators across multiple domains including air, land, sea and cyber.

Its principal activities span several operating businesses: a business aviation unit that develops and supports Gulfstream business jets; land systems that produce armored combat vehicles and related logistics and sustainment services; marine systems that design and construct submarines and surface ships for navies; and mission systems and information technology operations that provide command-and-control, communications, cybersecurity and systems-integration services.

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