Canandaigua National Bank & Trust Co. Cuts Stock Position in General Dynamics Corporation (NYSE:GD)

Canandaigua National Bank & Trust Co. reduced its stake in General Dynamics Corporation (NYSE:GD - Free Report) by 8.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 11,455 shares of the aerospace company's stock after selling 1,117 shares during the period. Canandaigua National Bank & Trust Co.'s holdings in General Dynamics were worth $3,122,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. LifePlan Financial LLC grew its position in General Dynamics by 3.3% during the 1st quarter. LifePlan Financial LLC now owns 1,585 shares of the aerospace company's stock valued at $432,000 after purchasing an additional 51 shares during the last quarter. Ameritas Advisory Services LLC increased its position in shares of General Dynamics by 215.7% during the first quarter. Ameritas Advisory Services LLC now owns 4,672 shares of the aerospace company's stock valued at $1,266,000 after acquiring an additional 3,192 shares in the last quarter. Amalgamated Bank raised its holdings in General Dynamics by 0.5% in the 1st quarter. Amalgamated Bank now owns 51,924 shares of the aerospace company's stock worth $14,153,000 after acquiring an additional 274 shares during the last quarter. Verity Asset Management Inc. lifted its position in General Dynamics by 84.4% in the 1st quarter. Verity Asset Management Inc. now owns 3,336 shares of the aerospace company's stock valued at $909,000 after acquiring an additional 1,527 shares in the last quarter. Finally, Stonebridge Financial Group LLC lifted its position in General Dynamics by 4.8% in the 1st quarter. Stonebridge Financial Group LLC now owns 16,385 shares of the aerospace company's stock valued at $4,466,000 after acquiring an additional 753 shares in the last quarter. 86.14% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at General Dynamics

In other General Dynamics news, CEO Phebe N. Novakovic sold 7,639 shares of the firm's stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $280.44, for a total value of $2,142,281.16. Following the completion of the sale, the chief executive officer now owns 769,607 shares of the company's stock, valued at approximately $215,828,587.08. This trade represents a 0.98% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.50% of the stock is owned by corporate insiders.

General Dynamics Trading Down 0.2%

GD stock opened at $290.83 on Monday. The company has a quick ratio of 0.82, a current ratio of 1.34 and a debt-to-equity ratio of 0.33. The firm's fifty day simple moving average is $276.55 and its two-hundred day simple moving average is $267.09. General Dynamics Corporation has a twelve month low of $239.20 and a twelve month high of $316.90. The stock has a market capitalization of $78.06 billion, a price-to-earnings ratio of 20.17, a price-to-earnings-growth ratio of 1.96 and a beta of 0.46.

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

General Dynamics Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 8th. Stockholders of record on Thursday, July 3rd will be paid 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 dividend yield of 2.06%. General Dynamics's dividend payout ratio is presently 41.61%.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the company. TD Securities upped their price target on General Dynamics from $275.00 to $290.00 and gave the company a "buy" rating in a report on Thursday, April 24th. Cowen reiterated a "buy" rating on shares of General Dynamics in a research note on Wednesday. Morgan Stanley decreased 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 raised their price target on General Dynamics from $268.00 to $279.00 and gave the company a "neutral" rating in a report on Thursday, April 24th. Finally, Susquehanna lifted their price objective on shares of General Dynamics from $300.00 to $315.00 and gave the company a "positive" rating in a research report on Wednesday, April 2nd. One research analyst has rated the stock with a sell rating, fourteen have given a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $290.24.

General Dynamics Company 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.

Want to see what other hedge funds are holding GD? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for General Dynamics Corporation (NYSE:GD - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.