Cary Street Partners Financial LLC Increases Position in General Dynamics Corporation (NYSE:GD)

Key Points

• Cary Street Partners Financial LLC increased its position in General Dynamics by 48.7% during the first quarter, owning 25,544 shares valued at approximately $6.96 million.
• Multiple institutional investors, including GAMMA Investing LLC and Capital Research Global Investors, significantly increased their holdings, indicating strong institutional interest in General Dynamics.
• Analysts have set a consensus price target of $315.78 for General Dynamics, with recent price targets ranging from $295.00 to $350.00, reflecting positive market sentiment towards the stock.

Cary Street Partners Financial LLC increased its position in General Dynamics Corporation (NYSE:GD - Free Report) by 48.7% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 25,544 shares of the aerospace company's stock after buying an additional 8,367 shares during the quarter. Cary Street Partners Financial LLC's holdings in General Dynamics were worth $6,963,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also added to or reduced their stakes in the business. Rialto Wealth Management LLC grew its holdings in General Dynamics by 213.8% during the 1st quarter. Rialto Wealth Management LLC now owns 91 shares of the aerospace company's stock worth $25,000 after acquiring an additional 62 shares during the period. Inlight Wealth Management LLC acquired a new stake in General Dynamics during the first quarter worth approximately $26,000. Smallwood Wealth Investment Management LLC bought a new stake in General Dynamics in the first quarter worth approximately $27,000. Copia Wealth Management acquired a new position in General Dynamics in the fourth quarter valued at approximately $27,000. Finally, Heck Capital Advisors LLC acquired a new stake in shares of General Dynamics during the 4th quarter worth approximately $28,000. Institutional investors own 86.14% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on GD shares. TD Cowen boosted their target price on shares of General Dynamics from $290.00 to $300.00 and gave the company a "buy" rating in a research report on Wednesday, June 25th. Jefferies Financial Group set a $325.00 price objective on shares of General Dynamics and gave the company a "hold" rating in a report on Wednesday, July 9th. Citigroup raised their target price on General Dynamics from $348.00 to $368.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. UBS Group upped their price target on General Dynamics from $309.00 to $333.00 and gave the stock a "neutral" rating in a research note on Thursday, July 24th. Finally, TD Securities raised their price objective on General Dynamics from $275.00 to $290.00 and gave the company a "buy" rating in a research note on Thursday, April 24th. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and nine have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and an average price target of $315.78.

General Dynamics Stock Performance

Shares of GD stock traded up $1.25 during trading on Friday, hitting $313.98. The company's stock had a trading volume of 1,157,284 shares, compared to its average volume of 1,263,103. The business has a fifty day moving average of $294.07 and a 200-day moving average of $275.16. The company has a market cap of $84.46 billion, a PE ratio of 21.07, a P/E/G ratio of 1.92 and a beta of 0.48. General Dynamics Corporation has a 52 week low of $239.20 and a 52 week high of $322.50. The company has a current ratio of 1.36, a quick ratio of 0.83 and a debt-to-equity ratio of 0.32.

General Dynamics (NYSE:GD - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The aerospace company reported $3.74 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.47 by $0.27. The firm had revenue of $13.04 billion during the quarter, compared to the consensus estimate of $12.13 billion. General Dynamics had a return on equity of 17.99% and a net margin of 8.13%. The business's revenue for the quarter was up 8.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.26 EPS. As a group, research analysts anticipate that General Dynamics Corporation will post 14.83 earnings per share for the current year.

General Dynamics Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Shareholders of record on Friday, October 10th will be issued a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend is Friday, October 10th. General Dynamics's dividend payout ratio is 40.27%.

Insider Buying and Selling at General Dynamics

In other news, CEO Phebe N. Novakovic sold 178,821 shares of the firm's stock in a transaction on Friday, June 13th. The stock was sold at an average price of $283.13, for a total value of $50,629,589.73. Following the completion of the transaction, the chief executive officer directly owned 769,607 shares of the company's stock, valued at $217,898,829.91. This trade represents a 18.85% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Leon Rudy F. De sold 5,490 shares of the business's stock in a transaction on Monday, July 28th. The shares were sold at an average price of $312.81, for a total value of $1,717,326.90. Following the sale, the director owned 5,483 shares in the company, valued at approximately $1,715,137.23. The trade was a 50.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 268,370 shares of company stock valued at $78,408,011. Company insiders own 1.50% of the company's stock.

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.