CCM Investment Group LLC Takes Position in General Dynamics Corporation (NYSE:GD)

Key Points

• CCM Investment Group LLC acquired 14,791 shares of General Dynamics Corporation, valuing this new stake at approximately $3.98 million.
• General Dynamics reported a quarterly earnings per share of $3.74, exceeding analysts' estimates, with revenue reaching $13.04 billion, an 8.9% increase year-over-year.
• The company announced a quarterly dividend of $1.50 per share, with an annualized yield of 1.9%, to be paid on November 14th.

CCM Investment Group LLC acquired a new stake in General Dynamics Corporation (NYSE:GD - Free Report) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm acquired 14,791 shares of the aerospace company's stock, valued at approximately $3,980,000.

Several other institutional investors have also recently made changes to their positions in GD. GAMMA Investing LLC raised its stake in shares of General Dynamics by 34,578.2% during the 1st quarter. GAMMA Investing LLC now owns 1,244,600 shares of the aerospace company's stock worth $339,253,000 after purchasing an additional 1,241,011 shares during the period. Castlekeep Investment Advisors LLC purchased a new stake in General Dynamics in the 4th quarter worth about $279,582,000. Nuveen LLC purchased a new stake in General Dynamics in the 1st quarter worth about $272,464,000. Deutsche Bank AG increased its holdings in General Dynamics by 120.9% in the 1st quarter. Deutsche Bank AG now owns 1,261,525 shares of the aerospace company's stock worth $343,866,000 after acquiring an additional 690,349 shares during the last quarter. Finally, Capital Research Global Investors increased its holdings in General Dynamics by 7.4% in the 4th quarter. Capital Research Global Investors now owns 6,734,148 shares of the aerospace company's stock worth $1,774,381,000 after acquiring an additional 463,497 shares during the last quarter. Institutional investors own 86.14% of the company's stock.

Insider Activity

In other General Dynamics news, EVP Mark Lagrand Burns sold 43,860 shares of the company's stock in a transaction on Monday, July 28th. The shares were sold at an average price of $312.28, for a total value of $13,696,600.80. Following the completion of the transaction, the executive vice president directly owned 39,875 shares in the company, valued at approximately $12,452,165. This represents a 52.38% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Marguerite Amy Gilliland sold 33,740 shares of the company's stock in a transaction on Friday, August 8th. The stock was sold at an average price of $315.20, for a total transaction of $10,634,848.00. Following the completion of the transaction, the executive vice president owned 45,192 shares of the company's stock, valued at $14,244,518.40. This trade represents a 42.75% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 302,110 shares of company stock worth $89,042,859 in the last quarter. Insiders own 1.50% of the company's stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on GD shares. Deutsche Bank Aktiengesellschaft raised General Dynamics from a "hold" rating to a "buy" rating and lifted their price objective for the stock from $298.00 to $342.00 in a report on Tuesday, July 8th. Barclays boosted their price objective on General Dynamics from $285.00 to $350.00 and gave the company an "overweight" rating in a research note on Tuesday, July 29th. Robert W. Baird boosted their price objective on General Dynamics from $283.00 to $350.00 and gave the company a "neutral" rating in a research note on Thursday, July 24th. Wolfe Research upgraded General Dynamics from a "peer perform" rating to an "outperform" rating and set a $360.00 price objective on the stock in a research note on Thursday, July 24th. Finally, JPMorgan Chase & Co. boosted their price objective on General Dynamics from $284.00 to $345.00 and gave the company an "overweight" rating in a research note on Thursday, July 24th. One analyst has rated the stock with a sell rating, twelve have issued a hold rating and nine have given a buy rating to the company's stock. According to data from MarketBeat, General Dynamics currently has a consensus rating of "Hold" and a consensus target price of $315.78.

General Dynamics Trading Down 0.3%

Shares of NYSE:GD traded down $0.84 on Thursday, reaching $316.65. 488,919 shares of the company traded hands, compared to its average volume of 1,456,322. The business's 50-day simple moving average is $297.18 and its 200 day simple moving average is $276.45. General Dynamics Corporation has a 52 week low of $239.20 and a 52 week high of $322.50. The stock has a market capitalization of $85.18 billion, a P/E ratio of 21.25, a price-to-earnings-growth ratio of 1.92 and a beta of 0.48. 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. General Dynamics had a return on equity of 17.99% and a net margin of 8.13%. The firm had revenue of $13.04 billion for the quarter, compared to analysts' expectations of $12.13 billion. During the same period last year, the firm earned $3.26 earnings per share. The company's revenue for the quarter was up 8.9% compared to the same quarter last year. As a group, equities analysts anticipate that General Dynamics Corporation will post 14.83 EPS for the current fiscal year.

General Dynamics Announces Dividend

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

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.