CIBC Asset Management Inc Buys 24,676 Shares of General Dynamics Corporation $GD

Key Points

• CIBC Asset Management increased its General Dynamics stake by 33.2% in the fourth quarter, buying 24,676 additional shares and bringing its total holding to 99,079 shares valued at about $33.3 million.
• General Dynamics posted strong quarterly results, with earnings of $4.10 per share and revenue of $13.48 billion, both ahead of analyst estimates. Revenue also rose 10.3% year over year.
• Wall Street sentiment remains broadly positive: the stock has a Moderate Buy consensus rating, with several firms lifting or maintaining targets around $385 to $400, even as some insiders recently sold shares.

CIBC Asset Management Inc lifted its stake in General Dynamics Corporation (NYSE:GD - Free Report) by 33.2% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 99,079 shares of the aerospace company's stock after purchasing an additional 24,676 shares during the period. CIBC Asset Management Inc's holdings in General Dynamics were worth $33,341,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in GD. Brighton Jones LLC boosted its position in shares of General Dynamics by 16.9% in the 4th quarter. Brighton Jones LLC now owns 2,885 shares of the aerospace company's stock worth $760,000 after purchasing an additional 417 shares during the last quarter. Acadian Asset Management LLC boosted its position in shares of General Dynamics by 140.2% in the 1st quarter. Acadian Asset Management LLC now owns 3,445 shares of the aerospace company's stock worth $938,000 after purchasing an additional 2,011 shares during the last quarter. Sivia Capital Partners LLC bought a new position in shares of General Dynamics in the 2nd quarter worth $240,000. Flow Traders U.S. LLC bought a new position in shares of General Dynamics in the 2nd quarter worth $352,000. Finally, Jump Financial LLC bought a new position in shares of General Dynamics in the 2nd quarter worth $1,284,000. 86.14% of the stock is currently owned by institutional investors.

General Dynamics Stock Performance

GD stock opened at $337.66 on Thursday. The business's 50-day moving average price is $340.31 and its two-hundred day moving average price is $346.32. The company has a current ratio of 1.38, a quick ratio of 0.90 and a debt-to-equity ratio of 0.24. The firm has a market cap of $91.31 billion, a PE ratio of 21.25, a P/E/G ratio of 2.09 and a beta of 0.34. General Dynamics Corporation has a 1-year low of $268.10 and a 1-year high of $369.70.

General Dynamics (NYSE:GD - Get Free Report) last posted its quarterly earnings data on Wednesday, April 29th. The aerospace company reported $4.10 earnings per share for the quarter, topping the consensus estimate of $3.67 by $0.43. The company had revenue of $13.48 billion during the quarter, compared to analysts' expectations of $12.70 billion. General Dynamics had a return on equity of 17.41% and a net margin of 8.07%.General Dynamics's revenue for the quarter was up 10.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $3.66 earnings per share. As a group, research analysts forecast that General Dynamics Corporation will post 16.62 earnings per share for the current year.

Insider Transactions at General Dynamics

In other news, EVP Marguerite Amy Gilliland sold 3,819 shares of the company's stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $353.50, for a total transaction of $1,350,016.50. Following the completion of the transaction, the executive vice president directly owned 44,767 shares of the company's stock, valued at $15,825,134.50. This represents a 7.86% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Phebe N. Novakovic sold 32,918 shares of the company's stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $354.09, for a total value of $11,655,934.62. Following the transaction, the chief executive officer directly owned 766,457 shares of the company's stock, valued at $271,394,759.13. This represents a 4.12% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 119,600 shares of company stock valued at $41,650,580 over the last three months. Company insiders own 1.40% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. JPMorgan Chase & Co. raised their price target on General Dynamics from $385.00 to $400.00 and gave the stock an "overweight" rating in a research report on Thursday, April 30th. BNP Paribas Exane reduced their target price on 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 lowered General Dynamics from a "buy (b)" rating to a "buy (b-)" rating in a report on Tuesday, May 19th. Wells Fargo & Company began coverage on General Dynamics in a report on Wednesday, April 1st. They set an "overweight" rating and a $400.00 target price on the stock. Finally, Royal Bank Of Canada reiterated a "sector perform" rating and set a $385.00 target price on shares of General Dynamics in a report on Thursday, April 30th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $387.40.

About General Dynamics

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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