Convergence Investment Partners LLC bought a new stake in shares of General Dynamics Corporation (NYSE:GD - Free Report) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 4,602 shares of the aerospace company's stock, valued at approximately $1,254,000.
Other hedge funds also recently added to or reduced their stakes in the company. Rialto Wealth Management LLC grew its position in General Dynamics by 213.8% in the 1st quarter. Rialto Wealth Management LLC now owns 91 shares of the aerospace company's stock worth $25,000 after purchasing an additional 62 shares during the period. Inlight Wealth Management LLC bought a new stake in General Dynamics in the 1st quarter worth approximately $26,000. Copia Wealth Management bought a new stake in General Dynamics in the 4th quarter worth approximately $27,000. Smallwood Wealth Investment Management LLC bought a new stake in General Dynamics in the 1st quarter worth approximately $27,000. Finally, Hoey Investments Inc. bought a new stake in General Dynamics in the 4th quarter worth approximately $28,000. 86.14% of the stock is currently owned by hedge funds and other institutional investors.
General Dynamics Price Performance
Shares of NYSE GD traded down $0.33 during mid-day trading on Friday, hitting $313.92. 1,218,137 shares of the company's stock traded hands, compared to its average volume of 1,276,632. The company's 50-day moving average is $287.67 and its two-hundred day moving average is $272.15. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.36 and a quick ratio of 0.82. The company has a market capitalization of $84.44 billion, a P/E ratio of 21.07, a PEG ratio of 2.06 and a beta of 0.46. General Dynamics Corporation has a 1 year low of $239.20 and a 1 year high of $322.50.
General Dynamics (NYSE:GD - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The aerospace company reported $3.74 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.47 by $0.27. The firm had revenue of $13.04 billion for the quarter, compared to analysts' expectations of $12.13 billion. General Dynamics had a net margin of 8.13% and a return on equity of 17.99%. The business's revenue was up 8.9% compared to the same quarter last year. During the same period in the prior year, the company earned $3.26 EPS. On average, equities analysts anticipate that General Dynamics Corporation will post 14.83 EPS for the current fiscal year.
General Dynamics Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, August 8th. Stockholders of record on Thursday, July 3rd will be given a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a dividend yield of 1.91%. The ex-dividend date of this dividend is Thursday, July 3rd. General Dynamics's dividend payout ratio is 40.27%.
Insiders Place Their Bets
In related news, CEO Phebe N. Novakovic sold 7,639 shares of the stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $280.44, for a total value of $2,142,281.16. Following the sale, the chief executive officer directly owned 769,607 shares of the company's stock, valued at $215,828,587.08. This represents a 0.98% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.50% of the stock is owned by company insiders.
Analyst Upgrades and Downgrades
A number of research firms have commented on GD. TD Cowen lifted their target price on shares of General Dynamics from $290.00 to $300.00 and gave the stock a "buy" rating in a research report on Wednesday, June 25th. JPMorgan Chase & Co. raised their target price on General Dynamics from $284.00 to $345.00 and gave the stock an "overweight" rating in a report on Thursday. Jefferies Financial Group set a $325.00 target price on General Dynamics and gave the stock 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 stock a "buy" rating in a report on Thursday. Finally, Robert W. Baird raised their target price on General Dynamics from $283.00 to $350.00 and gave the stock a "neutral" rating in a report on Thursday. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $312.17.
Read Our Latest Stock Analysis on GD
About General Dynamics
(
Free Report)
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.
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