Cornerstone Wealth Group LLC Makes New Investment in General Dynamics Corporation $GD

Key Points

• Cornerstone Wealth Group LLC has made a new investment in General Dynamics Corporation, acquiring 974 shares valued at approximately $284,000.
• Major institutional investors have also increased their holdings in General Dynamics, with JPMorgan Chase & Co. boosting its position by 4.9% and Ameriprise Financial Inc. increasing its stake by 34.8% during the last quarter.
• General Dynamics has announced a quarterly dividend of $1.50 per share, scheduled to be paid on November 14, 2023, representing an annual yield of 1.8%.

Cornerstone Wealth Group LLC purchased a new position in shares of General Dynamics Corporation (NYSE:GD - Free Report) in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 974 shares of the aerospace company's stock, valued at approximately $284,000.

A number of other large investors have also recently bought and sold shares of the company. JPMorgan Chase & Co. boosted its position in General Dynamics by 4.9% during the 1st quarter. JPMorgan Chase & Co. now owns 5,502,305 shares of the aerospace company's stock worth $1,499,819,000 after acquiring an additional 256,687 shares during the last quarter. Ameriprise Financial Inc. boosted its position in General Dynamics by 34.8% during the 1st quarter. Ameriprise Financial Inc. now owns 2,748,380 shares of the aerospace company's stock worth $749,252,000 after acquiring an additional 709,782 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in General Dynamics by 0.3% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,582,388 shares of the aerospace company's stock worth $431,327,000 after acquiring an additional 5,313 shares during the last quarter. Boston Partners raised its stake in shares of General Dynamics by 7.9% during the 1st quarter. Boston Partners now owns 1,296,497 shares of the aerospace company's stock worth $353,558,000 after purchasing an additional 94,537 shares in the last quarter. Finally, Deutsche Bank AG raised its stake in shares of General Dynamics by 120.9% during the 1st quarter. Deutsche Bank AG now owns 1,261,525 shares of the aerospace company's stock worth $343,866,000 after purchasing an additional 690,349 shares in the last quarter. Institutional investors and hedge funds own 86.14% of the company's stock.

Insider Activity

In other news, VP Christopher J. Brady sold 8,150 shares of General Dynamics stock in a transaction dated Monday, August 25th. The stock was sold at an average price of $321.18, for a total transaction of $2,617,617.00. Following the sale, the vice president directly owned 22,818 shares of the company's stock, valued at approximately $7,328,685.24. This trade represents a 26.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Mark Lagrand Burns sold 43,860 shares of General Dynamics stock in a transaction dated 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 sale, the executive vice president directly owned 39,875 shares in the company, valued at $12,452,165. The trade was a 52.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 275,020 shares of company stock worth $86,414,503. Corporate insiders own 1.50% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on GD. UBS Group upped their price objective on General Dynamics from $309.00 to $333.00 and gave the stock a "neutral" rating in a research note on Thursday, July 24th. Jefferies Financial Group set a $325.00 price objective on General Dynamics and gave the stock a "hold" rating in a research note on Wednesday, July 9th. Cowen reiterated a "buy" rating on shares of General Dynamics in a research note on Wednesday, June 25th. Seaport Res Ptn upgraded General Dynamics from a "hold" rating to a "strong-buy" rating in a research note on Monday, September 29th. Finally, Robert W. Baird upped their price objective on General Dynamics from $283.00 to $350.00 and gave the stock a "neutral" rating in a research note on Thursday, July 24th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, General Dynamics has a consensus rating of "Hold" and an average price target of $324.11.

General Dynamics Stock Up 0.3%

GD opened at $335.52 on Wednesday. The company has a current ratio of 1.36, a quick ratio of 0.83 and a debt-to-equity ratio of 0.32. The stock has a market cap of $90.25 billion, a PE ratio of 22.52, a price-to-earnings-growth ratio of 2.06 and a beta of 0.47. The stock's fifty day simple moving average is $325.81 and its 200 day simple moving average is $297.86. General Dynamics Corporation has a 1-year low of $239.20 and a 1-year high of $347.37.

General Dynamics (NYSE:GD - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The aerospace company reported $3.74 earnings per share for the quarter, topping 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 return on equity of 17.99% and a net margin of 8.13%.The company's quarterly revenue was up 8.9% compared to the same quarter last year. During the same quarter last year, the business earned $3.26 EPS. General Dynamics has set its FY 2025 guidance at 15.050-15.150 EPS. As a group, research analysts expect 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 given a dividend of $1.50 per share. The ex-dividend date is Friday, October 10th. This represents a $6.00 annualized dividend and a yield of 1.8%. General Dynamics's dividend payout ratio (DPR) is presently 40.27%.

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.

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