Elevation Point Wealth Partners LLC Raises Stock Position in General Dynamics Corporation $GD

Key Points

• Elevation Point Wealth Partners LLC increased its General Dynamics stake by 59.9% in the first quarter, ending with 14,397 shares valued at about $4.94 million.
• Insiders sold shares recently, including Director Mark Malcolm and EVP Mark Lagrand Burns, with total insider sales over the last 90 days reaching 78,190 shares worth $27.0 million.
• General Dynamics beat quarterly expectations with EPS of $4.10 on revenue of $13.48 billion, and it also announced a quarterly dividend of $1.59 per share, or $6.36 annually.

Elevation Point Wealth Partners LLC grew its holdings in General Dynamics Corporation (NYSE:GD - Free Report) by 59.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 14,397 shares of the aerospace company's stock after purchasing an additional 5,394 shares during the quarter. Elevation Point Wealth Partners LLC's holdings in General Dynamics were worth $4,941,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in shares of General Dynamics by 2.2% in the 4th quarter. Vanguard Group Inc. now owns 24,767,330 shares of the aerospace company's stock valued at $8,338,169,000 after buying an additional 528,769 shares during the period. State Street Corp increased its position in shares of General Dynamics by 2.7% in the 4th quarter. State Street Corp now owns 11,323,170 shares of the aerospace company's stock valued at $3,812,058,000 after purchasing an additional 294,456 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of General Dynamics by 3.3% during the 4th quarter. Geode Capital Management LLC now owns 6,065,462 shares of the aerospace company's stock worth $2,039,742,000 after purchasing an additional 195,604 shares during the last quarter. JPMorgan Chase & Co. grew its stake in shares of General Dynamics by 2.2% during the fourth quarter. JPMorgan Chase & Co. now owns 5,307,389 shares of the aerospace company's stock worth $1,786,786,000 after purchasing an additional 114,647 shares in the last quarter. Finally, Ameriprise Financial Inc. raised its stake in General Dynamics by 5.4% in the third quarter. Ameriprise Financial Inc. now owns 3,627,155 shares of the aerospace company's stock valued at $1,236,900,000 after buying an additional 187,435 shares in the last quarter. 86.14% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other General Dynamics news, Director Mark Malcolm sold 5,480 shares of General Dynamics stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $365.00, for a total value of $2,000,200.00. Following the completion of the sale, the director directly owned 10,643 shares of the company's stock, valued at approximately $3,884,695. The trade was a 33.99% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Mark Lagrand Burns sold 36,480 shares of the stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $345.29, for a total value of $12,596,179.20. Following the transaction, the executive vice president directly owned 38,975 shares in the company, valued at approximately $13,457,677.75. This represents a 48.35% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 78,190 shares of company stock worth $27,041,022. 1.40% of the stock is owned by company insiders.

General Dynamics Stock Down 0.1%

General Dynamics stock opened at $373.34 on Friday. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.38 and a quick ratio of 0.90. General Dynamics Corporation has a 1-year low of $292.34 and a 1-year high of $373.60. The company has a market cap of $100.96 billion, a PE ratio of 23.50, a price-to-earnings-growth ratio of 2.31 and a beta of 0.34. The stock's 50 day moving average price is $344.97 and its 200 day moving average price is $348.35.

General Dynamics (NYSE:GD - Get Free Report) last announced its quarterly earnings results on Wednesday, April 29th. The aerospace company reported $4.10 EPS for the quarter, topping the consensus estimate of $3.67 by $0.43. General Dynamics had a return on equity of 17.41% and a net margin of 8.07%.The business had revenue of $13.48 billion for the quarter, compared to analyst estimates of $12.70 billion. During the same quarter in the previous year, the company earned $3.66 EPS. The company's quarterly revenue was up 10.3% on a year-over-year basis. On average, sell-side analysts predict that General Dynamics Corporation will post 16.63 EPS for the current fiscal year.

General Dynamics Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 7th. Investors of record on Thursday, July 2nd will be given a dividend of $1.59 per share. The ex-dividend date is Thursday, July 2nd. This represents a $6.36 dividend on an annualized basis and a yield of 1.7%. General Dynamics's dividend payout ratio (DPR) is 40.03%.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. Wells Fargo & Company started coverage on shares of General Dynamics in a report on Wednesday, April 1st. They set an "overweight" rating and a $400.00 price objective on the stock. Weiss Ratings raised shares of General Dynamics from a "buy (b-)" rating to a "buy (b)" rating in a research report on Wednesday. Morgan Stanley lifted their target price on General Dynamics from $410.00 to $435.00 and gave the stock an "overweight" rating in a research report on Thursday, April 30th. DA Davidson reduced their target price on General Dynamics from $384.00 to $375.00 in a report on Thursday, April 30th. Finally, Deutsche Bank Aktiengesellschaft dropped their price target on General Dynamics from $387.00 to $377.00 and set a "hold" rating on the stock in a research note on Wednesday, May 6th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $388.40.

General Dynamics Company Profile

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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