ExodusPoint Capital Management LP Increases Stock Position in General Dynamics Corporation $GD

Key Points

• ExodusPoint Capital Management increased its stake in General Dynamics by 238.9% in the fourth quarter, bringing its holding to 93,662 shares worth about $31.5 million.
• General Dynamics reported strong quarterly results, with earnings of $4.10 per share beating estimates and revenue of $13.48 billion topping forecasts; revenue rose 10.3% year over year.
• The company also announced a quarterly dividend of $1.59 per share, and analysts remain generally positive with a Moderate Buy consensus and an average target price of $388.40.

ExodusPoint Capital Management LP boosted its stake in shares of General Dynamics Corporation (NYSE:GD - Free Report) by 238.9% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 93,662 shares of the aerospace company's stock after acquiring an additional 66,028 shares during the period. ExodusPoint Capital Management LP's holdings in General Dynamics were worth $31,532,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. WASHINGTON TRUST Co raised its position in General Dynamics by 453.3% during the third quarter. WASHINGTON TRUST Co now owns 9,418 shares of the aerospace company's stock worth $3,212,000 after acquiring an additional 7,716 shares during the period. Vanguard Group Inc. raised its position in General Dynamics by 2.2% during the fourth quarter. Vanguard Group Inc. now owns 24,767,330 shares of the aerospace company's stock worth $8,338,169,000 after acquiring an additional 528,769 shares during the period. Modern Wealth Management LLC raised its position in General Dynamics by 114.7% during the third quarter. Modern Wealth Management LLC now owns 6,124 shares of the aerospace company's stock worth $2,088,000 after acquiring an additional 3,271 shares during the period. Jain Global LLC raised its position in shares of General Dynamics by 97.8% in the third quarter. Jain Global LLC now owns 169,305 shares of the aerospace company's stock valued at $57,733,000 after buying an additional 83,692 shares during the last quarter. Finally, M&T Bank Corp raised its position in shares of General Dynamics by 155.6% in the fourth quarter. M&T Bank Corp now owns 104,773 shares of the aerospace company's stock valued at $35,273,000 after buying an additional 63,781 shares during the last quarter. 86.14% of the stock is currently owned by institutional investors and hedge funds.

General Dynamics Price Performance

Shares of NYSE GD opened at $364.45 on Wednesday. The company has a quick ratio of 0.90, a current ratio of 1.38 and a debt-to-equity ratio of 0.24. General Dynamics Corporation has a 52 week low of $275.49 and a 52 week high of $369.70. The firm has a 50-day simple moving average of $340.82 and a 200-day simple moving average of $346.95. The stock has a market capitalization of $98.56 billion, a price-to-earnings ratio of 22.94, a price-to-earnings-growth ratio of 2.23 and a beta of 0.34.

General Dynamics (NYSE:GD - Get Free Report) last announced its quarterly earnings data on Wednesday, April 29th. The aerospace company reported $4.10 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.67 by $0.43. General Dynamics had a net margin of 8.07% and a return on equity of 17.41%. The firm had revenue of $13.48 billion during the quarter, compared to analyst estimates of $12.70 billion. During the same quarter in the prior year, the firm posted $3.66 earnings per share. General Dynamics's quarterly revenue was up 10.3% on a year-over-year basis. On average, equities analysts predict that General Dynamics Corporation will post 16.62 earnings per share for the current fiscal year.

General Dynamics Dividend Announcement

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

Insider Activity

In related news, EVP Mark Lagrand Burns sold 36,480 shares of the company's stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $345.29, for a total value of $12,596,179.20. Following the completion of the sale, the executive vice president owned 38,975 shares of the company's stock, valued at approximately $13,457,677.75. This represents a 48.35% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Corporate insiders own 1.40% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on GD. Royal Bank Of Canada reiterated a "sector perform" rating and issued a $385.00 target price on shares of General Dynamics in a research report on Thursday, April 30th. UBS Group upgraded shares of General Dynamics from a "neutral" rating to a "buy" rating in a research report on Thursday, June 11th. Wells Fargo & Company began coverage on shares of General Dynamics in a research report on Wednesday, April 1st. They issued an "overweight" rating and a $400.00 target price for the company. JPMorgan Chase & Co. increased their target price on shares of General Dynamics from $385.00 to $400.00 and gave the company an "overweight" rating in a research report on Thursday, April 30th. Finally, Argus increased their target price on shares of General Dynamics from $380.00 to $395.00 and gave the company a "buy" rating in a research report on Thursday, February 19th. Two investment 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 issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $388.40.

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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