Busey Bank Reduces Stock Holdings in General Dynamics Corporation $GD

Key Points

• Busey Bank has reduced its stake in General Dynamics Corporation by 1.6%, holding 46,587 shares valued at approximately $13.6 million.
• General Dynamics recently reported record earnings, with $3.74 earnings per share for the quarter, exceeding analysts' expectations of $3.47.
• The company has declared a quarterly dividend of $1.50 per share, to be paid on November 14th, providing an annual yield of 1.9%.

Busey Bank trimmed its position in General Dynamics Corporation (NYSE:GD - Free Report) by 1.6% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 46,587 shares of the aerospace company's stock after selling 774 shares during the period. Busey Bank's holdings in General Dynamics were worth $13,588,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in GD. JPMorgan Chase & Co. increased its position in General Dynamics by 4.9% in the first quarter. JPMorgan Chase & Co. now owns 5,502,305 shares of the aerospace company's stock worth $1,499,819,000 after buying an additional 256,687 shares in the last quarter. Ameriprise Financial Inc. grew its stake in shares of General Dynamics by 34.8% during the 1st quarter. Ameriprise Financial Inc. now owns 2,748,380 shares of the aerospace company's stock valued at $749,252,000 after acquiring an additional 709,782 shares during the period. Charles Schwab Investment Management Inc. grew its stake in shares of 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 valued at $431,327,000 after acquiring an additional 5,313 shares during the period. Boston Partners grew 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 valued at $353,558,000 after acquiring an additional 94,537 shares during the period. Finally, Deutsche Bank AG grew 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 valued at $343,866,000 after acquiring an additional 690,349 shares during the period. Hedge funds and other institutional investors own 86.14% of the company's stock.

Insider Activity at General Dynamics

In other General Dynamics news, EVP Marguerite Amy Gilliland sold 33,740 shares of the firm's stock in a transaction on Friday, August 8th. The stock was sold at an average price of $315.20, for a total transaction of $10,634,848.00. Following the transaction, the executive vice president directly owned 45,192 shares in the company, valued at $14,244,518.40. This trade represents a 42.75% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP William A. Moss sold 17,700 shares of the firm's stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $316.40, for a total value of $5,600,280.00. Following the transaction, the vice president owned 16,627 shares in the company, valued at $5,260,782.80. The trade was a 51.56% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 275,020 shares of company stock worth $86,414,503 over the last three months. Corporate insiders own 1.50% of the company's stock.

General Dynamics Trading Up 0.2%

Shares of NYSE:GD traded up $0.72 during trading on Tuesday, hitting $323.38. The company had a trading volume of 540,593 shares, compared to its average volume of 1,379,604. The stock has a market cap of $86.99 billion, a price-to-earnings ratio of 21.69, a price-to-earnings-growth ratio of 1.99 and a beta of 0.50. General Dynamics Corporation has a one year low of $239.20 and a one year high of $330.18. The company has a fifty day simple moving average of $316.73 and a two-hundred day simple moving average of $290.21. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.36 and a quick ratio of 0.83.

General Dynamics (NYSE:GD - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The aerospace company reported $3.74 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.47 by $0.27. General Dynamics had a return on equity of 17.99% and a net margin of 8.13%.The firm had revenue of $13.04 billion during the quarter, compared to analyst estimates of $12.13 billion. During the same period last year, the company earned $3.26 EPS. General Dynamics's quarterly revenue was up 8.9% compared to the same quarter last year. General Dynamics has set its FY 2025 guidance at 15.050-15.150 EPS. As a group, equities analysts forecast 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 issued a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a yield of 1.9%. The ex-dividend date is Friday, October 10th. General Dynamics's dividend payout ratio (DPR) is presently 40.27%.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on GD. Deutsche Bank Aktiengesellschaft upgraded General Dynamics from a "hold" rating to a "buy" rating and boosted their price objective for the company from $298.00 to $342.00 in a research note on Tuesday, July 8th. Robert W. Baird increased their target price on General Dynamics from $283.00 to $350.00 and gave the stock a "neutral" rating in a research report on Thursday, July 24th. Wolfe Research upgraded General Dynamics from a "peer perform" rating to an "outperform" rating and set a $360.00 target price for the company in a research report on Thursday, July 24th. Jefferies Financial Group set a $325.00 target price on General Dynamics and gave the stock a "hold" rating in a research report on Wednesday, July 9th. Finally, JPMorgan Chase & Co. increased their target price on General Dynamics from $284.00 to $345.00 and gave the stock an "overweight" rating in a research report on Thursday, July 24th. Nine equities research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $315.78.

About General Dynamics

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.