General Dynamics Corporation $GD Shares Sold by Resources Management Corp CT ADV

Key Points

• Resources Management Corp CT ADV sharply reduced its General Dynamics stake by 87.3% in the fourth quarter, selling 21,792 shares and leaving it with 3,168 shares worth about $1.07 million.
• General Dynamics reported strong first-quarter results, with EPS of $4.10 and revenue of $13.48 billion, both above analyst estimates; revenue rose 10.3% year over year.
• Analyst sentiment remains positive overall, with a consensus rating of “Moderate Buy” and an average price target of $388.40, while the company also announced a quarterly dividend of $1.59 per share.

Resources Management Corp CT ADV cut its holdings in shares of General Dynamics Corporation (NYSE:GD - Free Report) by 87.3% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,168 shares of the aerospace company's stock after selling 21,792 shares during the period. Resources Management Corp CT ADV's holdings in General Dynamics were worth $1,067,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. WASHINGTON TRUST Co raised its position in shares of General Dynamics by 453.3% in 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 shares of General Dynamics by 2.2% in 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 shares of General Dynamics by 114.7% in 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 worth $57,733,000 after acquiring an additional 83,692 shares during the period. 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 worth $35,273,000 after acquiring an additional 63,781 shares during the period. 86.14% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of General Dynamics from $387.00 to $377.00 and set a "hold" rating for the company in a research report on Wednesday, May 6th. UBS Group upgraded shares of General Dynamics from a "neutral" rating to a "buy" rating in a research report on Thursday. Citigroup decreased their price objective on shares of General Dynamics from $380.00 to $364.00 and set a "neutral" rating for the company in a research report on Monday, May 18th. Wall Street Zen upgraded shares of General Dynamics from a "buy" rating to a "strong-buy" rating in a research report on Saturday. Finally, JPMorgan Chase & Co. upped their price objective on shares of General Dynamics from $385.00 to $400.00 and gave the stock an "overweight" rating in a research report on Thursday, April 30th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $388.40.

General Dynamics Stock Down 0.1%

GD stock opened at $359.92 on Monday. The stock has a market capitalization of $97.33 billion, a P/E ratio of 22.65, a P/E/G ratio of 2.23 and a beta of 0.34. The firm has a 50-day simple moving average of $340.32 and a 200-day simple moving average of $346.65. 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.

General Dynamics (NYSE:GD - Get Free Report) last released its earnings results on Wednesday, April 29th. The aerospace company reported $4.10 EPS for the quarter, topping analysts' consensus estimates of $3.67 by $0.43. The business had revenue of $13.48 billion during the quarter, compared to analysts' expectations of $12.70 billion. General Dynamics had a net margin of 8.07% and a return on equity of 17.41%. The company's quarterly revenue was up 10.3% on a year-over-year basis. During the same quarter in the previous year, the company earned $3.66 earnings per share. Equities analysts forecast that General Dynamics Corporation will post 16.62 earnings per share for the current fiscal year.

General Dynamics Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 7th. Stockholders of record on Thursday, July 2nd will be paid a dividend of $1.59 per share. 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 1.8%. General Dynamics's payout ratio is currently 40.03%.

Insider Activity at General Dynamics

In other news, EVP Mark Lagrand Burns sold 36,480 shares of the business's stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $345.29, for a total transaction 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 $13,457,677.75. The trade was a 48.35% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.40% of the stock is owned by corporate insiders.

General Dynamics 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.

Want to see what other hedge funds are holding GD? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for General Dynamics Corporation (NYSE:GD - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.