Assetmark Inc. Sells 1,058 Shares of General Dynamics Corporation (NYSE:GD)

Key Points

• Assetmark Inc. reduced its stake in General Dynamics Corporation by 1.5%, owning 67,719 shares valued at approximately $18.46 million following a sell-off of 1,058 shares in the first quarter.
• General Dynamics reported $3.74 EPS for the latest quarter, surpassing analysts' expectations, with a revenue of $13.04 billion compared to a forecast of $12.13 billion.
• The company recently declared a quarterly dividend of $1.50 per share, which equates to an annualized dividend of $6.00 and a yield of 1.91%.

Assetmark Inc. trimmed its position in General Dynamics Corporation (NYSE:GD - Free Report) by 1.5% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 67,719 shares of the aerospace company's stock after selling 1,058 shares during the quarter. Assetmark Inc.'s holdings in General Dynamics were worth $18,459,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Cetera Investment Advisers lifted its holdings in General Dynamics by 7.2% during the first quarter. Cetera Investment Advisers now owns 111,710 shares of the aerospace company's stock worth $30,450,000 after buying an additional 7,537 shares during the period. Principle Wealth Partners LLC boosted its stake in shares of General Dynamics by 2.1% in the first quarter. Principle Wealth Partners LLC now owns 28,017 shares of the aerospace company's stock valued at $7,637,000 after purchasing an additional 586 shares during the period. One Wealth Advisors LLC purchased a new stake in shares of General Dynamics during the first quarter worth $276,000. Journey Strategic Wealth LLC grew its stake in shares of General Dynamics by 8.1% during the first quarter. Journey Strategic Wealth LLC now owns 1,419 shares of the aerospace company's stock worth $387,000 after purchasing an additional 106 shares in the last quarter. Finally, Advisor OS LLC acquired a new position in General Dynamics in the first quarter valued at $253,000. 86.14% of the stock is owned by institutional investors.

Analyst Ratings Changes

GD has been the subject of a number of recent analyst reports. Wolfe Research upgraded shares of General Dynamics from a "peer perform" rating to an "outperform" rating and set a $360.00 price objective for the company in a research report on Thursday, July 24th. TD Securities upped their target price on shares of General Dynamics from $275.00 to $290.00 and gave the company a "buy" rating in a report on Thursday, April 24th. Cowen reaffirmed a "buy" rating on shares of General Dynamics in a research note on Wednesday, June 25th. Argus set a $295.00 price target on shares of General Dynamics in a report on Tuesday, May 6th. Finally, Wells Fargo & Company decreased their price target on shares of General Dynamics from $261.00 to $236.00 and set an "equal weight" rating on the stock in a report on Tuesday, April 8th. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $315.78.

Insider Buying and Selling at General Dynamics

In related news, Director Leon Rudy F. De sold 5,490 shares of the business's stock in a transaction dated Monday, July 28th. The shares were sold at an average price of $312.81, for a total value of $1,717,326.90. Following the transaction, the director directly owned 5,483 shares of the company's stock, valued at approximately $1,715,137.23. The trade was a 50.03% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Phebe N. Novakovic sold 7,639 shares of the business's stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $280.44, for a total transaction of $2,142,281.16. Following the completion of the transaction, the chief executive officer directly owned 769,607 shares in the company, valued at $215,828,587.08. This trade represents a 0.98% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 268,370 shares of company stock worth $78,408,011. 1.50% of the stock is owned by corporate insiders.

General Dynamics Price Performance

Shares of General Dynamics stock traded down $1.66 during midday trading on Wednesday, hitting $313.05. 150,284 shares of the company traded hands, compared to its average volume of 1,483,525. The stock has a market cap of $84.21 billion, a price-to-earnings ratio of 20.99, a PEG ratio of 1.92 and a beta of 0.46. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.83 and a current ratio of 1.36. The firm's fifty day moving average price is $288.97 and its 200-day moving average price is $272.97. General Dynamics Corporation has a 12 month low of $239.20 and a 12 month high of $322.50.

General Dynamics (NYSE:GD - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The aerospace company reported $3.74 EPS for the quarter, topping analysts' consensus estimates of $3.47 by $0.27. The company had revenue of $13.04 billion for the quarter, compared to analyst estimates of $12.13 billion. General Dynamics had a net margin of 8.13% and a return on equity of 17.99%. General Dynamics's revenue was up 8.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $3.26 earnings per share. As a group, sell-side 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 announced a quarterly dividend, which will be paid on Friday, August 8th. Investors of record on Thursday, July 3rd will be given a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a yield of 1.92%. The ex-dividend date is Thursday, July 3rd. General Dynamics's payout ratio is 40.27%.

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.