PNC Financial Services Group Inc. Has $55.52 Million Position in General Dynamics Corporation (NYSE:GD)

Key Points

• PNC Financial Services Group Inc. reduced its holdings in General Dynamics Corporation by 3.0%, selling 6,228 shares during the first quarter, leaving them with 203,695 shares valued at approximately $55.5 million.
• General Dynamics reported earnings of $3.74 per share for the quarter, surpassing analysts' estimates of $3.47, with revenue reaching $13.04 billion, a year-over-year increase of 8.9%.
• The company announced a quarterly dividend of $1.50 to be paid on August 8th, which reflects an annualized dividend yield of 1.9% and a payout ratio of 40.27%.

PNC Financial Services Group Inc. decreased its holdings in shares of General Dynamics Corporation (NYSE:GD - Free Report) by 3.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 203,695 shares of the aerospace company's stock after selling 6,228 shares during the quarter. PNC Financial Services Group Inc. owned approximately 0.08% of General Dynamics worth $55,523,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Retirement Guys Formula LLC acquired a new stake in shares of General Dynamics during the 1st quarter worth approximately $1,692,000. Advisory Resource Group grew its position in shares of General Dynamics by 7.1% during the 1st quarter. Advisory Resource Group now owns 19,200 shares of the aerospace company's stock worth $5,234,000 after buying an additional 1,276 shares during the period. Mission Wealth Management LP grew its position in shares of General Dynamics by 18.9% during the 1st quarter. Mission Wealth Management LP now owns 16,144 shares of the aerospace company's stock worth $4,401,000 after buying an additional 2,568 shares during the period. Matrix Asset Advisors Inc. NY grew its position in shares of General Dynamics by 31.6% during the 1st quarter. Matrix Asset Advisors Inc. NY now owns 33,644 shares of the aerospace company's stock worth $9,171,000 after buying an additional 8,073 shares during the period. Finally, Global Wealth Management Investment Advisory Inc. grew its position in shares of General Dynamics by 11.5% during the 1st quarter. Global Wealth Management Investment Advisory Inc. now owns 16,522 shares of the aerospace company's stock worth $4,504,000 after buying an additional 1,704 shares during the period. 86.14% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have recently commented on GD. Wells Fargo & Company lowered their price target on shares of General Dynamics from $261.00 to $236.00 and set an "equal weight" rating for the company in a research report on Tuesday, April 8th. TD Securities boosted their price objective 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. Argus set a $295.00 price objective on shares of General Dynamics in a report on Tuesday, May 6th. Sanford C. Bernstein set a $314.00 price objective on shares of General Dynamics and gave the company a "market perform" rating in a report on Monday, July 14th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of 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 report on Tuesday, July 8th. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $315.78.

General Dynamics Stock Performance

NYSE GD traded up $0.71 on Tuesday, hitting $313.49. 1,017,676 shares of the stock were exchanged, compared to its average volume of 1,316,069. The company has a market capitalization of $84.33 billion, a PE ratio of 21.04, a P/E/G ratio of 1.92 and a beta of 0.48. The business's fifty day moving average is $291.81 and its 200 day moving average is $274.29. General Dynamics Corporation has a 52 week low of $239.20 and a 52 week high of $322.50. 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 announced its quarterly earnings data 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 net margin of 8.13% and a return on equity of 17.99%. The firm had revenue of $13.04 billion for the quarter, compared to the consensus estimate of $12.13 billion. During the same period in the prior year, the company posted $3.26 earnings per share. The business's revenue for the quarter was up 8.9% on a year-over-year basis. Research analysts anticipate that General Dynamics Corporation will post 14.83 EPS for the current fiscal year.

General Dynamics Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 8th. Stockholders of record on Thursday, July 3rd will be paid a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date is Thursday, July 3rd. General Dynamics's dividend payout ratio (DPR) is presently 40.27%.

Insider Activity

In related news, CEO Phebe N. Novakovic sold 7,639 shares of General Dynamics stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $280.44, for a total transaction of $2,142,281.16. Following the sale, 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Mark Lagrand Burns sold 43,860 shares of General Dynamics stock in a transaction that occurred on Monday, July 28th. The stock was sold at an average price of $312.28, for a total transaction of $13,696,600.80. Following the sale, the executive vice president owned 39,875 shares in the company, valued at approximately $12,452,165. This represents a 52.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 268,370 shares of company stock worth $78,408,011. Corporate insiders own 1.50% of the company's stock.

General Dynamics Profile

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.