Invesco Ltd. Decreases Stock Position in General Dynamics Corporation (NYSE:GD)

Key Points

• Invesco Ltd. has reduced its stake in General Dynamics Corporation by 2.2%, bringing its holdings to approximately 2.38 million shares valued at about $647.7 million.
• Several institutional investors have also altered their positions in General Dynamics, contributing to a total institutional ownership of approximately 86.14% of the company’s stock.
• The company recently reported an earnings per share (EPS) of $3.74 for the last quarter, surpassing analysts' expectations, and announced a quarterly dividend of $1.50, reflecting a yield of 1.9%.

Invesco Ltd. trimmed its holdings in shares of General Dynamics Corporation (NYSE:GD - Free Report) by 2.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,376,290 shares of the aerospace company's stock after selling 52,354 shares during the quarter. Invesco Ltd. owned 0.89% of General Dynamics worth $647,729,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. Pandora Wealth Inc. purchased a new position in shares of General Dynamics in the first quarter worth $149,000. Sierra Summit Advisors LLC raised its stake in shares of General Dynamics by 2.2% in the 1st quarter. Sierra Summit Advisors LLC now owns 4,777 shares of the aerospace company's stock valued at $1,302,000 after acquiring an additional 105 shares during the period. Fiduciary Family Office LLC purchased a new stake in General Dynamics during the 1st quarter worth approximately $472,000. Manhattan West Asset Management LLC grew its holdings in General Dynamics by 2.2% during the 1st quarter. Manhattan West Asset Management LLC now owns 15,258 shares of the aerospace company's stock worth $4,159,000 after acquiring an additional 330 shares in the last quarter. Finally, Covestor Ltd boosted its holdings in shares of General Dynamics by 25.1% in the 1st quarter. Covestor Ltd now owns 667 shares of the aerospace company's stock valued at $182,000 after buying an additional 134 shares in the last quarter. Institutional investors own 86.14% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on GD shares. Robert W. Baird increased their price target on shares of General Dynamics from $283.00 to $350.00 and gave the company a "neutral" rating in a report on Thursday, July 24th. Jefferies Financial Group set a $325.00 target price on shares of General Dynamics and gave the stock a "hold" rating in a research report on Wednesday, July 9th. TD Securities upped their price target on shares of General Dynamics from $275.00 to $290.00 and gave the stock a "buy" rating in a research report on Thursday, April 24th. Wolfe Research upgraded shares of 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. Finally, TD Cowen upped their price objective on shares of General Dynamics from $290.00 to $300.00 and gave the company a "buy" rating in a research note on Wednesday, June 25th. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $315.78.

Insiders Place Their Bets

In related news, Director Leon Rudy F. De sold 5,490 shares of the firm's stock in a transaction that occurred on Monday, July 28th. The stock was sold at an average price of $312.81, for a total transaction of $1,717,326.90. Following the completion of the transaction, the director owned 5,483 shares of the company's stock, valued at $1,715,137.23. This trade represents a 50.03% 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 on Monday, July 28th. The stock was sold at an average price of $312.28, for a total value of $13,696,600.80. Following the completion of the sale, the executive vice president directly owned 39,875 shares of the company's stock, valued at approximately $12,452,165. The trade was a 52.38% decrease in their position. 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 currently owned by company insiders.

General Dynamics Trading Up 0.4%

NYSE GD opened at $313.98 on Friday. The company has a market cap of $84.46 billion, a price-to-earnings ratio of 21.07, a P/E/G ratio of 1.93 and a beta of 0.48. General Dynamics Corporation has a 52 week low of $239.20 and a 52 week high of $322.50. The business has a 50 day moving average price of $294.78 and a 200-day moving average price of $275.50. The company has a quick ratio of 0.83, a current ratio of 1.36 and a debt-to-equity ratio of 0.32.

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, beating 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 for the quarter, compared to analysts' expectations of $12.13 billion. During the same quarter in the prior year, the firm earned $3.26 EPS. The business's revenue for the quarter was up 8.9% compared to the same quarter last year. As a group, equities analysts expect that General Dynamics Corporation will post 14.83 earnings per share for the current fiscal year.

General Dynamics Announces Dividend

The firm 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 $1.50 dividend. The ex-dividend date is Friday, October 10th. This represents a $6.00 annualized dividend and a yield of 1.9%. General Dynamics's dividend payout ratio (DPR) is 40.27%.

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.

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