General Dynamics Corporation (NYSE:GD) Shares Sold by Mackenzie Financial Corp

Key Points

• Mackenzie Financial Corp reduced its stake in General Dynamics by 9.4%, ending up with 83,138 shares valued at approximately $22.66 million as per its latest SEC filing.
• During the same period, other hedge funds displayed significant activity, with GAMMA Investing LLC increasing its position by over 34,578.2% to hold 1,244,600 shares, valued at $339.25 million.
• General Dynamics announced a quarterly dividend of $1.50 per share, set for distribution on August 8th, with a current dividend yield of 1.92% and a payout ratio of 40.27%.

Mackenzie Financial Corp decreased its stake in General Dynamics Corporation (NYSE:GD - Free Report) by 9.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 83,138 shares of the aerospace company's stock after selling 8,628 shares during the quarter. Mackenzie Financial Corp's holdings in General Dynamics were worth $22,662,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Capital Research Global Investors boosted its holdings in shares of General Dynamics by 7.4% during the 4th quarter. Capital Research Global Investors now owns 6,734,148 shares of the aerospace company's stock worth $1,774,381,000 after purchasing an additional 463,497 shares during the last quarter. Geode Capital Management LLC grew its holdings in General Dynamics by 2.4% in the 4th quarter. Geode Capital Management LLC now owns 5,688,672 shares of the aerospace company's stock valued at $1,496,939,000 after buying an additional 131,268 shares in the last quarter. Sanders Capital LLC increased its stake in shares of General Dynamics by 0.8% in the 4th quarter. Sanders Capital LLC now owns 4,212,422 shares of the aerospace company's stock worth $1,109,931,000 after acquiring an additional 33,962 shares during the last quarter. Royal Bank of Canada increased its stake in shares of General Dynamics by 5.2% in the 4th quarter. Royal Bank of Canada now owns 2,935,046 shares of the aerospace company's stock worth $773,355,000 after acquiring an additional 145,978 shares during the last quarter. Finally, Northern Trust Corp raised its holdings in shares of General Dynamics by 4.2% during the 4th quarter. Northern Trust Corp now owns 2,606,137 shares of the aerospace company's stock worth $686,691,000 after acquiring an additional 103,870 shares during the period. Institutional investors and hedge funds own 86.14% of the company's stock.

Analysts Set New Price Targets

GD has been the subject of several 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. Citigroup raised their price target on shares of General Dynamics from $348.00 to $368.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. Wells Fargo & Company lowered their price objective on 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. Barclays raised their target price on General Dynamics from $285.00 to $350.00 and gave the stock an "overweight" rating in a research note on Tuesday. Finally, Cowen reiterated a "buy" rating on shares of General Dynamics in a report on Wednesday, June 25th. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, General Dynamics currently has an average rating of "Hold" and an average target price of $315.78.

Insider Buying and Selling

In related news, EVP Mark Lagrand Burns sold 43,860 shares of the stock in a transaction on Monday, July 28th. The shares were sold at an average price of $312.28, for a total value of $13,696,600.80. Following the transaction, the executive vice president directly owned 39,875 shares of the company's stock, valued at $12,452,165. This trade represents a 52.38% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Phebe N. Novakovic sold 7,639 shares of the business's stock in a transaction 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 completion of the sale, the chief executive officer directly owned 769,607 shares of the company's stock, valued at approximately $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. Insiders sold a total of 268,370 shares of company stock worth $78,408,011 over the last 90 days. 1.50% of the stock is owned by insiders.

General Dynamics Stock Down 0.4%

Shares of General Dynamics stock traded down $1.16 on Friday, reaching $310.45. 891,124 shares of the company were exchanged, compared to its average volume of 1,277,841. The stock's 50 day moving average price is $290.34 and its 200-day moving average price is $273.57. The company has a market cap of $83.51 billion, a P/E ratio of 20.84, a price-to-earnings-growth ratio of 1.91 and a beta of 0.48. General Dynamics Corporation has a 1-year low of $239.20 and a 1-year 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 for the quarter, beating analysts' consensus estimates of $3.47 by $0.27. The business 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%. The company's revenue was up 8.9% on a year-over-year basis. During the same period last year, the business earned $3.26 EPS. As a group, equities analysts forecast that General Dynamics Corporation will post 14.83 EPS for the current year.

General Dynamics Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 8th. Investors of record on Thursday, July 3rd will be paid a dividend of $1.50 per share. The ex-dividend date is Thursday, July 3rd. This represents a $6.00 annualized dividend and a yield of 1.9%. General Dynamics's payout ratio is presently 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.