PNC Financial Services Group Inc. Sells 3,199 Shares of General Dynamics Corporation $GD

Key Points

• PNC Financial Services Group reduced its stake in General Dynamics by 1.6% in the fourth quarter, selling 3,199 shares and ending with 198,654 shares valued at about $66.9 million.
• General Dynamics reported strong quarterly results, with EPS of $4.10 beating estimates and revenue of $13.48 billion topping expectations; revenue also rose 10.3% year over year.
• The company raised its quarterly dividend to $1.59 per share from $1.50, while analysts currently rate the stock a Moderate Buy with a consensus price target of $387.40.

PNC Financial Services Group Inc. trimmed its position in shares of General Dynamics Corporation (NYSE:GD - Free Report) by 1.6% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 198,654 shares of the aerospace company's stock after selling 3,199 shares during the period. PNC Financial Services Group Inc. owned 0.07% of General Dynamics worth $66,879,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of GD. Dunhill Financial LLC raised its position in shares of General Dynamics by 620.0% during the 3rd quarter. Dunhill Financial LLC now owns 72 shares of the aerospace company's stock valued at $25,000 after purchasing an additional 62 shares during the period. KERR FINANCIAL PLANNING Corp bought a new stake in shares of General Dynamics during the 3rd quarter valued at $25,000. Dagco Inc. bought a new stake in shares of General Dynamics during the 4th quarter valued at $25,000. Burkett Financial Services LLC raised its position in shares of General Dynamics by 650.0% during the 3rd quarter. Burkett Financial Services LLC now owns 75 shares of the aerospace company's stock valued at $26,000 after purchasing an additional 65 shares during the period. Finally, Steph & Co. raised its position in shares of General Dynamics by 65.2% during the 4th quarter. Steph & Co. now owns 76 shares of the aerospace company's stock valued at $26,000 after purchasing an additional 30 shares during the period. 86.14% of the stock is currently owned by institutional investors.

Insider Transactions at General Dynamics

In other news, EVP Marguerite Amy Gilliland sold 3,819 shares of the business's stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $353.50, for a total value of $1,350,016.50. Following the sale, the executive vice president directly owned 44,767 shares in the company, valued at $15,825,134.50. The trade was a 7.86% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Mark Lagrand Burns sold 36,480 shares of the business's stock in a transaction dated Tuesday, May 12th. The stock was 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 in the company, valued at approximately $13,457,677.75. This trade represents a 48.35% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 119,600 shares of company stock worth $41,650,580 in the last three months. Insiders own 1.40% of the company's stock.

General Dynamics Stock Down 0.3%

Shares of GD stock opened at $338.85 on Friday. The stock has a market cap of $91.64 billion, a P/E ratio of 21.32, a PEG ratio of 2.11 and a beta of 0.34. General Dynamics Corporation has a 52 week low of $268.10 and a 52 week high of $369.70. The company has a quick ratio of 0.90, a current ratio of 1.38 and a debt-to-equity ratio of 0.24. The company's fifty day simple moving average is $341.96 and its two-hundred day simple moving average is $346.50.

General Dynamics (NYSE:GD - Get Free Report) last announced its quarterly earnings results on Wednesday, April 29th. The aerospace company reported $4.10 EPS for the quarter, topping the consensus estimate of $3.67 by $0.43. The business had revenue of $13.48 billion for 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 business's quarterly revenue was up 10.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $3.66 EPS. Analysts predict that General Dynamics Corporation will post 16.62 EPS for the current fiscal year.

General Dynamics Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 8th. Stockholders of record on Friday, April 10th were issued a $1.59 dividend. This is a boost from General Dynamics's previous quarterly dividend of $1.50. The ex-dividend date was Friday, April 10th. This represents a $6.36 dividend on an annualized basis and a dividend yield of 1.9%. General Dynamics's payout ratio is presently 40.03%.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on GD. Bank of America restated a "buy" rating and set a $400.00 price objective on shares of General Dynamics in a research report on Friday, January 30th. UBS Group decreased their price objective on shares of General Dynamics from $385.00 to $371.00 and set a "neutral" rating on the stock in a research report on Thursday, April 30th. Jefferies Financial Group decreased their price target on shares of General Dynamics from $385.00 to $380.00 and set a "hold" rating on the stock in a research note on Tuesday, April 7th. JPMorgan Chase & Co. boosted their price target on shares of General Dynamics from $385.00 to $400.00 and gave the stock an "overweight" rating in a research note on Thursday, April 30th. Finally, Deutsche Bank Aktiengesellschaft decreased their price target on shares of General Dynamics from $387.00 to $377.00 and set a "hold" rating on the stock in a research note on Wednesday, May 6th. Two analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, General Dynamics presently has a consensus rating of "Moderate Buy" and a consensus target price of $387.40.

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.

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