ProVise Management Group LLC Has $9.10 Million Position in General Dynamics Corporation (NYSE:GD)

Key Points

• ProVise Management Group LLC has increased its stake in General Dynamics Corporation by 8.1%, owning 33,371 shares valued at approximately $9.1 million following the acquisition of 2,506 additional shares.
• Insider selling activity includes Director Leon Rudy selling 5,490 shares and CEO Phebe N. Novakovic selling 178,821 shares, reflecting significant decreases in their respective ownerships.
• General Dynamics recently reported a quarterly earnings of $3.74 EPS, surpassing analysts' estimates, with revenue growth of 8.9% year-over-year, while also announcing a quarterly dividend of $1.50 per share.

ProVise Management Group LLC grew its position in shares of General Dynamics Corporation (NYSE:GD - Free Report) by 8.1% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 33,371 shares of the aerospace company's stock after purchasing an additional 2,506 shares during the period. ProVise Management Group LLC's holdings in General Dynamics were worth $9,096,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. GAMMA Investing LLC grew its stake in shares of General Dynamics by 34,578.2% during the first quarter. GAMMA Investing LLC now owns 1,244,600 shares of the aerospace company's stock valued at $339,253,000 after buying an additional 1,241,011 shares during the last quarter. Castlekeep Investment Advisors LLC bought a new stake in General Dynamics during the fourth quarter worth about $279,582,000. Capital Research Global Investors increased its holdings in shares of General Dynamics by 7.4% in 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 in the last quarter. Voloridge Investment Management LLC boosted its holdings in General Dynamics by 6,387.2% in the fourth quarter. Voloridge Investment Management LLC now owns 401,236 shares of the aerospace company's stock worth $105,722,000 after purchasing an additional 395,051 shares during the last quarter. Finally, Hsbc Holdings PLC increased its position in General Dynamics by 24.3% in the fourth quarter. Hsbc Holdings PLC now owns 1,290,344 shares of the aerospace company's stock worth $339,856,000 after buying an additional 252,107 shares in the last quarter. 86.14% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

GD has been the subject of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft raised shares of General Dynamics from a "hold" rating to a "buy" rating and lifted their price target for the stock from $298.00 to $342.00 in a research note on Tuesday, July 8th. UBS Group boosted their price objective on shares of General Dynamics from $309.00 to $333.00 and gave the company a "neutral" rating in a report on Thursday, July 24th. Wells Fargo & Company reduced their price target 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. Cowen reaffirmed a "buy" rating on shares of General Dynamics in a report on Wednesday, June 25th. Finally, Citigroup upped their price target on General Dynamics from $348.00 to $368.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. One investment 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. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $315.78.

General Dynamics Price Performance

NYSE:GD traded down $1.16 during trading hours on Friday, reaching $310.45. 891,124 shares of the company traded hands, compared to its average volume of 1,277,841. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.36 and a quick ratio of 0.83. The stock has a market cap of $83.51 billion, a P/E ratio of 20.84, a P/E/G ratio of 1.90 and a beta of 0.48. The firm's 50-day moving average is $291.05 and its 200-day moving average is $273.88. General Dynamics Corporation has a 1-year low of $239.20 and a 1-year high of $322.50.

General Dynamics (NYSE:GD - Get Free Report) last issued 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. 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 during the quarter, compared to analyst estimates of $12.13 billion. During the same quarter last year, the firm earned $3.26 EPS. General Dynamics's quarterly revenue was up 8.9% on a year-over-year basis. Equities research analysts expect that General Dynamics Corporation will post 14.83 earnings per share for the current fiscal year.

General Dynamics Dividend Announcement

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

Insider Transactions at General Dynamics

In other General Dynamics news, 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 value of $2,142,281.16. Following the transaction, the chief executive officer owned 769,607 shares in the company, valued at $215,828,587.08. The trade was a 0.98% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Leon Rudy F. De sold 5,490 shares of General Dynamics stock in a transaction on Monday, July 28th. The shares were sold at an average price of $312.81, for a total transaction of $1,717,326.90. Following the completion of the sale, 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 disclosure for this sale can be found here. Insiders sold a total of 268,370 shares of company stock valued at $78,408,011 in the last three months. 1.50% of the stock is currently owned by corporate insiders.

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.