QRG Capital Management Inc. Buys 11,964 Shares of General Dynamics Corporation $GD

Key Points

• QRG Capital Management increased its stake in General Dynamics by 23.3% in the first quarter, buying 11,964 additional shares and bringing its total holdings to 63,408 shares worth about $21.8 million.
• General Dynamics reported strong quarterly results, with EPS of $4.10 beating estimates and revenue of $13.48 billion exceeding expectations; revenue also rose 10.3% year over year.
• The company announced a quarterly dividend of $1.59 per share, payable August 7, which equates to an annualized yield of about 1.7%.

QRG Capital Management Inc. boosted its position in shares of General Dynamics Corporation (NYSE:GD - Free Report) by 23.3% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 63,408 shares of the aerospace company's stock after purchasing an additional 11,964 shares during the quarter. QRG Capital Management Inc.'s holdings in General Dynamics were worth $21,763,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. increased its position in General Dynamics by 2.2% during the 4th quarter. Vanguard Group Inc. now owns 24,767,330 shares of the aerospace company's stock valued at $8,338,169,000 after purchasing an additional 528,769 shares during the period. State Street Corp boosted its position in General Dynamics by 2.7% during the 4th quarter. State Street Corp now owns 11,323,170 shares of the aerospace company's stock valued at $3,812,058,000 after acquiring an additional 294,456 shares in the last quarter. Geode Capital Management LLC raised its position in shares of General Dynamics by 3.3% in the 4th quarter. Geode Capital Management LLC now owns 6,065,462 shares of the aerospace company's stock worth $2,039,742,000 after acquiring an additional 195,604 shares in the last quarter. JPMorgan Chase & Co. boosted its position in General Dynamics by 2.2% during the fourth quarter. JPMorgan Chase & Co. now owns 5,307,389 shares of the aerospace company's stock valued at $1,786,786,000 after purchasing an additional 114,647 shares in the last quarter. Finally, Ameriprise Financial Inc. raised its holdings in General Dynamics by 5.4% in the third quarter. Ameriprise Financial Inc. now owns 3,627,155 shares of the aerospace company's stock worth $1,236,900,000 after purchasing an additional 187,435 shares in the last quarter. Hedge funds and other institutional investors own 86.14% of the company's stock.

General Dynamics Price Performance

Shares of GD opened at $373.34 on Friday. The business's 50-day moving average is $344.97 and its two-hundred day moving average is $348.35. The company has a market capitalization of $100.96 billion, a P/E ratio of 23.50, a P/E/G ratio of 2.31 and a beta of 0.34. General Dynamics Corporation has a fifty-two week low of $292.34 and a fifty-two week high of $373.60. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.90 and a current ratio of 1.38.

General Dynamics (NYSE:GD - Get Free Report) last issued its earnings results on Wednesday, April 29th. The aerospace company reported $4.10 EPS for the quarter, topping analysts' consensus estimates of $3.67 by $0.43. General Dynamics had a return on equity of 17.41% and a net margin of 8.07%.The firm had revenue of $13.48 billion for the quarter, compared to the consensus estimate of $12.70 billion. During the same quarter in the prior year, the business earned $3.66 earnings per share. The company's revenue was up 10.3% compared to the same quarter last year. Research analysts predict that General Dynamics Corporation will post 16.63 earnings per share for the current year.

General Dynamics Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 7th. Shareholders of record on Thursday, July 2nd will be issued a $1.59 dividend. The ex-dividend date of this dividend is Thursday, July 2nd. This represents a $6.36 dividend on an annualized basis and a yield of 1.7%. General Dynamics's payout ratio is presently 40.03%.

Insider Activity

In other news, Director Mark Malcolm sold 5,480 shares of the stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $365.00, for a total transaction of $2,000,200.00. Following the transaction, the director owned 10,643 shares in the company, valued at $3,884,695. This trade represents a 33.99% decrease in their position. The sale 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 stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $345.29, for a total transaction of $12,596,179.20. Following the transaction, the executive vice president directly owned 38,975 shares in the company, valued at approximately $13,457,677.75. The trade was a 48.35% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 78,190 shares of company stock worth $27,041,022. Corporate insiders own 1.40% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have weighed in on GD shares. JPMorgan Chase & Co. raised their target price on shares of General Dynamics from $385.00 to $400.00 and gave the company an "overweight" rating in a research note on Thursday, April 30th. Wells Fargo & Company initiated coverage on General Dynamics in a report on Wednesday, April 1st. They issued an "overweight" rating and a $400.00 price target for the company. The Goldman Sachs Group decreased their price objective on shares of General Dynamics from $327.00 to $313.00 and set a "sell" rating for the company in a research report on Monday, May 4th. Weiss Ratings upgraded shares of General Dynamics from a "buy (b-)" rating to a "buy (b)" rating in a research note on Wednesday. Finally, Morgan Stanley boosted their price objective on shares of General Dynamics from $410.00 to $435.00 and gave the company an "overweight" rating in a report on Thursday, April 30th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $388.40.

About General Dynamics

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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