Wealthfront Advisers LLC Sells 2,002 Shares of General Dynamics Corporation (NYSE:GD)

Wealthfront Advisers LLC cut its stake in shares of General Dynamics Corporation (NYSE:GD - Free Report) by 7.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 23,442 shares of the aerospace company's stock after selling 2,002 shares during the quarter. Wealthfront Advisers LLC's holdings in General Dynamics were worth $6,390,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Retirement Guys Formula LLC bought a new position in General Dynamics in the 1st quarter worth approximately $1,692,000. Advisory Resource Group boosted its stake in General Dynamics by 7.1% in the 1st quarter. Advisory Resource Group now owns 19,200 shares of the aerospace company's stock worth $5,234,000 after purchasing an additional 1,276 shares during the period. Mission Wealth Management LP boosted its stake in General Dynamics by 18.9% in the 1st quarter. Mission Wealth Management LP now owns 16,144 shares of the aerospace company's stock worth $4,401,000 after purchasing an additional 2,568 shares during the period. Virtu Financial LLC raised its holdings in shares of General Dynamics by 59.1% during the 4th quarter. Virtu Financial LLC now owns 2,929 shares of the aerospace company's stock worth $772,000 after acquiring an additional 1,088 shares in the last quarter. Finally, Matrix Asset Advisors Inc. NY raised its holdings in shares of General Dynamics by 31.6% during the 1st quarter. Matrix Asset Advisors Inc. NY now owns 33,644 shares of the aerospace company's stock worth $9,171,000 after acquiring an additional 8,073 shares in the last quarter. 86.14% of the stock is currently owned by institutional investors.

Insider Activity at General Dynamics

In other news, CEO Phebe N. Novakovic sold 178,821 shares of the firm's stock in a transaction on Friday, June 13th. The stock was sold at an average price of $283.13, for a total transaction of $50,629,589.73. Following the transaction, the chief executive officer owned 769,607 shares in the company, valued at approximately $217,898,829.91. This trade represents a 18.85% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 1.50% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on GD shares. TD Cowen upped their price objective on General Dynamics from $290.00 to $300.00 and gave the stock a "buy" rating in a report on Wednesday, June 25th. Sanford C. Bernstein set a $314.00 target price on shares of General Dynamics and gave the stock a "market perform" rating in a report on Monday, July 14th. UBS Group boosted their target price on shares of General Dynamics from $268.00 to $279.00 and gave the stock a "neutral" rating in a report on Thursday, April 24th. Citigroup restated a "buy" rating and set a $348.00 price target (up previously from $330.00) on shares of General Dynamics in a report on Monday, July 14th. Finally, Wells Fargo & Company decreased their price target on General Dynamics from $261.00 to $236.00 and set an "equal weight" rating on the stock in a report on Tuesday, April 8th. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, General Dynamics has an average rating of "Hold" and a consensus price target of $294.53.

General Dynamics Stock Down 0.3%

Shares of General Dynamics stock traded down $0.87 during trading on Friday, hitting $299.22. 1,636,205 shares of the stock traded hands, compared to its average volume of 1,406,219. The firm has a market cap of $80.31 billion, a P/E ratio of 20.75, a price-to-earnings-growth ratio of 1.99 and a beta of 0.46. The company has a current ratio of 1.34, a quick ratio of 0.82 and a debt-to-equity ratio of 0.33. General Dynamics Corporation has a 52-week low of $239.20 and a 52-week high of $316.90. The stock's fifty day simple moving average is $284.47 and its 200 day simple moving average is $270.59.

General Dynamics (NYSE:GD - Get Free Report) last announced its quarterly earnings results on Wednesday, April 23rd. The aerospace company reported $3.66 EPS for the quarter, beating the consensus estimate of $3.43 by $0.23. The firm had revenue of $12.22 billion for the quarter, compared to analyst estimates of $11.92 billion. General Dynamics had a return on equity of 17.82% and a net margin of 8.08%. The business's revenue for the quarter was up 13.9% on a year-over-year basis. During the same quarter last year, the firm posted $2.88 earnings per share. On average, equities analysts predict that General Dynamics Corporation will post 14.83 earnings per share for the current fiscal year.

General Dynamics Announces Dividend

The company also recently declared 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 2.01%. General Dynamics's dividend payout ratio is currently 41.61%.

General Dynamics Company 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.