General Dynamics (NYSE:GD) Hits New 12-Month High Following Earnings Beat

General Dynamics Corporation (NYSE:GD - Get Free Report) reached a new 52-week high on Wednesday after the company announced better than expected quarterly earnings. The company traded as high as $318.77 and last traded at $316.73, with a volume of 868856 shares trading hands. The stock had previously closed at $297.60.

The aerospace company reported $3.74 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.47 by $0.27. The company 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 business's quarterly revenue was up 8.9% on a year-over-year basis. During the same period last year, the business posted $3.26 EPS.

General Dynamics Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, August 8th. Investors of record on Thursday, July 3rd will be issued a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a yield of 1.91%. The ex-dividend date is Thursday, July 3rd. General Dynamics's dividend payout ratio is currently 40.27%.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on GD shares. TD Securities boosted their price target on shares of General Dynamics from $275.00 to $290.00 and gave the stock a "buy" rating in a research note on Thursday, April 24th. Deutsche Bank Aktiengesellschaft upgraded shares of General Dynamics from a "hold" rating to a "buy" rating and upped their price target for the company from $298.00 to $342.00 in a report on Tuesday, July 8th. Robert W. Baird upped their price target on shares of General Dynamics from $283.00 to $350.00 and gave the company a "neutral" rating in a report on Thursday. UBS Group upped their price target on shares of General Dynamics from $309.00 to $333.00 and gave the company a "neutral" rating in a report on Thursday. Finally, Citigroup upped their price target on shares of General Dynamics from $348.00 to $368.00 and gave the company a "buy" rating in a report on Thursday. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and nine have given a buy rating to the company's stock. According to data from MarketBeat, General Dynamics presently has an average rating of "Hold" and a consensus target price of $312.17.

Insider Activity at General Dynamics

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

Hedge Funds Weigh In On General Dynamics

Several institutional investors and hedge funds have recently modified their holdings of the business. 1858 Wealth Management LLC grew its stake in General Dynamics by 1.0% during the second quarter. 1858 Wealth Management LLC now owns 3,256 shares of the aerospace company's stock worth $950,000 after buying an additional 32 shares in the last quarter. Salvus Wealth Management LLC lifted its holdings in shares of General Dynamics by 2.9% in the second quarter. Salvus Wealth Management LLC now owns 1,274 shares of the aerospace company's stock worth $372,000 after acquiring an additional 36 shares during the last quarter. Principal Securities Inc. lifted its holdings in shares of General Dynamics by 0.5% in the first quarter. Principal Securities Inc. now owns 8,203 shares of the aerospace company's stock worth $2,161,000 after acquiring an additional 37 shares during the last quarter. Sharpepoint LLC lifted its holdings in shares of General Dynamics by 4.2% in the first quarter. Sharpepoint LLC now owns 917 shares of the aerospace company's stock worth $249,000 after acquiring an additional 37 shares during the last quarter. Finally, United Asset Strategies Inc. lifted its holdings in shares of General Dynamics by 1.2% in the first quarter. United Asset Strategies Inc. now owns 3,140 shares of the aerospace company's stock worth $856,000 after acquiring an additional 37 shares during the last quarter. 86.14% of the stock is currently owned by institutional investors and hedge funds.

General Dynamics Price Performance

The stock has a market cap of $84.44 billion, a P/E ratio of 21.07, a PEG ratio of 2.06 and a beta of 0.46. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.36 and a quick ratio of 0.82. The business's fifty day moving average price is $287.67 and its 200 day moving average price is $272.15.

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.