Pendal Group Ltd purchased a new stake in General Dynamics Co. (NYSE:GD) in the second quarter, Holdings Channel.com reports. The institutional investor purchased 3,914 shares of the aerospace company’s stock, valued at approximately $712,000.
Other institutional investors and hedge funds have also made changes to their positions in the company. Harvest Group Wealth Management LLC acquired a new position in General Dynamics in the first quarter valued at approximately $28,000. TCG Advisors LP acquired a new position in General Dynamics in the first quarter valued at approximately $38,000. Zions Bancorporation N.A. acquired a new position in General Dynamics in the first quarter valued at approximately $40,000. Princeton Global Asset Management LLC acquired a new position in General Dynamics in the first quarter valued at approximately $42,000. Finally, NEXT Financial Group Inc boosted its holdings in General Dynamics by 454.2% in the second quarter. NEXT Financial Group Inc now owns 266 shares of the aerospace company’s stock valued at $48,000 after purchasing an additional 218 shares in the last quarter. 86.84% of the stock is owned by hedge funds and other institutional investors.
In other news, VP Gary L. Whited sold 14,029 shares of the company’s stock in a transaction that occurred on Tuesday, July 30th. The stock was sold at an average price of $188.38, for a total transaction of $2,642,783.02. Following the completion of the sale, the vice president now owns 37,542 shares in the company, valued at $7,072,161.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director William A. Osborn sold 1,500 shares of the company’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $182.56, for a total value of $273,840.00. Following the sale, the director now owns 37,585 shares of the company’s stock, valued at approximately $6,861,517.60. The disclosure for this sale can be found here. 7.10% of the stock is owned by corporate insiders.
NYSE GD traded up $3.15 on Friday, reaching $185.37. The stock had a trading volume of 9,575 shares, compared to its average volume of 1,086,704. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.73 and a current ratio of 1.09. General Dynamics Co. has a 12-month low of $143.87 and a 12-month high of $207.72. The business’s 50-day moving average price is $183.68 and its 200 day moving average price is $174.35. The stock has a market cap of $52.89 billion, a P/E ratio of 16.21, a price-to-earnings-growth ratio of 1.77 and a beta of 1.21.
General Dynamics (NYSE:GD) last issued its quarterly earnings data on Wednesday, July 24th. The aerospace company reported $2.77 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.68 by $0.09. General Dynamics had a return on equity of 26.81% and a net margin of 8.65%. The company had revenue of $9.56 billion during the quarter, compared to analysts’ expectations of $9.36 billion. During the same quarter in the previous year, the business earned $2.82 earnings per share. The firm’s revenue for the quarter was up 4.0% on a year-over-year basis. On average, sell-side analysts predict that General Dynamics Co. will post 11.86 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Friday, October 11th will be paid a dividend of $1.02 per share. This represents a $4.08 annualized dividend and a dividend yield of 2.20%. The ex-dividend date of this dividend is Thursday, October 10th. General Dynamics’s dividend payout ratio (DPR) is presently 35.73%.
A number of brokerages recently issued reports on GD. Goldman Sachs Group raised General Dynamics from a “neutral” rating to a “buy” rating and set a $204.00 price target for the company in a report on Sunday, May 19th. Morgan Stanley upped their price target on General Dynamics from $171.00 to $173.00 and gave the company an “underweight” rating in a report on Wednesday. Cowen reiterated a “buy” rating and issued a $202.00 price objective on shares of General Dynamics in a research note on Wednesday, April 24th. Robert W. Baird boosted their price objective on General Dynamics from $188.00 to $218.00 and gave the company an “outperform” rating in a research note on Wednesday, July 10th. Finally, UBS Group boosted their price objective on General Dynamics from $175.00 to $190.00 and gave the company a “neutral” rating in a research note on Thursday, April 25th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and seven have assigned a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $191.47.
About General Dynamics
General Dynamics Corporation operates as an aerospace and defense company worldwide. It operates in five segments: Aerospace, Combat Systems, Information Technology, Mission Systems, and Marine Systems. The Aerospace segment designs, manufactures, and supports business-jet aircraft; and offers business-aviation services, including maintenance, fixed-base operation, government fleet, aircraft management, charter, and staffing services, as well as integrated aviation solutions.
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