1832 Asset Management L.P. Sells 542,240 Shares of General Dynamics Co. (NYSE:GD)

1832 Asset Management L.P. decreased its stake in shares of General Dynamics Co. (NYSE:GD) by 97.1% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 16,346 shares of the aerospace company’s stock after selling 542,240 shares during the quarter. 1832 Asset Management L.P.’s holdings in General Dynamics were worth $4,618,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of GD. IFG Advisory LLC boosted its position in shares of General Dynamics by 42.2% during the fourth quarter. IFG Advisory LLC now owns 3,315 shares of the aerospace company’s stock worth $861,000 after acquiring an additional 984 shares during the last quarter. Global Retirement Partners LLC boosted its position in shares of General Dynamics by 31.5% during the fourth quarter. Global Retirement Partners LLC now owns 1,044 shares of the aerospace company’s stock worth $262,000 after acquiring an additional 250 shares during the last quarter. Patriot Financial Group Insurance Agency LLC raised its stake in General Dynamics by 27.0% during the fourth quarter. Patriot Financial Group Insurance Agency LLC now owns 2,150 shares of the aerospace company’s stock valued at $558,000 after purchasing an additional 457 shares in the last quarter. Wagner Wealth Management LLC purchased a new stake in General Dynamics during the fourth quarter valued at $250,000. Finally, Capital City Trust Co. FL raised its stake in General Dynamics by 0.3% during the fourth quarter. Capital City Trust Co. FL now owns 25,924 shares of the aerospace company’s stock valued at $6,731,000 after purchasing an additional 86 shares in the last quarter. Institutional investors own 86.14% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on GD shares. Royal Bank of Canada reaffirmed an “outperform” rating and set a $320.00 price target on shares of General Dynamics in a research note on Thursday. Argus upped their price target on shares of General Dynamics from $290.00 to $310.00 and gave the company a “buy” rating in a research note on Monday, April 29th. The Goldman Sachs Group upped their price target on shares of General Dynamics from $253.00 to $284.00 and gave the company a “neutral” rating in a research note on Tuesday, April 16th. Jefferies Financial Group raised shares of General Dynamics from a “hold” rating to a “buy” rating and upped their price target for the company from $305.00 to $335.00 in a research note on Monday, April 29th. Finally, Barclays increased their target price on shares of General Dynamics from $285.00 to $310.00 and gave the company an “overweight” rating in a research note on Monday, April 15th. Six research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat.com, General Dynamics currently has a consensus rating of “Moderate Buy” and an average price target of $311.33.

General Dynamics Stock Down 0.2 %

General Dynamics stock traded down $0.58 during midday trading on Friday, hitting $290.40. 1,079,838 shares of the company’s stock were exchanged, compared to its average volume of 1,187,075. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.87 and a current ratio of 1.33. General Dynamics Co. has a 12 month low of $214.53 and a 12 month high of $302.75. The firm has a 50-day moving average of $292.65 and a two-hundred day moving average of $282.38. The company has a market cap of $79.80 billion, a PE ratio of 23.69, a P/E/G ratio of 1.67 and a beta of 0.60.

General Dynamics (NYSE:GD) last issued its earnings results on Wednesday, July 24th. The aerospace company reported $3.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.30 by ($0.04). General Dynamics had a return on equity of 16.74% and a net margin of 7.89%. The business had revenue of $11.98 billion for the quarter, compared to the consensus estimate of $11.46 billion. During the same quarter in the previous year, the company earned $2.70 earnings per share. The firm’s revenue was up 18.0% on a year-over-year basis. As a group, analysts expect that General Dynamics Co. will post 14.52 earnings per share for the current fiscal year.

General Dynamics Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 9th. Shareholders of record on Friday, July 5th will be issued a dividend of $1.42 per share. This represents a $5.68 annualized dividend and a yield of 1.96%. The ex-dividend date is Friday, July 5th. General Dynamics’s payout ratio is 46.33%.

Insiders Place Their Bets

In other news, Director Leon Rudy F. De sold 2,570 shares of the firm’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $288.00, for a total value of $740,160.00. Following the sale, the director now directly owns 5,518 shares in the company, valued at approximately $1,589,184. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, VP Gregory S. Gallopoulos sold 13,567 shares of the firm’s stock in a transaction dated Monday, April 29th. The shares were sold at an average price of $288.51, for a total value of $3,914,215.17. Following the sale, the vice president now directly owns 103,345 shares in the company, valued at approximately $29,816,065.95. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Leon Rudy F. De sold 2,570 shares of the stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $288.00, for a total transaction of $740,160.00. Following the completion of the transaction, the director now directly owns 5,518 shares of the company’s stock, valued at $1,589,184. The disclosure for this sale can be found here. Insiders have sold a total of 68,636 shares of company stock worth $20,209,317 in the last three months. Corporate insiders own 1.52% of the company’s stock.

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.