Hartford Investment Management Co. Lowers Stake in General Dynamics Co. (NYSE:GD)

Hartford Investment Management Co. trimmed its position in General Dynamics Co. (NYSE:GD) by 1.9% during the fourth quarter, HoldingsChannel.com reports. The firm owned 15,937 shares of the aerospace company’s stock after selling 308 shares during the quarter. Hartford Investment Management Co.’s holdings in General Dynamics were worth $4,199,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the company. Coston McIsaac & Partners lifted its position in General Dynamics by 22.8% during the third quarter. Coston McIsaac & Partners now owns 178 shares of the aerospace company’s stock valued at $53,000 after buying an additional 33 shares in the last quarter. Global X Japan Co. Ltd. boosted its position in shares of General Dynamics by 2.3% in the third quarter. Global X Japan Co. Ltd. now owns 1,482 shares of the aerospace company’s stock worth $448,000 after buying an additional 33 shares during the period. Trueblood Wealth Management LLC grew its stake in shares of General Dynamics by 1.6% in the third quarter. Trueblood Wealth Management LLC now owns 2,223 shares of the aerospace company’s stock valued at $672,000 after buying an additional 34 shares in the last quarter. Jeppson Wealth Management LLC raised its holdings in shares of General Dynamics by 3.8% during the 3rd quarter. Jeppson Wealth Management LLC now owns 955 shares of the aerospace company’s stock valued at $289,000 after buying an additional 35 shares during the period. Finally, Community Bank N.A. boosted its holdings in General Dynamics by 0.6% in the 3rd quarter. Community Bank N.A. now owns 5,461 shares of the aerospace company’s stock worth $1,650,000 after acquiring an additional 35 shares during the period. Hedge funds and other institutional investors own 86.14% of the company’s stock.

General Dynamics Price Performance

Shares of NYSE:GD opened at $251.26 on Thursday. The firm’s 50 day moving average is $263.66 and its two-hundred day moving average is $285.08. The firm has a market capitalization of $69.09 billion, a P/E ratio of 18.42, a PEG ratio of 1.61 and a beta of 0.61. The company has a current ratio of 1.37, a quick ratio of 0.82 and a debt-to-equity ratio of 0.33. General Dynamics Co. has a 52 week low of $247.01 and a 52 week high of $316.90.

General Dynamics (NYSE:GD) last announced its earnings results on Wednesday, January 29th. The aerospace company reported $4.15 earnings per share for the quarter, missing the consensus estimate of $4.29 by ($0.14). General Dynamics had a net margin of 7.93% and a return on equity of 17.10%. Analysts anticipate that General Dynamics Co. will post 14.84 earnings per share for the current year.

General Dynamics declared that its board has initiated a share repurchase program on Wednesday, December 4th that permits the company to buyback 10,000,000 outstanding shares. This buyback authorization permits the aerospace company to repurchase shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

General Dynamics Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, February 7th. Investors of record on Friday, January 17th were given a $1.42 dividend. The ex-dividend date of this dividend was Friday, January 17th. This represents a $5.68 dividend on an annualized basis and a yield of 2.26%. General Dynamics’s dividend payout ratio is presently 41.64%.

Insider Buying and Selling at General Dynamics

In other news, VP Christopher J. Brady sold 5,540 shares of the stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $280.91, for a total value of $1,556,241.40. Following the completion of the transaction, the vice president now directly owns 20,296 shares in the company, valued at $5,701,349.36. This trade represents a 21.44 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Laura J. Schumacher sold 1,796 shares of the firm’s stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $255.68, for a total transaction of $459,201.28. Following the transaction, the director now owns 11,175 shares in the company, valued at $2,857,224. This represents a 13.85 % decrease in their position. The disclosure for this sale can be found here. 1.52% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on GD. UBS Group cut their price objective on shares of General Dynamics from $337.00 to $281.00 and set a “neutral” rating on the stock in a report on Tuesday, January 28th. Barclays reduced their price target on General Dynamics from $305.00 to $285.00 and set an “overweight” rating for the company in a report on Tuesday, February 4th. Susquehanna cut their price target on shares of General Dynamics from $315.00 to $300.00 and set a “positive” rating on the stock in a report on Thursday, January 30th. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of General Dynamics from $303.00 to $295.00 and set a “hold” rating for the company in a report on Thursday, January 2nd. Finally, Sanford C. Bernstein reduced their price target on shares of General Dynamics from $343.00 to $331.00 and set a “market perform” rating on the stock in a research report on Thursday, October 24th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $298.59.

General Dynamics 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.