Pinnacle West Asset Management Inc. Has $427,000 Stock Holdings in General Dynamics Co. (NYSE:GD)

Pinnacle West Asset Management Inc. raised its holdings in shares of General Dynamics Co. (NYSE:GD) by 8.7% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,620 shares of the aerospace company’s stock after purchasing an additional 130 shares during the quarter. Pinnacle West Asset Management Inc.’s holdings in General Dynamics were worth $427,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in GD. Hara Capital LLC bought a new position in General Dynamics during the 3rd quarter worth $26,000. Financial Life Planners bought a new position in General Dynamics during the 4th quarter worth $25,000. Heck Capital Advisors LLC bought a new position in General Dynamics during the 4th quarter worth $28,000. Sugar Maple Asset Management LLC bought a new position in General Dynamics during the 4th quarter worth $28,000. Finally, True Wealth Design LLC bought a new position in General Dynamics during the 3rd quarter worth $34,000. Institutional investors and hedge funds own 86.14% of the company’s stock.

General Dynamics Stock Performance

General Dynamics stock opened at $249.83 on Wednesday. General Dynamics Co. has a 12-month low of $239.87 and a 12-month high of $316.90. The company has a quick ratio of 0.82, a current ratio of 1.37 and a debt-to-equity ratio of 0.33. The business’s 50-day moving average price is $258.97 and its two-hundred day moving average price is $281.88. The stock has a market cap of $67.54 billion, a PE ratio of 18.32, a P/E/G ratio of 1.69 and a beta of 0.61.

General Dynamics (NYSE:GD) last released its earnings results on Wednesday, January 29th. The aerospace company reported $4.15 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.29 by ($0.14). General Dynamics had a net margin of 7.93% and a return on equity of 17.10%. As a group, analysts expect that General Dynamics Co. will post 14.83 earnings per share for the current fiscal year.

General Dynamics Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, February 7th. Stockholders of record on Friday, January 17th were paid a dividend of $1.42 per share. This represents a $5.68 dividend on an annualized basis and a dividend yield of 2.27%. The ex-dividend date was Friday, January 17th. General Dynamics’s payout ratio is 41.64%.

General Dynamics announced that its Board of Directors has approved a share buyback plan 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 plans are typically a sign that the company’s management believes its stock is undervalued.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Vertical Research cut General Dynamics from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $352.00 to $290.00 in a research report on Monday, January 6th. Wolfe Research cut General Dynamics from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, December 11th. TD Cowen lowered their price objective on General Dynamics from $315.00 to $295.00 in a research report on Tuesday, January 28th. Wells Fargo & Company decreased their price target on General Dynamics from $279.00 to $276.00 and set an “equal weight” rating on the stock in a research report on Thursday, January 30th. Finally, Susquehanna decreased their price target on General Dynamics from $315.00 to $300.00 and set a “positive” rating on the stock in a research report on Thursday, January 30th. One investment analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, General Dynamics currently has an average rating of “Hold” and an average target price of $298.59.

Insider Activity

In other news, Director Laura J. Schumacher sold 1,796 shares of General Dynamics stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $255.68, for a total transaction of $459,201.28. Following the sale, the director now directly owns 11,175 shares of the company’s stock, valued at approximately $2,857,224. This trade represents a 13.85 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 1.60% 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.