Oregon Public Employees Retirement Fund Takes $12.10 Million Position in General Dynamics Co. (GD)

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Oregon Public Employees Retirement Fund purchased a new stake in shares of General Dynamics Co. (NYSE:GD) in the second quarter, HoldingsChannel.com reports. The fund purchased 64,933 shares of the aerospace company’s stock, valued at approximately $12,104,000.

Several other hedge funds also recently bought and sold shares of the company. Renaissance Technologies LLC increased its stake in shares of General Dynamics by 40.7% during the 2nd quarter. Renaissance Technologies LLC now owns 718,550 shares of the aerospace company’s stock worth $133,945,000 after purchasing an additional 207,850 shares in the last quarter. Bridgewater Associates LP purchased a new position in shares of General Dynamics during the 2nd quarter worth approximately $1,873,000. Caisse DE Depot ET Placement DU Quebec increased its stake in shares of General Dynamics by 29.0% during the 2nd quarter. Caisse DE Depot ET Placement DU Quebec now owns 2,243,297 shares of the aerospace company’s stock worth $418,173,000 after purchasing an additional 504,326 shares in the last quarter. Commonwealth Bank of Australia increased its stake in shares of General Dynamics by 10.0% during the 2nd quarter. Commonwealth Bank of Australia now owns 25,001 shares of the aerospace company’s stock worth $4,656,000 after purchasing an additional 2,281 shares in the last quarter. Finally, Itau Unibanco Holding S.A. increased its stake in shares of General Dynamics by 136.6% during the 2nd quarter. Itau Unibanco Holding S.A. now owns 802 shares of the aerospace company’s stock worth $150,000 after purchasing an additional 463 shares in the last quarter. Institutional investors own 85.48% of the company’s stock.

In other news, insider John Patrick Casey sold 22,500 shares of the business’s stock in a transaction on Monday, July 16th. The shares were sold at an average price of $191.99, for a total transaction of $4,319,775.00. Following the completion of the sale, the insider now directly owns 118,555 shares of the company’s stock, valued at approximately $22,761,374.45. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 6.90% of the stock is owned by insiders.

GD has been the subject of several recent analyst reports. Credit Suisse Group lowered their target price on shares of General Dynamics from $263.00 to $234.00 in a research note on Tuesday, May 22nd. Drexel Hamilton reaffirmed a “buy” rating and issued a $230.00 target price on shares of General Dynamics in a research note on Thursday, August 16th. Bank of America set a $275.00 target price on shares of General Dynamics and gave the stock a “buy” rating in a research note on Tuesday, July 31st. ValuEngine raised shares of General Dynamics from a “sell” rating to a “hold” rating in a research note on Saturday, July 28th. Finally, UBS Group initiated coverage on shares of General Dynamics in a research note on Wednesday, August 15th. They issued a “neutral” rating and a $210.00 target price for the company. Three analysts have rated the stock with a sell rating, six have issued a hold rating and ten have assigned a buy rating to the company. General Dynamics has an average rating of “Hold” and a consensus target price of $239.39.

Shares of NYSE GD opened at $192.61 on Wednesday. General Dynamics Co. has a 52-week low of $184.21 and a 52-week high of $230.00. The firm has a market cap of $57.45 billion, a PE ratio of 19.36, a P/E/G ratio of 1.55 and a beta of 0.79. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.20 and a quick ratio of 0.84.

General Dynamics (NYSE:GD) last announced its quarterly earnings data on Wednesday, July 25th. The aerospace company reported $2.82 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.49 by $0.33. General Dynamics had a net margin of 9.16% and a return on equity of 27.06%. The company had revenue of $9.19 billion during the quarter, compared to analysts’ expectations of $9.09 billion. During the same period in the previous year, the company earned $2.45 EPS. The business’s quarterly revenue was up 19.7% compared to the same quarter last year. sell-side analysts expect that General Dynamics Co. will post 11.25 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 9th. Stockholders of record on Friday, October 5th will be paid a dividend of $0.93 per share. The ex-dividend date is Thursday, October 4th. This represents a $3.72 annualized dividend and a dividend yield of 1.93%. General Dynamics’s dividend payout ratio is presently 37.39%.

General Dynamics Company Profile

General Dynamics Corporation operates as an aerospace and defense company worldwide. It operates through four business groups: Aerospace; Combat Systems; Information Systems and Technology; and Marine Systems. The Aerospace group designs, develops, manufactures, service and supports business-jet aircraft; and provides aircraft services, such as maintenance, aircraft management, charter, fixed-base operational, and staffing services.

Further Reading: Diversification

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Institutional Ownership by Quarter for General Dynamics (NYSE:GD)

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