Summit Financial Group Inc. reduced its position in General Dynamics Co. (NYSE:GD) by 1.5% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 5,268 shares of the aerospace company’s stock after selling 80 shares during the period. Summit Financial Group Inc.’s holdings in General Dynamics were worth $963,000 at the end of the most recent quarter.
Other hedge funds have also recently modified their holdings of the company. Bank of The West increased its position in General Dynamics by 16.0% in the 2nd quarter. Bank of The West now owns 24,024 shares of the aerospace company’s stock worth $4,368,000 after purchasing an additional 3,319 shares during the last quarter. Holowesko Partners Ltd. increased its holdings in shares of General Dynamics by 22.1% during the 2nd quarter. Holowesko Partners Ltd. now owns 13,800 shares of the aerospace company’s stock valued at $2,509,000 after acquiring an additional 2,500 shares during the last quarter. Confluence Investment Management LLC increased its holdings in shares of General Dynamics by 4.7% during the 2nd quarter. Confluence Investment Management LLC now owns 103,483 shares of the aerospace company’s stock valued at $18,815,000 after acquiring an additional 4,606 shares during the last quarter. Connecticut Wealth Management LLC increased its holdings in shares of General Dynamics by 11.5% during the 2nd quarter. Connecticut Wealth Management LLC now owns 1,857 shares of the aerospace company’s stock valued at $338,000 after acquiring an additional 191 shares during the last quarter. Finally, Weiss Asset Management LP acquired a new position in shares of General Dynamics during the 1st quarter valued at about $205,000. 86.25% of the stock is currently owned by institutional investors.
NYSE:GD traded down $0.07 during mid-day trading on Wednesday, hitting $176.43. 378,123 shares of the company’s stock traded hands, compared to its average volume of 1,277,912. The firm has a 50 day moving average of $186.07 and a two-hundred day moving average of $178.29. General Dynamics Co. has a 12 month low of $143.87 and a 12 month high of $207.00. The firm has a market capitalization of $51.40 billion, a price-to-earnings ratio of 15.45, a price-to-earnings-growth ratio of 1.70 and a beta of 1.20. The company has a current ratio of 1.09, a quick ratio of 0.73 and a debt-to-equity ratio of 0.70.
General Dynamics (NYSE:GD) last announced its earnings results on Wednesday, July 24th. The aerospace company reported $2.77 earnings per share for the quarter, beating the 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 firm had revenue of $9.56 billion during the quarter, compared to the consensus estimate of $9.36 billion. During the same quarter in the prior year, the company earned $2.82 EPS. The firm’s revenue for the quarter was up 4.0% compared to the same quarter last year. As a group, equities research analysts expect that General Dynamics Co. will post 11.88 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Friday, October 11th will be paid a dividend of $1.02 per share. The ex-dividend date of this dividend is Thursday, October 10th. This represents a $4.08 annualized dividend and a yield of 2.31%. General Dynamics’s payout ratio is 35.73%.
In other General Dynamics news, Director William A. Osborn sold 1,500 shares of the firm’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 completion of the sale, the director now owns 37,585 shares in the company, valued at approximately $6,861,517.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Gary L. Whited sold 14,029 shares of the firm’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 value of $2,642,783.02. Following the completion of the sale, the vice president now owns 37,542 shares of the company’s stock, valued at approximately $7,072,161.96. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 48,459 shares of company stock valued at $9,079,802. 7.10% of the stock is owned by corporate insiders.
GD has been the topic of a number of analyst reports. Cowen set a $202.00 price objective on General Dynamics and gave the company a “buy” rating in a report on Friday, August 30th. Robert W. Baird increased their price objective on General Dynamics from $188.00 to $218.00 and gave the company an “outperform” rating in a report on Wednesday, July 10th. Zacks Investment Research raised General Dynamics from a “hold” rating to a “buy” rating and set a $203.00 price objective on the stock in a report on Monday, September 2nd. Finally, Morgan Stanley increased their price objective on General Dynamics from $171.00 to $173.00 and gave the company an “underweight” rating in a report on Wednesday, August 14th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and seven have assigned a buy rating to the stock. General Dynamics currently has an average rating of “Hold” and an average target price of $193.35.
General Dynamics Company Profile
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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