Salem Investment Counselors Inc. trimmed its stake in shares of General Dynamics Co. (NYSE:GD) by 29.6% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,345 shares of the aerospace company’s stock after selling 2,672 shares during the quarter. Salem Investment Counselors Inc.’s holdings in General Dynamics were worth $1,183,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Bank of Montreal Can purchased a new stake in General Dynamics during the 2nd quarter worth about $258,844,000. Millennium Management LLC lifted its holdings in General Dynamics by 234.2% during the 1st quarter. Millennium Management LLC now owns 931,892 shares of the aerospace company’s stock worth $205,855,000 after buying an additional 653,083 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec lifted its holdings in 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 buying an additional 504,326 shares during the last quarter. Levin Capital Strategies L.P. purchased a new stake in General Dynamics during the 2nd quarter worth about $68,282,000. Finally, CI Investments Inc. lifted its holdings in General Dynamics by 122.8% during the 1st quarter. CI Investments Inc. now owns 463,073 shares of the aerospace company’s stock worth $102,293,000 after buying an additional 255,188 shares during the last quarter. 85.48% of the stock is owned by hedge funds and other institutional investors.
A number of brokerages have issued reports on GD. UBS Group began coverage on General Dynamics in a report on Wednesday, August 15th. They set a “neutral” rating and a $210.00 price target for the company. Credit Suisse Group reduced their target price on General Dynamics from $263.00 to $234.00 in a report on Tuesday, May 22nd. Drexel Hamilton reissued a “buy” rating and issued a $230.00 target price on shares of General Dynamics in a report on Thursday, August 16th. Zacks Investment Research downgraded General Dynamics from a “hold” rating to a “sell” rating in a report on Monday, July 2nd. Finally, Morgan Stanley reduced their target price on General Dynamics from $215.00 to $207.00 and set an “underweight” rating for the company in a report on Friday, June 22nd. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating and ten have assigned a buy rating to the stock. General Dynamics presently has an average rating of “Hold” and a consensus target price of $239.39.
General Dynamics stock opened at $200.51 on Friday. General Dynamics Co. has a fifty-two week low of $184.21 and a fifty-two week high of $230.00. The company has a quick ratio of 0.84, a current ratio of 1.20 and a debt-to-equity ratio of 0.95. The stock has a market capitalization of $58.28 billion, a PE ratio of 18.70, a PEG ratio of 1.57 and a beta of 0.79.
General Dynamics (NYSE:GD) last posted its earnings results on Wednesday, July 25th. The aerospace company reported $2.82 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.49 by $0.33. The business had revenue of $9.19 billion during the quarter, compared to the consensus estimate of $9.09 billion. General Dynamics had a return on equity of 27.06% and a net margin of 9.16%. The business’s quarterly revenue was up 19.7% on a year-over-year basis. During the same period in the previous year, the business earned $2.45 EPS. equities research analysts expect that General Dynamics Co. will post 11.22 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, November 9th. Investors of record on Friday, October 5th will be given a $0.93 dividend. This represents a $3.72 annualized dividend and a yield of 1.86%. The ex-dividend date of this dividend is Thursday, October 4th. General Dynamics’s dividend payout ratio (DPR) is presently 37.39%.
About General Dynamics
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.
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