Janney Montgomery Scott LLC lowered its position in General Dynamics Co. (NYSE:GD) by 2.6% during the third quarter, Holdings Channel reports. The institutional investor owned 67,232 shares of the aerospace company’s stock after selling 1,813 shares during the period. Janney Montgomery Scott LLC’s holdings in General Dynamics were worth $13,764,000 as of its most recent SEC filing.
Other large investors have also recently added to or reduced their stakes in the company. CSat Investment Advisory L.P. acquired a new position in General Dynamics in the second quarter worth approximately $101,000. CX Institutional acquired a new position in General Dynamics in the second quarter worth approximately $107,000. Zions Bancorporation acquired a new position in General Dynamics in the third quarter worth approximately $109,000. James Investment Research Inc. acquired a new position in General Dynamics in the second quarter worth approximately $112,000. Finally, BerganKDV Wealth Management LLC acquired a new position in General Dynamics in the second quarter worth approximately $114,000. Hedge funds and other institutional investors own 85.84% of the company’s stock.
In other General Dynamics news, Director Mark Malcolm acquired 3,000 shares of General Dynamics stock in a transaction dated Friday, October 26th. The stock was bought at an average cost of $169.87 per share, with a total value of $509,610.00. Following the completion of the transaction, the director now owns 4,455 shares of the company’s stock, valued at $756,770.85. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider S. Daniel Johnson sold 77,810 shares of the stock in a transaction that occurred on Friday, September 14th. The shares were sold at an average price of $199.85, for a total value of $15,550,328.50. Following the completion of the sale, the insider now directly owns 99,333 shares of the company’s stock, valued at $19,851,700.05. The disclosure for this sale can be found here. 6.70% of the stock is owned by corporate insiders.
General Dynamics (NYSE:GD) last announced its earnings results on Wednesday, October 24th. The aerospace company reported $2.89 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.76 by $0.13. The firm had revenue of $9.09 billion during the quarter, compared to analysts’ expectations of $9.41 billion. General Dynamics had a return on equity of 27.22% and a net margin of 9.01%. The company’s revenue was up 20.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.52 earnings per share. As a group, equities analysts predict that General Dynamics Co. will post 11.3 EPS for the current fiscal year.
GD has been the topic of a number of research reports. Argus dropped their price objective on General Dynamics from $250.00 to $200.00 and set a “buy” rating on the stock in a report on Friday, October 26th. Zacks Investment Research downgraded General Dynamics from a “hold” rating to a “sell” rating in a report on Wednesday, October 10th. Robert W. Baird dropped their price objective on General Dynamics from $243.00 to $222.00 and set an “outperform” rating on the stock in a report on Thursday, October 25th. Wells Fargo & Co dropped their price objective on General Dynamics from $250.00 to $210.00 and set an “outperform” rating on the stock in a report on Thursday, October 25th. Finally, Credit Suisse Group decreased their target price on General Dynamics from $229.00 to $216.00 and set an “outperform” rating for the company in a research report on Thursday, October 25th. Three analysts have rated the stock with a sell rating, five have assigned a hold rating and eleven have assigned a buy rating to the company. The company has an average rating of “Hold” and an average price target of $231.00.
General Dynamics 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.
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