Oppenheimer Asset Management Inc. lowered its stake in shares of General Dynamics Co. (NYSE:GD) by 46.4% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,246 shares of the aerospace company’s stock after selling 1,079 shares during the period. Oppenheimer Asset Management Inc.’s holdings in General Dynamics were worth $255,000 at the end of the most recent quarter.
Other institutional investors also recently made changes to their positions in the company. Newport Trust Co raised its stake in General Dynamics by 0.3% in the 2nd quarter. Newport Trust Co now owns 21,068,046 shares of the aerospace company’s stock valued at $3,927,294,000 after acquiring an additional 66,593 shares during the period. BlackRock Inc. grew its holdings in General Dynamics by 1.1% in the 2nd quarter. BlackRock Inc. now owns 17,024,342 shares of the aerospace company’s stock valued at $3,173,507,000 after buying an additional 191,353 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec grew its holdings in General Dynamics by 29.0% in the 2nd quarter. Caisse DE Depot ET Placement DU Quebec now owns 2,243,297 shares of the aerospace company’s stock valued at $418,173,000 after buying an additional 504,326 shares in the last quarter. Bank of Montreal Can grew its holdings in General Dynamics by 5.0% in the 3rd quarter. Bank of Montreal Can now owns 1,457,366 shares of the aerospace company’s stock valued at $298,353,000 after buying an additional 68,784 shares in the last quarter. Finally, Iridian Asset Management LLC CT grew its holdings in General Dynamics by 1.6% in the 2nd quarter. Iridian Asset Management LLC CT now owns 1,324,996 shares of the aerospace company’s stock valued at $246,993,000 after buying an additional 20,314 shares in the last quarter. Institutional investors own 85.84% of the company’s stock.
A number of research analysts have commented on the company. Credit Suisse Group upped their price objective on General Dynamics from $224.00 to $229.00 and gave the company an “outperform” rating in a report on Thursday, July 26th. Zacks Investment Research lowered General Dynamics from a “hold” rating to a “sell” rating in a report on Wednesday, October 10th. Bank of America set a $275.00 price objective on General Dynamics and gave the company a “buy” rating in a report on Tuesday, July 31st. ValuEngine raised General Dynamics from a “sell” rating to a “hold” rating in a report on Saturday, July 28th. Finally, Drexel Hamilton reaffirmed a “buy” rating and issued a $230.00 price objective on shares of General Dynamics in a report on Thursday, August 16th. Three analysts have rated the stock with a sell rating, five have assigned a hold rating and eleven have given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $231.00.
General Dynamics (NYSE:GD) last released its earnings results on Wednesday, October 24th. The aerospace company reported $2.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.76 by $0.13. The company had revenue of $9.09 billion for the quarter, compared to analyst estimates of $9.41 billion. General Dynamics had a return on equity of 27.22% and a net margin of 9.01%. General Dynamics’s quarterly revenue was up 20.0% on a year-over-year basis. During the same period in the prior year, the firm posted $2.52 EPS. Equities analysts forecast that General Dynamics Co. will post 11.3 earnings per share for the current year.
In other news, insider John Patrick Casey sold 22,500 shares of the stock in a transaction on Monday, October 15th. The stock was sold at an average price of $193.28, for a total transaction of $4,348,800.00. Following the sale, the insider now directly owns 118,555 shares of the company’s stock, valued at approximately $22,914,310.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Mark Malcolm bought 3,000 shares of General Dynamics stock in a transaction dated Friday, October 26th. The shares were bought at an average cost of $169.87 per share, for a total transaction of $509,610.00. Following the completion of the acquisition, the director now owns 4,455 shares in the company, valued at approximately $756,770.85. The disclosure for this purchase can be found here. Corporate insiders own 6.70% of the company’s stock.
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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.
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