New Mexico Educational Retirement Board reduced its stake in shares of General Dynamics Co. (NYSE:GD) by 2.1% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 23,214 shares of the aerospace company’s stock after selling 500 shares during the quarter. New Mexico Educational Retirement Board’s holdings in General Dynamics were worth $3,930,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Exeter Financial LLC boosted its stake in General Dynamics by 0.9% in the fourth quarter. Exeter Financial LLC now owns 7,105 shares of the aerospace company’s stock valued at $1,117,000 after buying an additional 61 shares in the last quarter. Weatherstone Capital Management boosted its stake in General Dynamics by 2.9% in the first quarter. Weatherstone Capital Management now owns 2,224 shares of the aerospace company’s stock valued at $376,000 after buying an additional 63 shares in the last quarter. Somerset Trust Co boosted its stake in General Dynamics by 0.5% in the first quarter. Somerset Trust Co now owns 13,039 shares of the aerospace company’s stock valued at $2,208,000 after buying an additional 69 shares in the last quarter. BRYN MAWR TRUST Co boosted its stake in General Dynamics by 1.6% in the fourth quarter. BRYN MAWR TRUST Co now owns 4,748 shares of the aerospace company’s stock valued at $746,000 after buying an additional 75 shares in the last quarter. Finally, Griffin Asset Management Inc. boosted its stake in General Dynamics by 6.7% in the fourth quarter. Griffin Asset Management Inc. now owns 1,303 shares of the aerospace company’s stock valued at $205,000 after buying an additional 82 shares in the last quarter. 87.27% of the stock is currently owned by institutional investors.
In other news, Director Lester L. Lyles sold 4,580 shares of the firm’s stock in a transaction dated Friday, February 22nd. The stock was sold at an average price of $172.42, for a total transaction of $789,683.60. Following the completion of the transaction, the director now directly owns 12,314 shares in the company, valued at $2,123,179.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Gary L. Whited sold 14,640 shares of the firm’s stock in a transaction dated Friday, March 8th. The stock was sold at an average price of $165.38, for a total value of $2,421,163.20. Following the transaction, the vice president now owns 30,462 shares of the company’s stock, valued at $5,037,805.56. The disclosure for this sale can be found here. Insiders have sold 21,547 shares of company stock valued at $3,609,299 over the last 90 days. 7.10% of the stock is owned by corporate insiders.
General Dynamics (NYSE:GD) last issued its quarterly earnings data on Wednesday, January 30th. The aerospace company reported $3.07 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.98 by $0.09. General Dynamics had a return on equity of 28.33% and a net margin of 9.24%. The company had revenue of $10.38 billion during the quarter, compared to the consensus estimate of $10.34 billion. During the same period last year, the company earned $2.50 earnings per share. The firm’s revenue was up 25.4% compared to the same quarter last year. On average, research analysts anticipate that General Dynamics Co. will post 11.72 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 10th. Stockholders of record on Friday, April 12th will be given a dividend of $1.02 per share. This represents a $4.08 dividend on an annualized basis and a dividend yield of 2.35%. This is an increase from General Dynamics’s previous quarterly dividend of $0.93. The ex-dividend date is Thursday, April 11th. General Dynamics’s dividend payout ratio (DPR) is 35.73%.
GD has been the subject of several research reports. Zacks Investment Research downgraded General Dynamics from a “hold” rating to a “sell” rating in a research report on Monday, March 11th. Cowen reiterated a “buy” rating on shares of General Dynamics in a research report on Wednesday, March 6th. Credit Suisse Group downgraded General Dynamics from an “outperform” rating to a “neutral” rating and dropped their target price for the company from $190.00 to $184.00 in a research report on Friday, February 15th. Drexel Hamilton reiterated a “buy” rating and issued a $230.00 target price on shares of General Dynamics in a research report on Monday, February 4th. Finally, Sanford C. Bernstein dropped their target price on General Dynamics from $186.00 to $178.00 and set a “market perform” rating for the company in a research report on Monday, February 4th. Four equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and six have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $204.43.
About General Dynamics
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.
Further Reading: Gross Domestic Product (GDP)
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