New York State Teachers Retirement System lowered its stake in shares of General Dynamics Corporation (NYSE:GD) by 2.4% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 502,031 shares of the aerospace company’s stock after selling 12,570 shares during the period. New York State Teachers Retirement System owned about 0.17% of General Dynamics Corporation worth $93,980,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. First Heartland Consultants Inc. boosted its position in General Dynamics Corporation by 0.7% in the first quarter. First Heartland Consultants Inc. now owns 3,429 shares of the aerospace company’s stock worth $642,000 after buying an additional 25 shares during the last quarter. Morgan Stanley boosted its position in General Dynamics Corporation by 12.2% in the first quarter. Morgan Stanley now owns 1,139,288 shares of the aerospace company’s stock worth $213,274,000 after buying an additional 124,077 shares during the last quarter. Northside Capital Management LLC bought a new position in General Dynamics Corporation during the first quarter worth approximately $905,000. Johnson Financial Group Inc. boosted its position in General Dynamics Corporation by 1.1% in the first quarter. Johnson Financial Group Inc. now owns 20,291 shares of the aerospace company’s stock worth $3,799,000 after buying an additional 216 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in General Dynamics Corporation by 3.0% in the first quarter. Dimensional Fund Advisors LP now owns 713,940 shares of the aerospace company’s stock worth $133,650,000 after buying an additional 21,074 shares during the last quarter. 86.80% of the stock is currently owned by hedge funds and other institutional investors.
Shares of General Dynamics Corporation (NYSE GD) opened at 193.84 on Friday. The company’s 50 day moving average is $200.88 and its 200-day moving average is $192.13. General Dynamics Corporation has a 1-year low of $145.05 and a 1-year high of $205.90. The stock has a market capitalization of $58.50 billion, a price-to-earnings ratio of 19.44 and a beta of 0.72.
General Dynamics Corporation (NYSE:GD) last announced its earnings results on Wednesday, July 26th. The aerospace company reported $2.45 EPS for the quarter, beating the consensus estimate of $2.43 by $0.02. The business had revenue of $7.68 billion for the quarter, compared to the consensus estimate of $7.76 billion. General Dynamics Corporation had a return on equity of 28.22% and a net margin of 9.66%. The company’s revenue was down 1.3% on a year-over-year basis. During the same period last year, the business posted $2.30 EPS. Equities analysts anticipate that General Dynamics Corporation will post $9.81 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, August 11th. Investors of record on Friday, July 7th will be issued a dividend of $0.84 per share. The ex-dividend date is Wednesday, July 5th. This represents a $3.36 annualized dividend and a dividend yield of 1.73%. General Dynamics Corporation’s payout ratio is currently 34.60%.
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A number of research firms have commented on GD. UBS AG reaffirmed a “buy” rating and issued a $225.00 target price (up previously from $215.00) on shares of General Dynamics Corporation in a research report on Monday, June 12th. Zacks Investment Research cut shares of General Dynamics Corporation from a “buy” rating to a “hold” rating in a research report on Wednesday, July 12th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $200.00 target price on shares of General Dynamics Corporation in a research report on Tuesday, April 18th. Royal Bank Of Canada reaffirmed a “buy” rating and issued a $220.00 target price on shares of General Dynamics Corporation in a research report on Friday, June 2nd. Finally, BidaskClub cut shares of General Dynamics Corporation from a “strong-buy” rating to a “buy” rating in a research report on Sunday, July 16th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $204.72.
In related news, Director Lester L. Lyles sold 2,551 shares of the firm’s stock in a transaction dated Friday, May 19th. The stock was sold at an average price of $196.01, for a total transaction of $500,021.51. Following the sale, the director now directly owns 7,336 shares in the company, valued at approximately $1,437,929.36. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP Christopher Marzilli sold 43,890 shares of the firm’s stock in a transaction dated Tuesday, May 30th. The shares were sold at an average price of $201.37, for a total value of $8,838,129.30. Following the sale, the vice president now owns 107,857 shares in the company, valued at $21,719,164.09. The disclosure for this sale can be found here. Company insiders own 6.70% of the company’s stock.
About General Dynamics Corporation
General Dynamics Corporation is a global aerospace and defense company. The Company offers a portfolio of products and services in business aviation; combat vehicles, weapons systems and munitions; information technology (IT) services and C4ISR (command, control, communications, computers, intelligence, surveillance and reconnaissance) solutions, and shipbuilding and ship repair.
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