Point72 Asset Management L.P. lowered its stake in General Dynamics Corporation (NYSE:GD) by 87.5% during the first quarter, Holdings Channel reports. The institutional investor owned 35,000 shares of the aerospace company’s stock after selling 245,400 shares during the period. Point72 Asset Management L.P.’s holdings in General Dynamics Corporation were worth $6,552,000 at the end of the most recent quarter.
Other hedge funds have also recently made changes to their positions in the company. Salem Investment Counselors Inc. raised its stake in shares of General Dynamics Corporation by 1.3% in the first quarter. Salem Investment Counselors Inc. now owns 8,430 shares of the aerospace company’s stock valued at $1,578,000 after buying an additional 111 shares in the last quarter. Janus Capital Management LLC raised its stake in shares of General Dynamics Corporation by 22.1% in the first quarter. Janus Capital Management LLC now owns 4,148,390 shares of the aerospace company’s stock valued at $776,563,000 after buying an additional 749,793 shares in the last quarter. First Financial Equity Corporation purchased a new stake in shares of General Dynamics Corporation during the first quarter valued at about $326,000. Archford Capital Strategies LLC raised its stake in shares of General Dynamics Corporation by 34.6% in the first quarter. Archford Capital Strategies LLC now owns 1,090 shares of the aerospace company’s stock valued at $204,000 after buying an additional 280 shares in the last quarter. Finally, Covington Capital Management raised its stake in shares of General Dynamics Corporation by 87.9% in the first quarter. Covington Capital Management now owns 2,885 shares of the aerospace company’s stock valued at $540,000 after buying an additional 1,350 shares in the last quarter. Institutional investors and hedge funds own 86.77% of the company’s stock.
General Dynamics Corporation (NYSE:GD) traded up 0.37% during midday trading on Friday, reaching $200.07. The company had a trading volume of 1,247,391 shares. The stock’s 50 day moving average price is $200.54 and its 200-day moving average price is $192.80. General Dynamics Corporation has a one year low of $146.82 and a one year high of $205.90. The firm has a market capitalization of $59.98 billion, a P/E ratio of 19.77 and a beta of 0.71.
General Dynamics Corporation (NYSE:GD) last announced its quarterly earnings results on Wednesday, July 26th. The aerospace company reported $2.45 EPS for the quarter, beating the Zacks’ consensus estimate of $2.43 by $0.02. General Dynamics Corporation had a net margin of 9.63% and a return on equity of 28.17%. The business had revenue of $7.68 billion for the quarter, compared to analyst estimates of $7.76 billion. During the same quarter in the prior year, the business earned $2.30 EPS. General Dynamics Corporation’s quarterly revenue was down 1.3% on a year-over-year basis. On average, equities research analysts anticipate that General Dynamics Corporation will post $9.82 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, November 10th. Investors of record on Friday, October 6th will be paid a $0.84 dividend. The ex-dividend date is Thursday, October 5th. This represents a $3.36 dividend on an annualized basis and a yield of 1.68%. General Dynamics Corporation’s dividend payout ratio (DPR) is currently 34.57%.
Several analysts recently issued reports on the company. BidaskClub lowered General Dynamics Corporation from a “strong-buy” rating to a “buy” rating in a report on Monday, July 31st. Zacks Investment Research lowered General Dynamics Corporation from a “buy” rating to a “hold” rating in a report on Friday, July 28th. Cowen and Company reiterated a “buy” rating and set a $210.00 price objective on shares of General Dynamics Corporation in a report on Monday, July 17th. Berenberg Bank assumed coverage on General Dynamics Corporation in a report on Wednesday, July 12th. They set a “buy” rating and a $230.00 price objective for the company. Finally, Jefferies Group LLC reiterated a “buy” rating and set a $220.00 price objective on shares of General Dynamics Corporation in a report on Friday, July 7th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and eleven have assigned a buy rating to the company. General Dynamics Corporation has a consensus rating of “Buy” and an average target price of $207.56.
In other General Dynamics Corporation news, Director Lester L. Lyles sold 2,551 shares of the stock in a transaction that occurred on Friday, May 19th. The shares were sold at an average price of $196.01, for a total transaction of $500,021.51. Following the transaction, the director now 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 the SEC website. Also, VP Christopher Marzilli sold 43,890 shares of the stock in a transaction that occurred on Tuesday, May 30th. The stock was sold at an average price of $201.37, for a total transaction of $8,838,129.30. Following the transaction, the vice president now owns 107,857 shares in the company, valued at approximately $21,719,164.09. The disclosure for this sale can be found here. 6.70% of the stock is currently owned by corporate insiders.
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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