General Dynamics Corporation (NYSE:GD) Stake Decreased by Montecito Bank & Trust

Montecito Bank & Trust lowered its stake in General Dynamics Corporation (NYSE:GD) by 6.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,733 shares of the aerospace company’s stock after selling 200 shares during the period. Montecito Bank & Trust’s holdings in General Dynamics Corporation were worth $542,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Quadrant Capital Group LLC increased its position in General Dynamics Corporation by 0.7% in the first quarter. Quadrant Capital Group LLC now owns 608 shares of the aerospace company’s stock valued at $108,000 after buying an additional 4 shares in the last quarter. Zions Bancorporation increased its position in General Dynamics Corporation by 0.5% in the first quarter. Zions Bancorporation now owns 732 shares of the aerospace company’s stock valued at $137,000 after buying an additional 4 shares in the last quarter. Norway Savings Bank increased its position in General Dynamics Corporation by 0.5% in the second quarter. Norway Savings Bank now owns 1,015 shares of the aerospace company’s stock valued at $201,000 after buying an additional 5 shares in the last quarter. Savant Capital LLC increased its position in General Dynamics Corporation by 0.4% in the first quarter. Savant Capital LLC now owns 1,815 shares of the aerospace company’s stock valued at $340,000 after buying an additional 7 shares in the last quarter. Finally, Guardian Life Insurance Co. of America increased its position in General Dynamics Corporation by 0.7% in the first quarter. Guardian Life Insurance Co. of America now owns 1,104 shares of the aerospace company’s stock valued at $207,000 after buying an additional 8 shares in the last quarter. Institutional investors and hedge funds own 87.52% of the company’s stock.

General Dynamics Corporation (NYSE GD) opened at 197.89 on Friday. The stock’s 50 day moving average price is $199.82 and its 200-day moving average price is $193.74. General Dynamics Corporation has a 12 month low of $148.76 and a 12 month high of $205.90. The company has a market capitalization of $59.33 billion, a P/E ratio of 19.55 and a beta of 0.71.

General Dynamics Corporation (NYSE:GD) last posted its earnings results on Wednesday, July 26th. The aerospace company reported $2.45 earnings per share for the quarter, topping analysts’ consensus estimates of $2.43 by $0.02. General Dynamics Corporation had a return on equity of 28.17% and a net margin of 9.63%. The firm had revenue of $7.68 billion for the quarter, compared to the consensus estimate of $7.76 billion. During the same quarter in the prior year, the business earned $2.30 EPS. The business’s revenue for the quarter was down 1.3% on a year-over-year basis. On average, equities research analysts predict that General Dynamics Corporation will post $9.82 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, November 10th. Shareholders of record on Friday, October 6th will be issued a dividend of $0.84 per share. The ex-dividend date is Thursday, October 5th. This represents a $3.36 dividend on an annualized basis and a dividend yield of 1.70%. General Dynamics Corporation’s dividend payout ratio (DPR) is 34.57%.

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Several equities analysts have commented on the company. UBS AG reiterated a “buy” rating and issued a $225.00 target price (up from $215.00) on shares of General Dynamics Corporation in a research report on Monday, June 12th. Zacks Investment Research downgraded General Dynamics Corporation from a “buy” rating to a “hold” rating in a research report on Wednesday, July 12th. Citigroup Inc. increased their target price on General Dynamics Corporation from $207.00 to $210.00 and gave the company a “neutral” rating in a research report on Friday. Jefferies Group LLC reiterated a “buy” rating on shares of General Dynamics Corporation in a research report on Friday. Finally, BidaskClub downgraded General Dynamics Corporation from a “strong-buy” rating to a “buy” rating in a research report on Monday, July 31st. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $206.59.

In related news, VP Christopher Marzilli sold 43,890 shares of the company’s stock in a transaction that occurred on Tuesday, May 30th. The stock was 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 approximately $21,719,164.09. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Lester L. Lyles sold 2,551 shares of the company’s stock in a transaction that occurred on Friday, May 19th. The stock was sold at an average price of $196.01, for a total value of $500,021.51. Following the completion of the sale, the director now owns 7,336 shares in the company, valued at approximately $1,437,929.36. 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.