Today, Jennison Associates LLC Raises Stake in General Dynamics Corp. (GD)

Today, Jennison Associates LLC Raises Stake in General Dynamics Corp. (GD)

Jennison Associates LLC raised its position in General Dynamics Corp. (NYSE:GD) by 12.4% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 21,656 shares of the company’s stock after buying an additional 2,390 shares during the period. Jennison Associates LLC’s holdings in General Dynamics Corp. were worth $3,360,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of GD. Wells Fargo & Company MN boosted its stake in shares of General Dynamics Corp. by 27.6% in the third quarter. Wells Fargo & Company MN now owns 7,270,811 shares of the company’s stock worth $1,128,140,000 after buying an additional 1,573,092 shares during the period. Iridian Asset Management LLC CT acquired a new stake in shares of General Dynamics Corp. during the second quarter worth $213,226,000. Bank of Montreal Can acquired a new stake in shares of General Dynamics Corp. during the second quarter worth $203,640,000. FMR LLC boosted its stake in shares of General Dynamics Corp. by 19.1% in the second quarter. FMR LLC now owns 7,944,339 shares of the company’s stock worth $1,106,170,000 after buying an additional 1,274,336 shares during the period. Finally, Boston Partners boosted its stake in shares of General Dynamics Corp. by 34.3% in the second quarter. Boston Partners now owns 4,303,966 shares of the company’s stock worth $599,284,000 after buying an additional 1,099,224 shares during the period. 88.38% of the stock is currently owned by institutional investors.

Shares of General Dynamics Corp. (NYSE:GD) traded up 0.90% on Friday, hitting $172.08. 627,023 shares of the company’s stock traded hands. General Dynamics Corp. has a 1-year low of $121.61 and a 1-year high of $172.23. The company has a market cap of $52.30 billion, a price-to-earnings ratio of 18.42 and a beta of 0.69. The firm’s 50-day moving average price is $156.87 and its 200 day moving average price is $149.06.

General Dynamics Corp. (NYSE:GD) last issued its quarterly earnings data on Wednesday, October 26th. The company reported $2.48 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.38 by $0.10. General Dynamics Corp. had a return on equity of 27.68% and a net margin of 9.45%. The company earned $7.73 billion during the quarter, compared to analysts’ expectations of $7.91 billion. During the same period last year, the business earned $2.28 earnings per share. The business’s revenue was down 3.3% on a year-over-year basis. On average, equities research analysts expect that General Dynamics Corp. will post $9.77 earnings per share for the current year.

GD has been the topic of a number of analyst reports. Citigroup Inc. increased their price objective on shares of General Dynamics Corp. from $162.00 to $185.00 and gave the stock a “buy” rating in a report on Tuesday, September 6th. Vetr raised shares of General Dynamics Corp. from a “hold” rating to a “strong-buy” rating and set a $169.96 price objective on the stock in a report on Monday, October 17th. Zacks Investment Research cut shares of General Dynamics Corp. from a “buy” rating to a “hold” rating in a report on Monday, October 17th. Jefferies Group reaffirmed a “buy” rating on shares of General Dynamics Corp. in a report on Wednesday, August 3rd. Finally, Sanford C. Bernstein raised shares of General Dynamics Corp. from a “market perform” rating to an “outperform” rating and set a $180.00 price objective on the stock in a report on Wednesday, August 10th. They noted that the move was a valuation call. Two investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. General Dynamics Corp. currently has a consensus rating of “Buy” and an average price target of $161.37.

In related news, insider Robert W. Helm sold 149,910 shares of General Dynamics Corp. stock in a transaction dated Thursday, September 8th. The stock was sold at an average price of $152.43, for a total value of $22,850,781.30. Following the completion of the transaction, the insider now directly owns 108,119 shares of the company’s stock, valued at $16,480,579.17. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Robert W. Helm sold 87,790 shares of General Dynamics Corp. stock in a transaction dated Monday, September 12th. The shares were sold at an average price of $150.91, for a total value of $13,248,388.90. Following the completion of the transaction, the insider now directly owns 157,176 shares of the company’s stock, valued at $23,719,430.16. The disclosure for this sale can be found here. 6.80% of the stock is owned by corporate insiders.

General Dynamics Corp. Company Profile

General Dynamics Corporation is an aerospace and defense company that offers a portfolio of products and services in business aviation; combat vehicles, weapons systems and munitions; command, control, communications, computers, intelligence, surveillance and reconnaissance (C4ISR) solutions and information technology (IT) services, and shipbuilding.

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