1ST Source Bank boosted its position in General Dynamics Corp. (NYSE:GD) by 2.9% during the second quarter, Holdings Channel reports. The fund owned 20,794 shares of the company’s stock after buying an additional 592 shares during the period. 1ST Source Bank’s holdings in General Dynamics Corp. were worth $2,896,000 as of its most recent filing with the SEC.
A number of other hedge funds have also recently made changes to their positions in GD. Bank of Montreal Can bought a new position in shares of General Dynamics Corp. during the second quarter worth about $203,640,000. Renaissance Technologies LLC boosted its position in General Dynamics Corp. by 45.5% in the first quarter. Renaissance Technologies LLC now owns 877,900 shares of the company’s stock valued at $115,330,000 after buying an additional 274,600 shares during the period. Locust Wood Capital Advisers LLC acquired a new position in General Dynamics Corp. during the second quarter valued at $29,327,000. RS Investment Management Co. LLC acquired a new position in General Dynamics Corp. during the second quarter valued at $23,540,000. Finally, Wellington Management Group LLP boosted its position in General Dynamics Corp. by 4.9% in the first quarter. Wellington Management Group LLP now owns 3,166,973 shares of the company’s stock valued at $416,045,000 after buying an additional 147,072 shares during the period. Hedge funds and other institutional investors own 87.68% of the company’s stock.
General Dynamics Corp. (NYSE:GD) traded up 0.934% during mid-day trading on Tuesday, hitting $151.885. The stock had a trading volume of 258,601 shares. General Dynamics Corp. has a 12 month low of $121.61 and a 12 month high of $156.97. The company has a market cap of $46.24 billion, a price-to-earnings ratio of 16.153 and a beta of 0.76. The firm’s 50-day moving average is $152.73 and its 200 day moving average is $144.86.
General Dynamics Corp. (NYSE:GD) last issued its quarterly earnings results on Wednesday, July 27th. The company reported $2.44 EPS for the quarter, beating the Zacks’ consensus estimate of $2.31 by $0.13. The company earned $7.66 billion during the quarter, compared to the consensus estimate of $7.88 billion. General Dynamics Corp. had a return on equity of 27.74% and a net margin of 9.53%. General Dynamics Corp.’s revenue was down 2.8% on a year-over-year basis. During the same period last year, the business posted $2.27 earnings per share. Equities analysts anticipate that General Dynamics Corp. will post $9.73 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, November 10th. Shareholders of record on Friday, October 7th will be given a $0.76 dividend. This represents a $3.04 dividend on an annualized basis and a yield of 2.02%. The ex-dividend date of this dividend is Wednesday, October 5th. General Dynamics Corp.’s dividend payout ratio is currently 32.27%.
Several equities analysts have recently weighed in on the company. Vetr upgraded 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. Zacks Investment Research cut General Dynamics Corp. from a “buy” rating to a “hold” rating in a report on Monday. Robert W. Baird assumed coverage on General Dynamics Corp. in a report on Thursday, October 6th. They set an “outperform” rating and a $181.00 price objective on the stock. Deutsche Bank AG reiterated a “hold” rating on shares of General Dynamics Corp. in a report on Friday, September 23rd. Finally, Citigroup Inc. lifted their price objective on General Dynamics Corp. from $162.00 to $185.00 and gave the company a “buy” rating in a report on Tuesday, September 6th. Three investment analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company. General Dynamics Corp. presently has a consensus rating of “Buy” and a consensus price target of $159.66.
In other news, insider Robert W. Helm sold 87,790 shares of General Dynamics Corp. stock in a transaction on Monday, September 12th. The stock was 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 in the company, valued at $23,719,430.16. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Robert W. Helm sold 149,910 shares of General Dynamics Corp. stock in a transaction on Thursday, September 8th. The shares were 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 owns 108,119 shares of the company’s stock, valued at $16,480,579.17. The disclosure for this sale can be found here. 6.80% of the stock is owned by company insiders.
About General Dynamics Corp.
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.