Clearbridge Investments LLC reduced its holdings in General Dynamics Co. (NYSE:GD) by 0.6% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 270,029 shares of the aerospace company’s stock after selling 1,563 shares during the quarter. Clearbridge Investments LLC’s holdings in General Dynamics were worth $50,836,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also bought and sold shares of the company. OLD Mission Capital LLC acquired a new position in General Dynamics during the third quarter worth $5,685,000. Panagora Asset Management Inc. increased its position in General Dynamics by 7.7% during the first quarter. Panagora Asset Management Inc. now owns 13,802 shares of the aerospace company’s stock worth $2,506,000 after buying an additional 987 shares in the last quarter. Ensign Peak Advisors Inc increased its position in General Dynamics by 42.8% during the first quarter. Ensign Peak Advisors Inc now owns 69,023 shares of the aerospace company’s stock worth $12,532,000 after buying an additional 20,676 shares in the last quarter. Moors & Cabot Inc. increased its position in General Dynamics by 17.5% during the first quarter. Moors & Cabot Inc. now owns 2,984 shares of the aerospace company’s stock worth $540,000 after buying an additional 444 shares in the last quarter. Finally, Cresset Asset Management LLC increased its position in General Dynamics by 124.0% during the first quarter. Cresset Asset Management LLC now owns 5,668 shares of the aerospace company’s stock worth $1,029,000 after buying an additional 3,138 shares in the last quarter. 85.22% of the stock is owned by institutional investors and hedge funds.
Several equities analysts have weighed in on GD shares. Zacks Investment Research raised General Dynamics from a “hold” rating to a “buy” rating and set a $208.00 price target for the company in a research report on Thursday, August 5th. The Goldman Sachs Group raised General Dynamics from a “sell” rating to a “neutral” rating and set a $176.00 price target for the company in a research report on Thursday, September 23rd. Wells Fargo & Company raised their price target on General Dynamics from $216.00 to $220.00 and gave the stock an “overweight” rating in a research report on Friday, July 30th. Cowen reissued a “buy” rating on shares of General Dynamics in a research report on Monday, August 9th. Finally, Credit Suisse Group lifted their price objective on General Dynamics from $182.00 to $198.00 and gave the company a “neutral” rating in a research report on Thursday, July 29th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, General Dynamics has an average rating of “Buy” and an average price target of $208.45.
General Dynamics (NYSE:GD) last issued its earnings results on Wednesday, July 28th. The aerospace company reported $2.61 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.52 by $0.09. General Dynamics had a return on equity of 21.50% and a net margin of 8.52%. The firm had revenue of $9.22 billion for the quarter, compared to analysts’ expectations of $9.23 billion. As a group, sell-side analysts predict that General Dynamics Co. will post 11.49 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, November 12th. Investors of record on Friday, October 8th will be issued a $1.19 dividend. This represents a $4.76 dividend on an annualized basis and a yield of 2.34%. The ex-dividend date is Thursday, October 7th. General Dynamics’s payout ratio is currently 43.27%.
General Dynamics Profile
General Dynamics Corp. is an aerospace and defense company, which engages in the provision of tanks, rockets, missiles, submarines, warships, fighters and electronics to all of the military services. It operates through the following segments: Aerospace, Combat Systems, Information Technology, and Marine Systems.
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