Chemung Canal Trust Co. lowered its stake in General Dynamics Corp. (NYSE:GD) by 26.9% during the second quarter, Holdings Channel reports. The institutional investor owned 3,291 shares of the company’s stock after selling 1,210 shares during the period. Chemung Canal Trust Co.’s holdings in General Dynamics Corp. were worth $458,000 at the end of the most recent reporting period.
Several other large investors have also recently added to or reduced their stakes in GD. 1ST Source Bank boosted its stake in General Dynamics Corp. by 2.9% in the second quarter. 1ST Source Bank now owns 20,794 shares of the company’s stock valued at $2,896,000 after buying an additional 592 shares in the last quarter. Signaturefd LLC boosted its stake in General Dynamics Corp. by 5.7% in the second quarter. Signaturefd LLC now owns 818 shares of the company’s stock valued at $114,000 after buying an additional 44 shares in the last quarter. Wedge Capital Management L L P NC boosted its stake in General Dynamics Corp. by 6.1% in the second quarter. Wedge Capital Management L L P NC now owns 343,338 shares of the company’s stock valued at $47,806,000 after buying an additional 19,629 shares in the last quarter. Sequoia Financial Advisors LLC purchased a new stake in General Dynamics Corp. during the second quarter valued at about $202,000. Finally, Penobscot Investment Management Company Inc. boosted its stake in General Dynamics Corp. by 3.9% in the second quarter. Penobscot Investment Management Company Inc. now owns 2,940 shares of the company’s stock valued at $410,000 after buying an additional 110 shares in the last quarter. 87.68% of the stock is currently owned by institutional investors.
General Dynamics Corp. (NYSE:GD) traded down 0.05% during mid-day trading on Monday, hitting $151.26. 209,016 shares of the stock were exchanged. The company has a 50-day moving average price of $152.76 and a 200-day moving average price of $144.54. General Dynamics Corp. has a one year low of $121.61 and a one year high of $156.97. The company has a market cap of $46.05 billion, a P/E ratio of 16.09 and a beta of 0.76.
General Dynamics Corp. (NYSE:GD) last released its quarterly earnings data on Wednesday, July 27th. The company reported $2.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.31 by $0.13. The business had revenue of $7.66 billion for the quarter, compared to analysts’ expectations 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 quarterly revenue was down 2.8% on a year-over-year basis. During the same period in the previous year, the business posted $2.27 earnings per share. On average, analysts predict that General Dynamics Corp. will post $9.73 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 10th. Stockholders of record on Friday, October 7th will be given a dividend of $0.76 per share. This represents a $3.04 dividend on an annualized basis and a dividend yield of 2.01%. The ex-dividend date is Wednesday, October 5th. General Dynamics Corp.’s dividend payout ratio is presently 32.27%.
Several equities research analysts have issued reports on the stock. Zacks Investment Research cut shares of General Dynamics Corp. from a “buy” rating to a “hold” rating in a research note on Monday. Robert W. Baird initiated coverage on shares of 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. 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. Finally, Sanford C. Bernstein upgraded 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. Three analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $159.27.
In other General Dynamics Corp. news, insider S. Daniel Johnson sold 33,650 shares of the company’s stock in a transaction on Wednesday, August 3rd. The stock was sold at an average price of $147.91, for a total value of $4,977,171.50. Following the sale, the insider now directly owns 107,922 shares in the company, valued at $15,962,743.02. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Robert W. Helm sold 149,910 shares of the company’s 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 sale, the insider now owns 108,119 shares in the company, valued at $16,480,579.17. The disclosure for this sale can be found here. Insiders own 6.80% of the company’s stock.
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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