Zacks Investment Research upgraded shares of General Dynamics (NYSE:GD) from a hold rating to a buy rating in a research report sent to investors on Friday morning. Zacks Investment Research currently has $234.00 price objective on the aerospace company’s stock.
According to Zacks, “General Dynamics is one of the only two contractors in the world equipped to build nuclear-powered submarines and its diverse portfolio of products and services along with its wide customer base provides it with an opportunity to generate solid revenues from different sources. The recent budgetary amendments in the country have been in favor of the company’s business line and the company continues to secure sizeable orders at regular intervals. However, General Dynamics operates in a highly competitive market and has to rely on other companies to provide materials, components and subsystems for its products. Moreover, the company underperformed the broader industry in last six months. Further, the company’s dependence on international sales for a major portion of its revenues exposes it to the risk of currency fluctuations.”
Other equities research analysts also recently issued reports about the company. Jefferies Group reiterated a buy rating and set a $236.00 target price on shares of General Dynamics in a report on Thursday, October 26th. Stifel Nicolaus restated a hold rating and set a $220.00 price objective on shares of General Dynamics in a report on Tuesday, January 9th. Cowen restated a buy rating and set a $230.00 price objective on shares of General Dynamics in a report on Thursday, October 26th. JPMorgan Chase & Co. downgraded General Dynamics from a neutral rating to an underweight rating and dropped their price objective for the stock from $225.00 to $215.00 in a report on Tuesday, December 12th. Finally, ValuEngine downgraded General Dynamics from a buy rating to a hold rating in a report on Thursday, November 30th. Three equities research analysts have rated the stock with a sell rating, four have given a hold rating and ten have given a buy rating to the company. The company has an average rating of Hold and an average price target of $218.67.
General Dynamics (NYSE:GD) last announced its earnings results on Wednesday, October 25th. The aerospace company reported $2.52 EPS for the quarter, beating the consensus estimate of $2.43 by $0.09. The business had revenue of $7.58 billion for the quarter, compared to the consensus estimate of $7.94 billion. General Dynamics had a return on equity of 27.98% and a net margin of 9.94%. The company’s revenue was down 1.0% on a year-over-year basis. During the same period last year, the business posted $2.36 EPS. equities research analysts expect that General Dynamics will post 9.81 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 9th. Shareholders of record on Friday, January 19th will be issued a dividend of $0.84 per share. The ex-dividend date of this dividend is Thursday, January 18th. This represents a $3.36 annualized dividend and a yield of 1.61%. General Dynamics’s dividend payout ratio is presently 33.37%.
In other news, insider John Patrick Casey sold 34,945 shares of the business’s stock in a transaction that occurred on Wednesday, November 1st. The stock was sold at an average price of $201.38, for a total value of $7,037,224.10. Following the completion of the sale, the insider now directly owns 144,378 shares in the company, valued at approximately $29,074,841.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Gregory S. Gallopoulos sold 78,370 shares of the business’s stock in a transaction that occurred on Monday, November 6th. The shares were sold at an average price of $202.93, for a total value of $15,903,624.10. The disclosure for this sale can be found here. 6.70% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently modified their holdings of the company. WFG Advisors LP increased its holdings in shares of General Dynamics by 0.3% in the 2nd quarter. WFG Advisors LP now owns 668 shares of the aerospace company’s stock valued at $132,000 after acquiring an additional 2 shares during the last quarter. YorkBridge Wealth Partners LLC boosted its position in General Dynamics by 0.5% during the 2nd quarter. YorkBridge Wealth Partners LLC now owns 992 shares of the aerospace company’s stock valued at $198,000 after purchasing an additional 5 shares during the period. Pathstone Family Office LLC boosted its position in General Dynamics by 100.0% during the 2nd quarter. Pathstone Family Office LLC now owns 24 shares of the aerospace company’s stock valued at $4,754,000 after purchasing an additional 12 shares during the period. Comerica Securities Inc. boosted its position in General Dynamics by 0.6% during the 2nd quarter. Comerica Securities Inc. now owns 2,350 shares of the aerospace company’s stock valued at $465,000 after purchasing an additional 15 shares during the period. Finally, Bahl & Gaynor Inc. boosted its position in General Dynamics by 0.4% during the 2nd quarter. Bahl & Gaynor Inc. now owns 4,413 shares of the aerospace company’s stock valued at $762,000 after purchasing an additional 17 shares during the period. Institutional investors and hedge funds own 86.76% of the company’s stock.
General Dynamics Company Profile
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.
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