Palisade Asset Management LLC cut its stake in General Dynamics Co. (NYSE:GD) by 31.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 38,565 shares of the aerospace company’s stock after selling 17,395 shares during the period. Palisade Asset Management LLC’s holdings in General Dynamics were worth $6,528,000 as of its most recent SEC filing.
Other institutional investors also recently modified their holdings of the company. Financial Gravity Companies Inc. bought a new position in shares of General Dynamics during the 4th quarter worth about $25,000. We Are One Seven LLC bought a new position in shares of General Dynamics during the 4th quarter worth about $27,000. Aspire Private Capital LLC bought a new position in shares of General Dynamics during the 4th quarter worth about $29,000. CX Institutional bought a new position in shares of General Dynamics during the 1st quarter worth about $45,000. Finally, Athena Capital Advisors LLC bought a new position in shares of General Dynamics during the 4th quarter worth about $46,000. 87.26% of the stock is owned by hedge funds and other institutional investors.
In other news, VP Gary L. Whited sold 14,640 shares of General Dynamics stock in a transaction that occurred on Friday, March 8th. The shares were sold at an average price of $165.38, for a total transaction of $2,421,163.20. Following the completion of the sale, the vice president now owns 30,462 shares in the company, valued at approximately $5,037,805.56. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Lester L. Lyles sold 4,580 shares of General Dynamics stock in a transaction that occurred on Friday, February 22nd. The stock was sold at an average price of $172.42, for a total transaction of $789,683.60. Following the sale, the director now owns 12,314 shares of the company’s stock, valued at approximately $2,123,179.88. The disclosure for this sale can be found here. Insiders sold a total of 21,547 shares of company stock valued at $3,609,299 in the last 90 days. Corporate insiders own 7.10% of the company’s stock.
General Dynamics (NYSE:GD) last posted its quarterly earnings data on Wednesday, January 30th. The aerospace company reported $3.07 earnings per share for the quarter, beating the consensus estimate of $2.98 by $0.09. The firm had revenue of $10.38 billion during the quarter, compared to analysts’ expectations of $10.34 billion. General Dynamics had a net margin of 9.24% and a return on equity of 28.33%. The company’s quarterly revenue was up 25.4% compared to the same quarter last year. During the same quarter last year, the company posted $2.50 EPS. On average, research analysts predict that General Dynamics Co. will post 11.72 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 10th. Shareholders of record on Friday, April 12th will be given a $1.02 dividend. This represents a $4.08 annualized dividend and a yield of 2.37%. The ex-dividend date of this dividend is Thursday, April 11th. This is a boost from General Dynamics’s previous quarterly dividend of $0.93. General Dynamics’s dividend payout ratio (DPR) is presently 35.73%.
A number of equities analysts have recently commented on the stock. Zacks Investment Research downgraded shares of General Dynamics from a “hold” rating to a “sell” rating in a report on Monday, February 4th. Cowen reissued a “buy” rating on shares of General Dynamics in a report on Wednesday, March 6th. Drexel Hamilton reissued a “buy” rating and set a $230.00 price target on shares of General Dynamics in a report on Monday, February 4th. ValuEngine downgraded shares of General Dynamics from a “hold” rating to a “sell” rating in a report on Saturday, February 2nd. Finally, Argus downgraded shares of General Dynamics from a “buy” rating to a “hold” rating and set a $170.91 price target for the company. in a report on Thursday, January 31st. Four analysts have rated the stock with a sell rating, nine have given a hold rating and six have assigned a buy rating to the stock. General Dynamics has an average rating of “Hold” and a consensus target price of $204.43.
General Dynamics Profile
General Dynamics Corporation operates as an aerospace and defense company worldwide. It operates in five segments: Aerospace, Combat Systems, Information Technology, Mission Systems, and Marine Systems. The Aerospace segment designs, manufactures, and supports business-jet aircraft; and offers business-aviation services, including maintenance, fixed-base operation, government fleet, aircraft management, charter, and staffing services, as well as integrated aviation solutions.
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