Charter Trust Co. decreased its holdings in General Dynamics Co. (NYSE:GD) by 20.0% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,183 shares of the aerospace company’s stock after selling 295 shares during the quarter. Charter Trust Co.’s holdings in General Dynamics were worth $222,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. OLD Mission Capital LLC acquired a new position in General Dynamics during the 3rd quarter worth $5,685,000. Los Angeles Capital Management LLC boosted its position in General Dynamics by 1.5% in the first quarter. Los Angeles Capital Management LLC now owns 7,611 shares of the aerospace company’s stock valued at $1,382,000 after buying an additional 109 shares in the last quarter. Sigma Planning Corp boosted its position in General Dynamics by 41.3% in the first quarter. Sigma Planning Corp now owns 4,359 shares of the aerospace company’s stock valued at $792,000 after buying an additional 1,273 shares in the last quarter. IndexIQ Advisors LLC acquired a new position in General Dynamics in the first quarter valued at about $2,937,000. Finally, Swiss National Bank lifted its position in shares of General Dynamics by 1.8% during the first quarter. Swiss National Bank now owns 937,418 shares of the aerospace company’s stock worth $170,198,000 after purchasing an additional 16,500 shares in the last quarter. Hedge funds and other institutional investors own 85.22% of the company’s stock.
Shares of NYSE GD traded up $2.24 during trading on Wednesday, hitting $193.43. The stock had a trading volume of 6,052 shares, compared to its average volume of 1,124,166. The firm has a fifty day moving average of $196.87 and a two-hundred day moving average of $189.99. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.44 and a quick ratio of 1.05. The company has a market capitalization of $54.07 billion, a PE ratio of 16.65, a PEG ratio of 2.04 and a beta of 1.14. General Dynamics Co. has a 12 month low of $129.17 and a 12 month high of $206.46.
General Dynamics declared that its Board of Directors has initiated a stock repurchase program on Wednesday, June 2nd that permits the company to repurchase 10,000,000 outstanding shares. This repurchase authorization permits the aerospace company to reacquire shares of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 12th. Investors of record on Friday, October 8th will be given a $1.19 dividend. This represents a $4.76 annualized dividend and a dividend yield of 2.46%. The ex-dividend date is Thursday, October 7th. General Dynamics’s dividend payout ratio (DPR) is 43.27%.
Several equities analysts recently weighed in on GD shares. Zacks Investment Research upgraded shares of General Dynamics from a “hold” rating to a “buy” rating and set a $208.00 price objective on the stock in a report on Thursday, August 5th. Cowen reissued a “buy” rating on shares of General Dynamics in a research report on Monday, August 9th. Credit Suisse Group raised their target price on shares of General Dynamics from $182.00 to $198.00 and gave the company a “neutral” rating in a research report on Thursday, July 29th. Finally, Wells Fargo & Company raised their target price on shares of General Dynamics from $216.00 to $220.00 and gave the company an “overweight” rating in a research report on Friday, July 30th. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, General Dynamics presently has an average rating of “Buy” and an average price target of $207.45.
About General Dynamics
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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