Envestnet Asset Management Inc. trimmed its position in shares of General Dynamics Co. (NYSE:GD) by 8.5% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 59,818 shares of the aerospace company’s stock after selling 5,549 shares during the period. Envestnet Asset Management Inc.’s holdings in General Dynamics were worth $12,297,000 at the end of the most recent reporting period.
Several other hedge funds have also recently made changes to their positions in GD. Pathstone Family Office LLC grew its stake in shares of General Dynamics by 100.0% in the 2nd quarter. Pathstone Family Office LLC now owns 24 shares of the aerospace company’s stock worth $4,754,000 after buying an additional 12 shares in the last quarter. Vantage Investment Advisors LLC grew its stake in shares of General Dynamics by 9.3% in the 2nd quarter. Vantage Investment Advisors LLC now owns 585 shares of the aerospace company’s stock worth $116,000 after buying an additional 50 shares in the last quarter. Quadrant Capital Group LLC boosted its stake in shares of General Dynamics by 6.1% during the 2nd quarter. Quadrant Capital Group LLC now owns 645 shares of the aerospace company’s stock worth $110,000 after purchasing an additional 37 shares during the period. Captrust Financial Advisors purchased a new position in shares of General Dynamics during the 2nd quarter worth about $129,000. Finally, WFG Advisors LP boosted its stake in shares of General Dynamics by 0.3% during the 2nd quarter. WFG Advisors LP now owns 668 shares of the aerospace company’s stock worth $132,000 after purchasing an additional 2 shares during the period. Hedge funds and other institutional investors own 86.76% of the company’s stock.
A number of equities analysts recently commented on the stock. Zacks Investment Research cut shares of General Dynamics from a “buy” rating to a “hold” rating in a research note on Monday, October 16th. Citigroup reiterated a “neutral” rating and set a $215.00 price objective (up previously from $210.00) on shares of General Dynamics in a report on Monday, October 9th. ValuEngine lowered shares of General Dynamics from a “buy” rating to a “hold” rating in a report on Tuesday, October 3rd. Cowen reiterated a “buy” rating and set a $230.00 price objective on shares of General Dynamics in a report on Thursday, October 19th. Finally, Jefferies Group restated a “buy” rating and issued a $236.00 price target on shares of General Dynamics in a report on Thursday, October 26th. Four analysts have rated the stock with a sell rating, four have assigned a hold rating and nine have given a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $218.24.
General Dynamics (NYSE:GD) last posted its earnings results on Wednesday, October 25th. The aerospace company reported $2.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.43 by $0.09. The firm had revenue of $7.58 billion during the quarter, compared to analysts’ expectations of $7.94 billion. General Dynamics had a net margin of 9.94% and a return on equity of 27.98%. The business’s revenue was down 1.0% compared to the same quarter last year. During the same period in the previous year, the business posted $2.36 EPS. analysts forecast that General Dynamics Co. will post 9.8 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 9th. Shareholders of record on Friday, January 19th will be given a dividend of $0.84 per share. This represents a $3.36 dividend on an annualized basis and a yield of 1.65%. The ex-dividend date of this dividend is Thursday, January 18th. General Dynamics’s dividend payout ratio is presently 33.37%.
In other news, insider John Patrick Casey sold 34,945 shares of the stock in a transaction dated Wednesday, November 1st. The shares were 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 $29,074,841.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Gregory S. Gallopoulos sold 78,370 shares of the stock in a transaction dated Monday, November 6th. The shares were sold at an average price of $202.93, for a total transaction of $15,903,624.10. The disclosure for this sale can be found here. Corporate insiders own 6.70% of the company’s stock.
About General Dynamics
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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