Ridgewood Investments LLC lifted its position in shares of General Dynamics Co. (NYSE:GD) by 113.1% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,248 shares of the aerospace company’s stock after purchasing an additional 1,724 shares during the period. Ridgewood Investments LLC’s holdings in General Dynamics were worth $550,000 as of its most recent SEC filing.
Several other institutional investors have also recently bought and sold shares of the company. Bank of New York Mellon Corp lifted its holdings in General Dynamics by 1.6% in the third quarter. Bank of New York Mellon Corp now owns 1,914,278 shares of the aerospace company’s stock worth $391,891,000 after buying an additional 29,753 shares during the period. LPL Financial LLC increased its position in shares of General Dynamics by 5.0% during the third quarter. LPL Financial LLC now owns 61,144 shares of the aerospace company’s stock valued at $12,517,000 after acquiring an additional 2,936 shares in the last quarter. Man Group plc increased its position in shares of General Dynamics by 31.7% during the third quarter. Man Group plc now owns 1,712 shares of the aerospace company’s stock valued at $351,000 after acquiring an additional 412 shares in the last quarter. Point72 Asset Management L.P. bought a new stake in shares of General Dynamics during the third quarter valued at approximately $5,118,000. Finally, Thrivent Financial for Lutherans increased its position in shares of General Dynamics by 1.5% during the third quarter. Thrivent Financial for Lutherans now owns 158,962 shares of the aerospace company’s stock valued at $32,543,000 after acquiring an additional 2,362 shares in the last quarter. Institutional investors own 87.26% of the company’s stock.
A number of research firms have commented on GD. Zacks Investment Research raised shares of General Dynamics from a “sell” rating to a “hold” rating in a research report on Tuesday, February 12th. Credit Suisse Group downgraded shares of General Dynamics from an “outperform” rating to a “neutral” rating and cut their target price for the stock from $190.00 to $184.00 in a research report on Friday, February 15th. Drexel Hamilton reiterated a “buy” rating and set a $230.00 price target on shares of General Dynamics in a research note on Monday, February 4th. Argus cut shares of General Dynamics from a “buy” rating to a “hold” rating and set a $170.91 price target on the stock. in a research note on Thursday, January 31st. Finally, Sanford C. Bernstein dropped their price target on shares of General Dynamics from $186.00 to $178.00 and set a “market perform” rating on the stock in a research note on Monday, February 4th. Four analysts have rated the stock with a sell rating, nine have given a hold rating and six have issued a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $204.43.
General Dynamics (NYSE:GD) last announced its quarterly earnings results on Wednesday, January 30th. The aerospace company reported $3.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.98 by $0.09. The company had revenue of $10.38 billion for the quarter, compared to the consensus estimate of $10.34 billion. General Dynamics had a net margin of 9.24% and a return on equity of 28.33%. General Dynamics’s revenue for the quarter was up 25.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.50 EPS. As a group, analysts forecast that General Dynamics Co. will post 11.72 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, May 10th. Shareholders of record on Friday, April 12th will be issued a $1.02 dividend. This is an increase from General Dynamics’s previous quarterly dividend of $0.93. This represents a $4.08 dividend on an annualized basis and a yield of 2.37%. The ex-dividend date is Thursday, April 11th. General Dynamics’s payout ratio is currently 35.73%.
In other news, VP Christopher J. Brady sold 2,327 shares of the business’s stock in a transaction dated Monday, February 4th. The shares were sold at an average price of $171.23, for a total value of $398,452.21. Following the sale, the vice president now directly owns 5,134 shares in the company, valued at approximately $879,094.82. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Gary L. Whited sold 14,640 shares of the company’s stock in a transaction dated 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 transaction, the vice president now owns 30,462 shares in the company, valued at $5,037,805.56. The disclosure for this sale can be found here. Over the last quarter, insiders sold 21,547 shares of company stock worth $3,609,299. 7.10% of the stock is currently owned by insiders.
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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