Comerica Bank decreased its stake in shares of General Dynamics Co. (NYSE:GD) by 22.2% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 50,388 shares of the aerospace company’s stock after selling 14,366 shares during the period. Comerica Bank’s holdings in General Dynamics were worth $9,460,000 at the end of the most recent quarter.
Other large investors have also recently made changes to their positions in the company. CX Institutional bought a new stake in General Dynamics during the 2nd quarter worth about $107,000. CSat Investment Advisory L.P. bought a new stake in General Dynamics during the 2nd quarter worth about $101,000. James Investment Research Inc. bought a new stake in General Dynamics during the 2nd quarter worth about $112,000. BerganKDV Wealth Management LLC bought a new stake in General Dynamics during the 2nd quarter worth about $114,000. Finally, Fort L.P. bought a new stake in General Dynamics during the 2nd quarter worth about $117,000. 85.84% of the stock is owned by hedge funds and other institutional investors.
In other General Dynamics news, Director Mark Malcolm bought 3,000 shares of the stock in a transaction that occurred on Friday, October 26th. The stock was acquired at an average cost of $169.87 per share, with a total value of $509,610.00. Following the purchase, the director now owns 4,455 shares in the company, valued at $756,770.85. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider John Patrick Casey sold 22,500 shares of the stock in a transaction that occurred on Monday, October 15th. The stock was sold at an average price of $193.28, for a total value of $4,348,800.00. Following the sale, the insider now directly owns 118,555 shares of the company’s stock, valued at $22,914,310.40. The disclosure for this sale can be found here. Corporate insiders own 6.70% of the company’s stock.
General Dynamics (NYSE:GD) last announced its quarterly earnings results on Wednesday, October 24th. The aerospace company reported $2.89 EPS for the quarter, beating analysts’ consensus estimates of $2.76 by $0.13. The company had revenue of $9.09 billion during the quarter, compared to analysts’ expectations of $9.41 billion. General Dynamics had a return on equity of 27.22% and a net margin of 9.01%. General Dynamics’s revenue was up 20.0% on a year-over-year basis. During the same period in the prior year, the business posted $2.52 EPS. As a group, sell-side analysts expect that General Dynamics Co. will post 11.3 earnings per share for the current fiscal year.
GD has been the subject of several recent research reports. Credit Suisse Group boosted their price objective on General Dynamics from $224.00 to $229.00 and gave the stock an “outperform” rating in a report on Thursday, July 26th. ValuEngine raised General Dynamics from a “sell” rating to a “hold” rating in a report on Saturday, July 28th. Bank of America set a $275.00 price objective on General Dynamics and gave the stock a “buy” rating in a report on Tuesday, July 31st. UBS Group initiated coverage on General Dynamics in a report on Wednesday, August 15th. They set a “neutral” rating and a $210.00 price objective for the company. Finally, Drexel Hamilton reissued a “buy” rating and set a $230.00 price objective on shares of General Dynamics in a report on Thursday, August 16th. Three equities research analysts have rated the stock with a sell rating, five have given a hold rating and eleven have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $231.00.
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General Dynamics Company Profile
General Dynamics Corporation operates as an aerospace and defense company worldwide. It operates through four business groups: Aerospace; Combat Systems; Information Systems and Technology; and Marine Systems. The Aerospace group designs, develops, manufactures, service and supports business-jet aircraft; and provides aircraft services, such as maintenance, aircraft management, charter, fixed-base operational, and staffing services.
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