LPL Financial LLC increased its stake in shares of General Dynamics Co. (NYSE:GD) by 5.0% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 61,144 shares of the aerospace company’s stock after acquiring an additional 2,936 shares during the quarter. LPL Financial LLC’s holdings in General Dynamics were worth $12,517,000 as of its most recent SEC filing.
Other institutional investors also recently made changes to their positions in the company. Zions Bancorporation bought a new stake in General Dynamics during the third quarter worth $109,000. CSat Investment Advisory L.P. bought a new stake in General Dynamics during the second quarter worth $101,000. Fort L.P. bought a new stake in General Dynamics during the second quarter worth $117,000. Psagot Investment House Ltd. bought a new stake in General Dynamics during the third quarter worth $133,000. Finally, Ruggie Capital Group bought a new stake in General Dynamics during the second quarter worth $122,000. Institutional investors and hedge funds own 86.37% of the company’s stock.
In other news, Director Mark Malcolm purchased 3,000 shares of the company’s stock in a transaction dated Friday, October 26th. The shares were purchased at an average price of $169.87 per share, with a total value of $509,610.00. Following the transaction, the director now directly owns 4,455 shares of the company’s stock, valued at $756,770.85. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Catherine B. Reynolds purchased 600 shares of the company’s stock in a transaction dated Friday, December 7th. The shares were purchased at an average cost of $167.64 per share, for a total transaction of $100,584.00. Following the transaction, the director now directly owns 1,153 shares in the company, valued at $193,288.92. The disclosure for this purchase can be found here. 6.90% of the stock is owned by corporate insiders.
General Dynamics (NYSE:GD) last announced its quarterly earnings data on Wednesday, October 24th. The aerospace company reported $2.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.76 by $0.13. The firm had revenue of $9.09 billion during the quarter, compared to the consensus estimate of $9.41 billion. General Dynamics had a return on equity of 27.22% and a net margin of 9.01%. The business’s revenue for the quarter was up 20.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.52 EPS. On average, equities analysts forecast that General Dynamics Co. will post 11.31 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 8th. Shareholders of record on Friday, January 18th will be paid a $0.93 dividend. The ex-dividend date is Thursday, January 17th. This represents a $3.72 dividend on an annualized basis and a yield of 2.20%. General Dynamics’s dividend payout ratio (DPR) is presently 37.39%.
Several brokerages recently issued reports on GD. Barclays decreased their price target on General Dynamics from $256.00 to $210.00 and set an “overweight” rating for the company in a report on Tuesday, December 4th. Morgan Stanley decreased their price target on General Dynamics from $209.00 to $189.00 and set an “underweight” rating for the company in a report on Wednesday, November 14th. Argus decreased their price target on General Dynamics from $250.00 to $200.00 and set a “buy” rating for the company in a report on Friday, October 26th. Stifel Nicolaus decreased their price target on General Dynamics from $210.00 to $200.00 and set a “hold” rating for the company in a report on Friday, October 26th. Finally, Credit Suisse Group decreased their price target on General Dynamics from $229.00 to $216.00 and set an “outperform” rating for the company in a report on Thursday, October 25th. Three equities research analysts have rated the stock with a sell rating, five have given a hold rating and eleven have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $227.44.
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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