Cornerstone Investment Partners LLC Reduces Position in General Dynamics Co. (NYSE:GD)

Cornerstone Investment Partners LLC cut its position in General Dynamics Co. (NYSE:GD) by 40.0% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 97,739 shares of the aerospace company’s stock after selling 65,263 shares during the period. Cornerstone Investment Partners LLC’s holdings in General Dynamics were worth $14,608,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently made changes to their positions in the business. Brinker Capital Inc. increased its position in shares of General Dynamics by 12.6% in the 2nd quarter. Brinker Capital Inc. now owns 13,008 shares of the aerospace company’s stock valued at $1,944,000 after purchasing an additional 1,459 shares during the last quarter. Dearborn Partners LLC grew its position in shares of General Dynamics by 3.2% in the 2nd quarter. Dearborn Partners LLC now owns 72,140 shares of the aerospace company’s stock valued at $10,782,000 after buying an additional 2,249 shares during the last quarter. Community Bank N.A. grew its position in shares of General Dynamics by 9.6% in the 2nd quarter. Community Bank N.A. now owns 5,946 shares of the aerospace company’s stock valued at $888,000 after buying an additional 522 shares during the last quarter. Chartwell Investment Partners LLC grew its position in shares of General Dynamics by 11.3% in the 2nd quarter. Chartwell Investment Partners LLC now owns 8,499 shares of the aerospace company’s stock valued at $1,270,000 after buying an additional 860 shares during the last quarter. Finally, State of Michigan Retirement System grew its position in shares of General Dynamics by 10.6% in the 2nd quarter. State of Michigan Retirement System now owns 59,302 shares of the aerospace company’s stock valued at $8,863,000 after buying an additional 5,675 shares during the last quarter. 85.57% of the stock is currently owned by institutional investors.

A number of research firms recently commented on GD. Argus dropped their target price on shares of General Dynamics from $199.00 to $155.00 and set a “buy” rating on the stock in a research report on Wednesday, May 6th. Seaport Global Securities initiated coverage on shares of General Dynamics in a research note on Tuesday, May 19th. They set a “buy” rating and a $188.00 price target for the company. Morgan Stanley increased their price target on shares of General Dynamics from $146.00 to $151.00 and gave the stock an “underweight” rating in a research note on Tuesday, April 14th. Citigroup upgraded shares of General Dynamics from a “neutral” rating to a “buy” rating and decreased their price target for the stock from $185.00 to $170.00 in a research note on Monday, April 20th. Finally, UBS Group reduced their target price on shares of General Dynamics from $190.00 to $171.00 and set a “neutral” rating for the company in a research note on Thursday, June 11th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and ten have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $183.57.

NYSE:GD traded down $2.12 during mid-day trading on Friday, hitting $146.74. 1,659,624 shares of the company’s stock traded hands, compared to its average volume of 1,125,946. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.97 and a current ratio of 1.27. The firm’s 50 day simple moving average is $148.68 and its 200 day simple moving average is $151.85. General Dynamics Co. has a 1 year low of $100.55 and a 1 year high of $193.76. The company has a market cap of $42.09 billion, a PE ratio of 13.03, a price-to-earnings-growth ratio of 2.46 and a beta of 1.05.

General Dynamics (NYSE:GD) last posted its earnings results on Wednesday, July 29th. The aerospace company reported $2.18 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.15 by $0.03. General Dynamics had a net margin of 8.47% and a return on equity of 24.10%. The firm had revenue of $9.26 billion during the quarter, compared to the consensus estimate of $9.03 billion. During the same period last year, the firm posted $2.77 EPS. The firm’s revenue for the quarter was down 3.0% on a year-over-year basis. On average, research analysts expect that General Dynamics Co. will post 11.12 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 7th. Shareholders of record on Friday, July 3rd will be issued a dividend of $1.10 per share. The ex-dividend date is Wednesday, July 1st. This represents a $4.40 annualized dividend and a yield of 3.00%. General Dynamics’s dividend payout ratio (DPR) is currently 36.73%.

About General Dynamics

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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Institutional Ownership by Quarter for General Dynamics (NYSE:GD)

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