Pinnacle Associates Ltd. Sells 1,094 Shares of General Dynamics Corporation $GD

Pinnacle Associates Ltd. lessened its holdings in shares of General Dynamics Corporation (NYSE:GD) by 2.6% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 41,270 shares of the aerospace company’s stock after selling 1,094 shares during the quarter. Pinnacle Associates Ltd.’s holdings in General Dynamics were worth $12,037,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Quarry LP lifted its stake in shares of General Dynamics by 783.3% in the 1st quarter. Quarry LP now owns 106 shares of the aerospace company’s stock valued at $29,000 after purchasing an additional 94 shares during the last quarter. Abound Financial LLC acquired a new stake in shares of General Dynamics in the first quarter worth about $32,000. Nova Wealth Management Inc. bought a new stake in shares of General Dynamics during the 1st quarter worth about $33,000. Harbor Asset Planning Inc. acquired a new position in shares of General Dynamics during the 2nd quarter valued at about $35,000. Finally, Salomon & Ludwin LLC raised its stake in shares of General Dynamics by 70.4% in the 2nd quarter. Salomon & Ludwin LLC now owns 121 shares of the aerospace company’s stock valued at $36,000 after acquiring an additional 50 shares in the last quarter. Institutional investors and hedge funds own 86.14% of the company’s stock.

General Dynamics Stock Up 0.0%

Shares of GD opened at $344.81 on Friday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.87 and a current ratio of 1.40. The company has a 50-day simple moving average of $332.50 and a 200-day simple moving average of $304.56. General Dynamics Corporation has a 52 week low of $239.20 and a 52 week high of $360.50. The firm has a market capitalization of $93.14 billion, a P/E ratio of 22.35, a P/E/G ratio of 2.05 and a beta of 0.47.

General Dynamics (NYSE:GD) last released its earnings results on Friday, October 24th. The aerospace company reported $3.88 earnings per share for the quarter, topping analysts’ consensus estimates of $3.69 by $0.19. The business had revenue of $12.91 billion for the quarter, compared to the consensus estimate of $12.49 billion. General Dynamics had a return on equity of 18.27% and a net margin of 8.18%.The firm’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same period last year, the business earned $3.35 earnings per share. General Dynamics has set its FY 2025 guidance at 15.300-15.35 EPS. On average, equities research analysts expect that General Dynamics Corporation will post 14.83 earnings per share for the current year.

General Dynamics Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Friday, October 10th will be paid a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date is Friday, October 10th. General Dynamics’s dividend payout ratio is presently 38.89%.

Wall Street Analyst Weigh In

Several brokerages have commented on GD. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $400.00 price target on shares of General Dynamics in a report on Wednesday, October 8th. UBS Group lifted their target price on shares of General Dynamics from $369.00 to $381.00 and gave the stock a “neutral” rating in a report on Monday. Robert W. Baird set a $390.00 target price on shares of General Dynamics in a research report on Monday. Bank of America raised their price target on General Dynamics from $370.00 to $400.00 and gave the company a “buy” rating in a research report on Tuesday. Finally, Citigroup boosted their price objective on General Dynamics from $348.00 to $368.00 and gave the stock a “buy” rating in a research report on Thursday, July 24th. Two analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $350.89.

Insider Transactions at General Dynamics

In other General Dynamics news, Director Mark Malcolm sold 3,220 shares of General Dynamics stock in a transaction on Friday, September 12th. The shares were sold at an average price of $329.45, for a total transaction of $1,060,829.00. Following the sale, the director owned 10,186 shares in the company, valued at $3,355,777.70. The trade was a 24.02% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Phebe N. Novakovic sold 129,090 shares of the stock in a transaction on Monday, August 18th. The shares were sold at an average price of $313.57, for a total transaction of $40,478,751.30. Following the completion of the transaction, the chief executive officer owned 769,607 shares of the company’s stock, valued at approximately $241,325,666.99. This represents a 14.36% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 193,110 shares of company stock valued at $60,778,364 over the last 90 days. Corporate insiders own 1.50% of the company’s stock.

General Dynamics Profile

General Dynamics Corporation operates as an aerospace and defense company worldwide. It operates through four segments: Aerospace, Marine Systems, Combat Systems, and Technologies. The Aerospace segment produces and sells business jets; and offers aircraft maintenance and repair, management, aircraft-on-ground support and completion, charter, staffing, and fixed-base operator services.