Simplicity Wealth LLC lessened its holdings in shares of General Dynamics Corporation (NYSE:GD – Free Report) by 77.9% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,967 shares of the aerospace company’s stock after selling 13,963 shares during the quarter. Simplicity Wealth LLC’s holdings in General Dynamics were worth $1,317,000 at the end of the most recent quarter.
Several other institutional investors have also made changes to their positions in the stock. BlackRock Inc. acquired a new stake in General Dynamics during the second quarter valued at $6,840,590,000. State Street Corp grew its position in General Dynamics by 3.3% in the second quarter. State Street Corp now owns 11,811,099 shares of the aerospace company’s stock worth $4,183,964,000 after acquiring an additional 374,682 shares in the last quarter. Bank of America Corp DE acquired a new position in shares of General Dynamics during the 2nd quarter worth $2,603,527,000. Corient Private Wealth LP raised its holdings in shares of General Dynamics by 806.3% during the 2nd quarter. Corient Private Wealth LP now owns 1,661,702 shares of the aerospace company’s stock valued at $588,641,000 after purchasing an additional 1,478,353 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in shares of General Dynamics by 1.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,579,959 shares of the aerospace company’s stock valued at $542,274,000 after purchasing an additional 28,249 shares in the last quarter. 86.14% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
Several equities analysts have commented on GD shares. TD Cowen lowered their target price on shares of General Dynamics from $420.00 to $380.00 and set a “buy” rating on the stock in a research report on Friday, October 9th. Weiss Ratings reissued a “buy (b)” rating on shares of General Dynamics in a report on Monday, September 28th. BNP Paribas Exane increased their price objective on General Dynamics from $390.00 to $430.00 and gave the company an “outperform” rating in a report on Thursday, July 30th. Sanford C. Bernstein cut their price objective on General Dynamics from $407.00 to $365.00 and set a “market perform” rating on the stock in a research note on Wednesday, October 14th. Finally, Jefferies Financial Group boosted their target price on General Dynamics from $400.00 to $440.00 and gave the stock a “buy” rating in a report on Thursday, July 9th. Eleven analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, General Dynamics has an average rating of “Moderate Buy” and an average target price of $402.44.
Get Our Latest Research Report on General Dynamics
General Dynamics Trading Down 0.5%
NYSE:GD opened at $355.23 on Wednesday. General Dynamics Corporation has a 1 year low of $306.77 and a 1 year high of $400.00. The firm’s fifty day simple moving average is $352.95 and its 200 day simple moving average is $354.91.
General Dynamics (NYSE:GD – Get Free Report) last issued its quarterly earnings results on Wednesday, July 29th. The aerospace company reported $4.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.96 by $0.28. The business had revenue of $14.09 billion during the quarter, compared to analyst estimates of $13.52 billion. The company’s revenue for the quarter was up 8.1% compared to the same quarter last year. During the same period in the prior year, the business posted $3.74 earnings per share. As a group, equities research analysts predict that General Dynamics Corporation will post 16.99 earnings per share for the current year.
General Dynamics Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, November 13th. Investors of record on Friday, October 9th will be paid a dividend of $1.59 per share. The ex-dividend date is Friday, October 9th. This represents a $6.36 annualized dividend and a yield of 1.8%.
General Dynamics News Summary
Here are the key news stories impacting General Dynamics this week:
- Positive Sentiment: General Dynamics received a $135.9 million U.S. Army contract modification, adding to its defense revenue pipeline. General Dynamics Awarded $135.9 Million Army Contract Modification
- Positive Sentiment: General Dynamics Mission Systems was awarded a U.S. Army contract for the RDEP-P 2.0 program, reinforcing demand for the company’s mission systems and defense technology offerings. General Dynamics Mission Systems Awarded U.S. Army Contract for RDEP-P 2.0
- Positive Sentiment: A Zacks analysis identified GD as a strong value stock, which could attract investors seeking defense exposure at a comparatively reasonable valuation. Here’s Why General Dynamics Is a Strong Value Stock
- Positive Sentiment: General Dynamics enters its October 30 earnings report with a record backlog of approximately $136.5 billion and a history of six consecutive earnings beats, providing visibility into future revenue. Will General Dynamics’ Massive $136 Billion Backlog Finally Trigger a Stock Breakout?
Insiders Place Their Bets
In other news, EVP Marguerite Gilliland sold 43,180 shares of the company’s stock in a transaction that occurred on Friday, July 31st. The stock was sold at an average price of $378.04, for a total transaction of $16,323,767.20. Following the completion of the transaction, the executive vice president directly owned 44,767 shares in the company, valued at $16,923,716.68. The trade was a 49.10% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Robert K. Steel sold 7,440 shares of the company’s stock in a transaction that occurred on Wednesday, September 23rd. The stock was sold at an average price of $346.05, for a total value of $2,574,612.00. Following the transaction, the director owned 3,096 shares of the company’s stock, valued at approximately $1,071,370.80. This trade represents a 70.62% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 102,188 shares of company stock valued at $38,627,265 in the last three months. Company insiders own 1.40% of the company’s stock.
General Dynamics Company Profile
General Dynamics Corporation (NYSE: GD) is a global aerospace and defense company that develops, manufactures and supports products and services for government and commercial customers. Its operations serve the U.S. government, allied nations and other customers worldwide, with a significant focus on national security, military modernization and mission support.
The company operates through four primary business areas. Aerospace provides Gulfstream business jets and related aircraft services through Gulfstream Aerospace, as well as aircraft management, charter, maintenance and completions services through Jet Aviation.
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