Parsec Financial Management Inc. acquired a new stake in General Dynamics Corp. (NYSE:GD) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 1,450 shares of the company’s stock, valued at approximately $202,000.
Other hedge funds have also recently modified their holdings of the company. Columbia Partners L L C Investment Management raised its stake in General Dynamics Corp. by 1.3% in the first quarter. Columbia Partners L L C Investment Management now owns 8,060 shares of the company’s stock valued at $1,058,000 after buying an additional 101 shares in the last quarter. Shufro Rose & Co. LLC bought a new stake in General Dynamics Corp. during the first quarter valued at about $394,000. Menta Capital LLC bought a new stake in General Dynamics Corp. during the first quarter valued at about $1,708,000. ING Groep NV raised its stake in General Dynamics Corp. by 82.9% in the first quarter. ING Groep NV now owns 6,746 shares of the company’s stock valued at $886,000 after buying an additional 3,057 shares in the last quarter. Finally, Ancora Inverness LLC raised its stake in General Dynamics Corp. by 74.2% in the first quarter. Ancora Inverness LLC now owns 9,296 shares of the company’s stock valued at $1,221,000 after buying an additional 3,961 shares in the last quarter. 87.68% of the stock is owned by institutional investors.
General Dynamics Corp. (NYSE:GD) traded up 0.43% on Wednesday, hitting $150.24. The stock had a trading volume of 595,497 shares. General Dynamics Corp. has a 12 month low of $121.61 and a 12 month high of $156.97. The stock has a market cap of $45.74 billion, a PE ratio of 15.98 and a beta of 0.76. The firm’s 50 day moving average price is $152.90 and its 200-day moving average price is $144.31.
General Dynamics Corp. (NYSE:GD) last posted its quarterly earnings data on Wednesday, July 27th. The company reported $2.44 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.31 by $0.13. General Dynamics Corp. had a return on equity of 27.74% and a net margin of 9.53%. The company had revenue of $7.66 billion for the quarter, compared to analysts’ expectations of $7.88 billion. During the same period in the previous year, the firm posted $2.27 EPS. General Dynamics Corp.’s revenue was down 2.8% compared to the same quarter last year. On average, analysts forecast that General Dynamics Corp. will post $9.73 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 10th. Investors of record on Friday, October 7th will be issued a $0.76 dividend. This represents a $3.04 annualized dividend and a yield of 2.03%. The ex-dividend date of this dividend is Wednesday, October 5th. General Dynamics Corp.’s payout ratio is 32.27%.
GD has been the topic of several research analyst reports. Jefferies Group restated a “buy” rating on shares of General Dynamics Corp. in a research report on Sunday, July 3rd. Zacks Investment Research upgraded General Dynamics Corp. from a “hold” rating to a “buy” rating and set a $159.00 price objective on the stock in a research report on Monday, July 18th. Argus boosted their price objective on General Dynamics Corp. from $160.00 to $165.00 and gave the company a “buy” rating in a research report on Tuesday, August 2nd. Sanford C. Bernstein upgraded General Dynamics Corp. from a “market perform” rating to an “outperform” rating and set a $180.00 price objective on the stock in a research report on Wednesday, August 10th. They noted that the move was a valuation call. Finally, Citigroup Inc. boosted their price objective on General Dynamics Corp. from $162.00 to $185.00 and gave the company a “buy” rating in a research report on Tuesday, September 6th. Two analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $159.27.
In other General Dynamics Corp. news, insider Robert W. Helm sold 149,910 shares of the firm’s stock in a transaction that occurred on Thursday, September 8th. The shares were sold at an average price of $152.43, for a total value of $22,850,781.30. Following the transaction, the insider now directly owns 108,119 shares of the company’s stock, valued at approximately $16,480,579.17. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Gregory S. Gallopoulos sold 39,000 shares of the firm’s stock in a transaction that occurred on Friday, July 29th. The stock was sold at an average price of $146.58, for a total transaction of $5,716,620.00. Following the completion of the transaction, the vice president now directly owns 153,848 shares in the company, valued at $22,551,039.84. The disclosure for this sale can be found here. 6.80% of the stock is owned by corporate insiders.
About General Dynamics Corp.
General Dynamics Corporation is an aerospace and defense company that offers a portfolio of products and services in business aviation; combat vehicles, weapons systems and munitions; command, control, communications, computers, intelligence, surveillance and reconnaissance (C4ISR) solutions and information technology (IT) services, and shipbuilding.
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