Essex Financial Services Inc. Has $2,361,000 Position in General Dynamics Corp. (GD)
Essex Financial Services Inc. boosted its position in General Dynamics Corp. (NYSE:GD) by 24.3% during the second quarter, Holdings Channel reports. The firm owned 16,958 shares of the company’s stock after buying an additional 3,318 shares during the period. Essex Financial Services Inc.’s holdings in General Dynamics Corp. were worth $2,361,000 at the end of the most recent quarter.
Other institutional investors have also recently added to or reduced their stakes in the company. Sun Life Financial INC bought a new position in General Dynamics Corp. during the first quarter valued at $106,147,000. Wellington Management Group LLP increased its position in General Dynamics Corp. by 4.9% in the first quarter. Wellington Management Group LLP now owns 3,166,973 shares of the company’s stock valued at $416,045,000 after buying an additional 147,072 shares during the period. Simmons Bank bought a new position in General Dynamics Corp. during the first quarter valued at $315,000. Geode Capital Management LLC increased its position in General Dynamics Corp. by 2.5% in the first quarter. Geode Capital Management LLC now owns 2,603,362 shares of the company’s stock valued at $341,383,000 after buying an additional 63,236 shares during the period. Finally, Advent Capital Management DE increased its position in General Dynamics Corp. by 12.5% in the first quarter. Advent Capital Management DE now owns 45,000 shares of the company’s stock valued at $5,912,000 after buying an additional 5,000 shares during the period. Hedge funds and other institutional investors own 87.68% of the company’s stock.
General Dynamics Corp. (NYSE:GD) traded up 0.22% during mid-day trading on Friday, reaching $151.34. The company’s stock had a trading volume of 862,647 shares. General Dynamics Corp. has a 52 week low of $121.61 and a 52 week high of $156.97. The firm has a market capitalization of $46.08 billion, a price-to-earnings ratio of 16.09 and a beta of 0.76. The company’s 50-day moving average price is $152.80 and its 200 day moving average price is $144.40.
General Dynamics Corp. (NYSE:GD) last released its quarterly earnings data on Wednesday, July 27th. The company reported $2.44 EPS for the quarter, beating the Zacks’ consensus estimate of $2.31 by $0.13. The company earned $7.66 billion during the quarter, compared to the consensus estimate of $7.88 billion. General Dynamics Corp. had a net margin of 9.53% and a return on equity of 27.74%. General Dynamics Corp.’s quarterly revenue was down 2.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.27 EPS. On average, equities analysts forecast that General Dynamics Corp. will post $9.73 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 10th. Shareholders of record on Friday, October 7th will be issued a $0.76 dividend. The ex-dividend date of this dividend is Wednesday, October 5th. This represents a $3.04 dividend on an annualized basis and a yield of 2.01%. General Dynamics Corp.’s payout ratio is 32.27%.
GD has been the topic of several analyst reports. Robert W. Baird assumed coverage on General Dynamics Corp. in a research report on Thursday, October 6th. They set an “outperform” rating and a $181.00 target price on the stock. Jefferies Group reissued a “buy” rating and set a $167.00 price target on shares of General Dynamics Corp. in a report on Thursday, July 28th. Zacks Investment Research raised General Dynamics Corp. from a “hold” rating to a “buy” rating and set a $159.00 price target on the stock in a report on Monday, July 18th. Citigroup Inc. raised their price target on General Dynamics Corp. from $162.00 to $185.00 and gave the company a “buy” rating in a report on Tuesday, September 6th. Finally, Deutsche Bank AG reissued a “hold” rating on shares of General Dynamics Corp. in a report on Friday, September 23rd. Two research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $159.27.
In other 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 transaction of $22,850,781.30. Following the completion of the sale, the insider now owns 108,119 shares in the company, valued at approximately $16,480,579.17. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Kimberly A. Kuryea sold 4,117 shares of the firm’s stock in a transaction that occurred on Tuesday, September 6th. The stock was sold at an average price of $154.56, for a total transaction of $636,323.52. Following the sale, the vice president now owns 36,412 shares of the company’s stock, valued at approximately $5,627,838.72. The disclosure for this sale can be found here. 6.80% of the stock is currently owned by company 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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