General Dynamics Corp. (GD) Position Increased by Penobscot Investment Management Company Inc.
Penobscot Investment Management Company Inc. increased its stake in shares of General Dynamics Corp. (NYSE:GD) by 3.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,940 shares of the company’s stock after buying an additional 110 shares during the period. Penobscot Investment Management Company Inc.’s holdings in General Dynamics Corp. were worth $410,000 at the end of the most recent reporting period.
A number of other institutional investors also recently bought and sold shares of GD. ING Groep NV raised its position in General Dynamics Corp. by 82.9% in the first quarter. ING Groep NV now owns 6,746 shares of the company’s stock worth $886,000 after buying an additional 3,057 shares during the last quarter. Canada Pension Plan Investment Board raised its position in General Dynamics Corp. by 96.6% in the first quarter. Canada Pension Plan Investment Board now owns 65,580 shares of the company’s stock worth $8,615,000 after buying an additional 32,230 shares during the last quarter. OMERS ADMINISTRATION Corp raised its position in General Dynamics Corp. by 20.0% in the first quarter. OMERS ADMINISTRATION Corp now owns 12,000 shares of the company’s stock worth $1,576,000 after buying an additional 2,000 shares during the last quarter. BB&T Securities LLC raised its position in General Dynamics Corp. by 6.7% in the first quarter. BB&T Securities LLC now owns 19,943 shares of the company’s stock worth $2,619,000 after buying an additional 1,247 shares during the last quarter. Finally, Lazard Asset Management LLC raised its position in General Dynamics Corp. by 8.4% in the first quarter. Lazard Asset Management LLC now owns 32,281 shares of the company’s stock worth $4,239,000 after buying an additional 2,503 shares during the last quarter. Institutional investors own 87.68% of the company’s stock.
General Dynamics Corp. (NYSE:GD) traded down 0.30% on Wednesday, reaching $151.42. The company’s stock had a trading volume of 706,846 shares. The firm’s 50 day moving average is $152.70 and its 200-day moving average is $145.00. General Dynamics Corp. has a 12 month low of $121.61 and a 12 month high of $156.97. The firm has a market cap of $46.10 billion, a P/E ratio of 16.10 and a beta of 0.76.
General Dynamics Corp. (NYSE:GD) last released its quarterly earnings results on Wednesday, July 27th. The company reported $2.44 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.31 by $0.13. The firm had revenue of $7.66 billion for the quarter, compared to analysts’ expectations of $7.88 billion. General Dynamics Corp. had a net margin of 9.53% and a return on equity of 27.74%. The business’s revenue was down 2.8% on a year-over-year basis. During the same period in the prior year, the firm earned $2.27 EPS. On average, equities research analysts anticipate that General Dynamics Corp. will post $9.73 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 10th. Stockholders of record on Friday, October 7th will be issued a dividend of $0.76 per share. The ex-dividend date is Wednesday, October 5th. This represents a $3.04 annualized dividend and a dividend yield of 2.01%. General Dynamics Corp.’s dividend payout ratio is presently 32.27%.
GD has been the topic of a number of recent analyst reports. Zacks Investment Research lowered General Dynamics Corp. from a “buy” rating to a “hold” rating in a research note on Monday. Robert W. Baird started coverage on General Dynamics Corp. in a research note on Thursday, October 6th. They issued an “outperform” rating and a $181.00 price objective on the stock. Deutsche Bank AG restated a “hold” rating on shares of General Dynamics Corp. in a research note on Tuesday. Jefferies Group restated a “buy” rating and set a $167.00 price target on shares of General Dynamics Corp. in a research note on Thursday, July 28th. Finally, Citigroup Inc. boosted their price target on General Dynamics Corp. from $162.00 to $185.00 and gave the company a “buy” rating in a research note on Tuesday, September 6th. Three research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. General Dynamics Corp. presently has a consensus rating of “Buy” and a consensus price target of $159.66.
In related news, VP Gregory S. Gallopoulos sold 39,000 shares of General Dynamics Corp. stock in a transaction that occurred on Friday, July 29th. The shares were sold at an average price of $146.58, for a total value of $5,716,620.00. Following the transaction, the vice president now directly owns 153,848 shares of the company’s stock, valued at $22,551,039.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider John Patrick Casey sold 57,490 shares of General Dynamics Corp. stock in a transaction that occurred on Thursday, August 4th. The shares were sold at an average price of $146.96, for a total transaction of $8,448,730.40. Following the completion of the transaction, the insider now directly owns 165,118 shares in the company, valued at $24,265,741.28. The disclosure for this sale can be found here. Insiders own 6.80% of the company’s stock.
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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