Palisade Asset Management LLC Cuts Stake in General Dynamics Co. (GD)
Palisade Asset Management LLC lessened its holdings in General Dynamics Co. (NYSE:GD) by 31.1% during the first quarter, HoldingsChannel reports. The firm owned 38,565 shares of the aerospace company’s stock after selling 17,395 shares during the period. Palisade Asset Management LLC’s holdings in General Dynamics were worth $6,528,000 as of its most recent SEC filing.
Several other hedge funds have also made changes to their positions in GD. Bank of New York Mellon Corp grew its holdings in shares of General Dynamics by 1.6% during the third quarter. Bank of New York Mellon Corp now owns 1,914,278 shares of the aerospace company’s stock worth $391,891,000 after buying an additional 29,753 shares during the last quarter. LPL Financial LLC grew its holdings in shares of General Dynamics by 5.0% during the third quarter. LPL Financial LLC now owns 61,144 shares of the aerospace company’s stock worth $12,517,000 after buying an additional 2,936 shares during the last quarter. Man Group plc grew its holdings in shares of General Dynamics by 31.7% during the third quarter. Man Group plc now owns 1,712 shares of the aerospace company’s stock worth $351,000 after buying an additional 412 shares during the last quarter. Point72 Asset Management L.P. purchased a new position in shares of General Dynamics during the third quarter worth about $5,118,000. Finally, Thrivent Financial for Lutherans grew its holdings in shares of General Dynamics by 1.5% during the third quarter. Thrivent Financial for Lutherans now owns 158,962 shares of the aerospace company’s stock worth $32,543,000 after buying an additional 2,362 shares during the last quarter. 87.26% of the stock is currently owned by institutional investors and hedge funds.
In other news, Director Lester L. Lyles sold 4,580 shares of General Dynamics stock in a transaction that occurred on Friday, February 22nd. The shares were sold at an average price of $172.42, for a total transaction of $789,683.60. Following the completion of the sale, the director now directly owns 12,314 shares in the company, valued at approximately $2,123,179.88. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Christopher J. Brady sold 2,327 shares of General Dynamics stock in a transaction that occurred on Monday, February 4th. The shares were sold at an average price of $171.23, for a total transaction of $398,452.21. Following the sale, the vice president now owns 5,134 shares of the company’s stock, valued at $879,094.82. The disclosure for this sale can be found here. In the last 90 days, insiders sold 21,547 shares of company stock valued at $3,609,299. 7.10% of the stock is owned by insiders.
General Dynamics (NYSE:GD) last announced its quarterly earnings data on Wednesday, January 30th. The aerospace company reported $3.07 EPS for the quarter, beating the Zacks’ consensus estimate of $2.98 by $0.09. The firm had revenue of $10.38 billion during the quarter, compared to the consensus estimate of $10.34 billion. General Dynamics had a net margin of 9.24% and a return on equity of 28.33%. The firm’s revenue was up 25.4% compared to the same quarter last year. During the same quarter last year, the firm earned $2.50 earnings per share. Analysts expect that General Dynamics Co. will post 11.72 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 10th. Investors of record on Friday, April 12th will be given a $1.02 dividend. The ex-dividend date of this dividend is Thursday, April 11th. This represents a $4.08 dividend on an annualized basis and a yield of 2.37%. This is an increase from General Dynamics’s previous quarterly dividend of $0.93. General Dynamics’s dividend payout ratio (DPR) is presently 35.73%.
A number of research firms recently issued reports on GD. Zacks Investment Research lowered General Dynamics from a “hold” rating to a “sell” rating in a report on Monday, March 11th. Cowen reissued a “buy” rating on shares of General Dynamics in a report on Wednesday, March 6th. Credit Suisse Group lowered General Dynamics from an “outperform” rating to a “neutral” rating and lowered their price target for the stock from $190.00 to $184.00 in a report on Friday, February 15th. Drexel Hamilton reissued a “buy” rating and set a $230.00 price target on shares of General Dynamics in a report on Monday, February 4th. Finally, Sanford C. Bernstein lowered their price target on General Dynamics from $186.00 to $178.00 and set a “market perform” rating on the stock in a report on Monday, February 4th. Four analysts have rated the stock with a sell rating, nine have given a hold rating and six have given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $204.43.
General Dynamics Company Profile
General Dynamics Corporation operates as an aerospace and defense company worldwide. It operates in five segments: Aerospace, Combat Systems, Information Technology, Mission Systems, and Marine Systems. The Aerospace segment designs, manufactures, and supports business-jet aircraft; and offers business-aviation services, including maintenance, fixed-base operation, government fleet, aircraft management, charter, and staffing services, as well as integrated aviation solutions.
Further Reading: Balance Sheet
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