Summit Global Investments Buys 3,072 Shares of General Dynamics Corporation $GD

Summit Global Investments grew its stake in General Dynamics Corporation (NYSE:GD) by 249.8% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 4,302 shares of the aerospace company’s stock after acquiring an additional 3,072 shares during the quarter. Summit Global Investments’ holdings in General Dynamics were worth $1,477,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. AQR Capital Management LLC raised its position in shares of General Dynamics by 118.3% in the 3rd quarter. AQR Capital Management LLC now owns 1,663,847 shares of the aerospace company’s stock worth $567,372,000 after purchasing an additional 901,679 shares during the last quarter. Northern Trust Corp grew its position in General Dynamics by 35.0% during the 3rd quarter. Northern Trust Corp now owns 3,332,917 shares of the aerospace company’s stock valued at $1,136,525,000 after purchasing an additional 863,392 shares during the last quarter. Balyasny Asset Management L.P. grew its position in General Dynamics by 831.1% during the 3rd quarter. Balyasny Asset Management L.P. now owns 737,259 shares of the aerospace company’s stock valued at $251,405,000 after purchasing an additional 658,081 shares during the last quarter. SG Americas Securities LLC increased its stake in General Dynamics by 6,680.8% during the 4th quarter. SG Americas Securities LLC now owns 591,488 shares of the aerospace company’s stock valued at $199,130,000 after purchasing an additional 582,765 shares in the last quarter. Finally, Vanguard Group Inc. raised its holdings in General Dynamics by 2.2% in the fourth quarter. Vanguard Group Inc. now owns 24,767,330 shares of the aerospace company’s stock worth $8,338,169,000 after buying an additional 528,769 shares during the last quarter. 86.14% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, Director Mark Malcolm sold 5,480 shares of General Dynamics stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $365.00, for a total value of $2,000,200.00. Following the completion of the sale, the director owned 10,643 shares of the company’s stock, valued at $3,884,695. The trade was a 33.99% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Mark Lagrand Burns sold 36,480 shares of the company’s stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $345.29, for a total value of $12,596,179.20. Following the sale, the executive vice president owned 38,975 shares of the company’s stock, valued at approximately $13,457,677.75. This trade represents a 48.35% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 78,190 shares of company stock valued at $27,041,022. Company insiders own 1.40% of the company’s stock.

Wall Street Analysts Forecast Growth

GD has been the topic of several analyst reports. The Goldman Sachs Group dropped their target price on shares of General Dynamics from $327.00 to $313.00 and set a “sell” rating on the stock in a research note on Monday, May 4th. UBS Group raised shares of General Dynamics from a “neutral” rating to a “buy” rating in a research report on Thursday, June 11th. Wells Fargo & Company assumed coverage on shares of General Dynamics in a report on Wednesday, April 1st. They issued an “overweight” rating and a $400.00 price objective for the company. Wall Street Zen upgraded General Dynamics from a “buy” rating to a “strong-buy” rating in a research note on Saturday, June 13th. Finally, Citigroup reduced their target price on General Dynamics from $380.00 to $364.00 and set a “neutral” rating for the company in a report on Monday, May 18th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $391.15.

General Dynamics Stock Performance

Shares of NYSE GD opened at $370.61 on Tuesday. The firm’s 50-day moving average price is $353.26 and its 200-day moving average price is $350.78. The company has a quick ratio of 0.90, a current ratio of 1.38 and a debt-to-equity ratio of 0.24. The company has a market cap of $100.22 billion, a PE ratio of 23.32, a PEG ratio of 2.22 and a beta of 0.34. General Dynamics Corporation has a 52-week low of $293.95 and a 52-week high of $380.71.

General Dynamics (NYSE:GD) last announced its quarterly earnings results on Wednesday, April 29th. The aerospace company reported $4.10 EPS for the quarter, topping analysts’ consensus estimates of $3.67 by $0.43. General Dynamics had a net margin of 8.07% and a return on equity of 17.41%. The firm had revenue of $13.48 billion during the quarter, compared to analyst estimates of $12.70 billion. During the same period in the previous year, the business posted $3.66 earnings per share. The business’s revenue for the quarter was up 10.3% on a year-over-year basis. As a group, analysts anticipate that General Dynamics Corporation will post 16.64 EPS for the current year.

General Dynamics Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 7th. Shareholders of record on Thursday, July 2nd will be given a $1.59 dividend. This represents a $6.36 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date of this dividend is Thursday, July 2nd. General Dynamics’s payout ratio is 40.03%.

General Dynamics Company Profile

General Dynamics is a major American aerospace and defense contractor that designs, manufactures and supports a broad range of products and services for government and commercial customers worldwide. Headquartered in the United States (Reston, Virginia), the company supplies platforms and systems used by armed forces, civil authorities and private operators across multiple domains including air, land, sea and cyber.

Its principal activities span several operating businesses: a business aviation unit that develops and supports Gulfstream business jets; land systems that produce armored combat vehicles and related logistics and sustainment services; marine systems that design and construct submarines and surface ships for navies; and mission systems and information technology operations that provide command-and-control, communications, cybersecurity and systems-integration services.