General Dynamics Co. (GD) Shares Sold by CIBC Private Wealth Group LLC
CIBC Private Wealth Group LLC lessened its stake in General Dynamics Co. (NYSE:GD) by 23.3% in the 1st quarter, HoldingsChannel reports. The fund owned 20,697 shares of the aerospace company’s stock after selling 6,301 shares during the period. CIBC Private Wealth Group LLC’s holdings in General Dynamics were worth $3,503,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc increased its holdings in shares of General Dynamics by 1.7% in the 3rd quarter. Vanguard Group Inc now owns 20,905,951 shares of the aerospace company’s stock valued at $4,279,866,000 after acquiring an additional 357,032 shares during the period. We Are One Seven LLC purchased a new position in shares of General Dynamics in the 4th quarter valued at $27,000. CWM LLC increased its holdings in shares of General Dynamics by 15.0% in the 4th quarter. CWM LLC now owns 1,013 shares of the aerospace company’s stock valued at $159,000 after acquiring an additional 132 shares during the period. First Manhattan Co. increased its holdings in shares of General Dynamics by 13.5% in the 4th quarter. First Manhattan Co. now owns 5,876 shares of the aerospace company’s stock valued at $923,000 after acquiring an additional 700 shares during the period. Finally, Exane Derivatives increased its holdings in shares of General Dynamics by 27.9% in the 4th quarter. Exane Derivatives now owns 5,134 shares of the aerospace company’s stock valued at $807,000 after acquiring an additional 1,120 shares during the period. Institutional investors own 86.48% of the company’s stock.
In other General Dynamics news, EVP John Patrick Casey sold 45,470 shares of General Dynamics stock in a transaction dated Monday, April 15th. The stock was sold at an average price of $172.46, for a total transaction of $7,841,756.20. Following the completion of the sale, the executive vice president now owns 148,133 shares of the company’s stock, valued at approximately $25,547,017.18. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Gary L. Whited sold 14,640 shares of General Dynamics stock in a transaction dated Friday, March 8th. The stock was sold at an average price of $165.38, for a total value of $2,421,163.20. Following the sale, the vice president now directly owns 30,462 shares of the company’s stock, valued at approximately $5,037,805.56. The disclosure for this sale can be found here. Insiders own 7.10% of the company’s stock.
General Dynamics (NYSE:GD) last issued its quarterly earnings results on Wednesday, April 24th. The aerospace company reported $2.56 EPS for the quarter, topping the Zacks’ consensus estimate of $2.38 by $0.18. General Dynamics had a return on equity of 27.62% and a net margin of 8.68%. The company had revenue of $9.26 billion during the quarter, compared to analysts’ expectations of $8.90 billion. During the same quarter in the previous year, the firm posted $2.65 EPS. The firm’s revenue was up 22.9% compared to the same quarter last year. As a group, equities research analysts expect that General Dynamics Co. will post 11.75 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, May 10th. Shareholders of record on Friday, April 12th were given a dividend of $1.02 per share. The ex-dividend date of this dividend was Thursday, April 11th. This represents a $4.08 dividend on an annualized basis and a yield of 2.50%. This is a boost from General Dynamics’s previous quarterly dividend of $0.93. General Dynamics’s payout ratio is currently 35.73%.
GD has been the topic of a number of analyst reports. Cowen reiterated a “buy” rating on shares of General Dynamics in a report on Wednesday, March 6th. Drexel Hamilton reissued a “buy” rating and issued a $230.00 price objective on shares of General Dynamics in a research report on Monday, February 4th. Zacks Investment Research raised General Dynamics from a “hold” rating to a “buy” rating and set a $196.00 price objective for the company in a research report on Tuesday, May 7th. Goldman Sachs Group raised General Dynamics from a “neutral” rating to a “buy” rating and set a $204.00 price objective for the company in a research report on Sunday, May 19th. Finally, Sanford C. Bernstein lowered their price objective on General Dynamics from $186.00 to $178.00 and set a “market perform” rating for the company in a research report on Monday, February 4th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and eight have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $197.22.
About General Dynamics
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.
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