General Dynamics Corporation (NYSE:GD) Position Reduced by Montecito Bank & Trust
Montecito Bank & Trust decreased its stake in shares of General Dynamics Corporation (NYSE:GD) by 6.8% during the second quarter, Holdings Channel reports. The institutional investor owned 2,733 shares of the aerospace company’s stock after selling 200 shares during the period. Montecito Bank & Trust’s holdings in General Dynamics Corporation were worth $542,000 at the end of the most recent quarter.
A number of other hedge funds have also modified their holdings of GD. Quadrant Capital Group LLC increased its stake in shares of General Dynamics Corporation by 0.7% in the first quarter. Quadrant Capital Group LLC now owns 608 shares of the aerospace company’s stock valued at $108,000 after buying an additional 4 shares in the last quarter. Ruggie Capital Group purchased a new position in General Dynamics Corporation during the first quarter valued at $119,000. Pinnacle Bank purchased a new position in General Dynamics Corporation during the first quarter valued at $126,000. Zions Bancorporation boosted its position in General Dynamics Corporation by 0.5% in the first quarter. Zions Bancorporation now owns 732 shares of the aerospace company’s stock valued at $137,000 after buying an additional 4 shares during the last quarter. Finally, Global X Management Co. LLC boosted its position in General Dynamics Corporation by 59.8% in the first quarter. Global X Management Co. LLC now owns 759 shares of the aerospace company’s stock valued at $142,000 after buying an additional 284 shares during the last quarter. Institutional investors and hedge funds own 87.52% of the company’s stock.
General Dynamics Corporation (GD) opened at 197.89 on Friday. The company has a 50-day moving average price of $199.82 and a 200-day moving average price of $193.74. The company has a market capitalization of $59.33 billion, a PE ratio of 19.55 and a beta of 0.71. General Dynamics Corporation has a one year low of $148.76 and a one year high of $205.90.
General Dynamics Corporation (NYSE:GD) last posted its quarterly earnings results on Wednesday, July 26th. The aerospace company reported $2.45 EPS for the quarter, beating the consensus estimate of $2.43 by $0.02. General Dynamics Corporation had a net margin of 9.63% and a return on equity of 28.17%. The company had revenue of $7.68 billion for the quarter, compared to analyst estimates of $7.76 billion. During the same period in the prior year, the company earned $2.30 earnings per share. The firm’s revenue was down 1.3% on a year-over-year basis. Analysts expect that General Dynamics Corporation will post $9.82 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, November 10th. Shareholders of record on Friday, October 6th will be issued a $0.84 dividend. This represents a $3.36 annualized dividend and a yield of 1.70%. The ex-dividend date of this dividend is Thursday, October 5th. General Dynamics Corporation’s payout ratio is 34.57%.
Several equities analysts have recently weighed in on the company. UBS AG reissued a “buy” rating and set a $225.00 price target (up from $215.00) on shares of General Dynamics Corporation in a report on Monday, June 12th. Zacks Investment Research cut General Dynamics Corporation from a “buy” rating to a “hold” rating in a report on Wednesday, July 12th. Citigroup Inc. increased their price target on General Dynamics Corporation from $207.00 to $210.00 and gave the company a “neutral” rating in a report on Friday. Jefferies Group LLC reissued a “buy” rating on shares of General Dynamics Corporation in a report on Friday. Finally, BidaskClub cut General Dynamics Corporation from a “strong-buy” rating to a “buy” rating in a report on Monday, July 31st. Two research analysts have rated the stock with a sell rating, four have given a hold rating and eleven have issued a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $206.59.
In other General Dynamics Corporation news, Director Lester L. Lyles sold 2,551 shares of the company’s stock in a transaction dated Friday, May 19th. The shares were sold at an average price of $196.01, for a total value of $500,021.51. Following the completion of the transaction, the director now owns 7,336 shares in the company, valued at $1,437,929.36. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Christopher Marzilli sold 43,890 shares of the company’s stock in a transaction dated Tuesday, May 30th. The stock was sold at an average price of $201.37, for a total transaction of $8,838,129.30. Following the completion of the transaction, the vice president now owns 107,857 shares of the company’s stock, valued at approximately $21,719,164.09. The disclosure for this sale can be found here. 6.70% of the stock is currently owned by corporate insiders.
About General Dynamics Corporation
General Dynamics Corporation is a global aerospace and defense company. The Company offers a portfolio of products and services in business aviation; combat vehicles, weapons systems and munitions; information technology (IT) services and C4ISR (command, control, communications, computers, intelligence, surveillance and reconnaissance) solutions, and shipbuilding and ship repair.
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