Lake Street Advisors Group LLC Invests $328,000 in General Dynamics Co. (GD)
Lake Street Advisors Group LLC acquired a new position in shares of General Dynamics Co. (NYSE:GD) during the 4th quarter, according to its most recent filing with the SEC. The institutional investor acquired 1,612 shares of the aerospace company’s stock, valued at approximately $328,000.
Several other hedge funds also recently made changes to their positions in the company. Caisse DE Depot ET Placement DU Quebec raised its holdings in General Dynamics by 2,097.3% in the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,711,597 shares of the aerospace company’s stock valued at $353,351,000 after buying an additional 1,633,700 shares during the period. American Century Companies Inc. raised its holdings in General Dynamics by 9,395.8% in the fourth quarter. American Century Companies Inc. now owns 452,570 shares of the aerospace company’s stock valued at $92,075,000 after buying an additional 447,804 shares during the period. Renaissance Technologies LLC raised its holdings in General Dynamics by 119.3% in the fourth quarter. Renaissance Technologies LLC now owns 703,800 shares of the aerospace company’s stock valued at $143,188,000 after buying an additional 382,883 shares during the period. Alyeska Investment Group L.P. raised its holdings in General Dynamics by 82.6% in the third quarter. Alyeska Investment Group L.P. now owns 697,511 shares of the aerospace company’s stock valued at $143,394,000 after buying an additional 315,512 shares during the period. Finally, Janus Henderson Group PLC raised its holdings in General Dynamics by 6.1% in the third quarter. Janus Henderson Group PLC now owns 5,302,868 shares of the aerospace company’s stock valued at $1,090,164,000 after buying an additional 304,175 shares during the period. Institutional investors and hedge funds own 86.06% of the company’s stock.
In other news, insider S. Daniel Johnson sold 3,933 shares of the firm’s stock in a transaction that occurred on Friday, March 9th. The shares were sold at an average price of $228.79, for a total transaction of $899,831.07. Following the completion of the sale, the insider now owns 66,363 shares of the company’s stock, valued at $15,183,190.77. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider John Patrick Casey sold 9,304 shares of the firm’s stock in a transaction that occurred on Wednesday, February 14th. The stock was sold at an average price of $215.29, for a total transaction of $2,003,058.16. The disclosure for this sale can be found here. Insiders have sold 30,357 shares of company stock valued at $6,715,463 in the last three months. Corporate insiders own 6.70% of the company’s stock.
General Dynamics (NYSE:GD) last released its quarterly earnings results on Wednesday, January 24th. The aerospace company reported $2.50 earnings per share for the quarter, topping analysts’ consensus estimates of $2.37 by $0.13. General Dynamics had a net margin of 9.40% and a return on equity of 27.22%. The business had revenue of $8.28 billion during the quarter, compared to the consensus estimate of $8.40 billion. During the same quarter last year, the company earned $1.89 earnings per share. The business’s quarterly revenue was up 8.1% compared to the same quarter last year. equities research analysts forecast that General Dynamics Co. will post 11.09 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, May 11th. Stockholders of record on Friday, April 13th will be given a dividend of $0.93 per share. The ex-dividend date is Thursday, April 12th. This represents a $3.72 dividend on an annualized basis and a dividend yield of 1.66%. This is an increase from General Dynamics’s previous quarterly dividend of $0.84. General Dynamics’s dividend payout ratio (DPR) is presently 35.18%.
Several research analysts recently commented on the stock. Bank of America raised their price target on shares of General Dynamics from $245.00 to $260.00 and gave the company a “buy” rating in a report on Thursday, January 25th. Sanford C. Bernstein restated a “market perform” rating and issued a $237.00 price target (up previously from $218.00) on shares of General Dynamics in a report on Thursday, January 25th. Zacks Investment Research lowered shares of General Dynamics from a “buy” rating to a “hold” rating in a report on Monday, March 12th. Buckingham Research restated a “buy” rating and issued a $260.00 price target (up previously from $230.00) on shares of General Dynamics in a report on Tuesday, January 30th. Finally, Royal Bank of Canada raised their price target on shares of General Dynamics to $267.00 and gave the company an “outperform” rating in a report on Tuesday, February 20th. Three research analysts have rated the stock with a sell rating, five have given a hold rating and thirteen have issued a buy rating to the stock. General Dynamics presently has a consensus rating of “Hold” and a consensus price target of $235.88.
General Dynamics Profile
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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