Surevest Inc. Acquires New Holdings in General Dynamics Co. (GD)
Surevest Inc. acquired a new position in General Dynamics Co. (NYSE:GD) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 2,020 shares of the aerospace company’s stock, valued at approximately $318,000.
A number of other large investors have also modified their holdings of the stock. Bank of New York Mellon Corp boosted its holdings in 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 valued at $391,891,000 after acquiring an additional 29,753 shares during the period. Ontario Teachers Pension Plan Board boosted its holdings in General Dynamics by 256.4% during the third quarter. Ontario Teachers Pension Plan Board now owns 7,364 shares of the aerospace company’s stock valued at $1,508,000 after acquiring an additional 5,298 shares during the period. Schroder Investment Management Group boosted its holdings in General Dynamics by 8.2% during the third quarter. Schroder Investment Management Group now owns 183,536 shares of the aerospace company’s stock valued at $37,574,000 after acquiring an additional 13,961 shares during the period. Virtu Financial LLC bought a new stake in General Dynamics during the third quarter valued at about $682,000. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management acquired a new position in shares of General Dynamics during the third quarter valued at about $378,000. Hedge funds and other institutional investors own 87.43% of the company’s stock.
In other news, VP Christopher J. Brady sold 2,327 shares of General Dynamics stock in a transaction 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 transaction, the vice president now directly owns 5,134 shares of the company’s stock, valued at $879,094.82. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP Gary L. Whited sold 14,640 shares of General Dynamics stock in a transaction on Friday, March 8th. The stock was sold at an average price of $165.38, for a total transaction of $2,421,163.20. Following the transaction, the vice president now directly owns 30,462 shares in the company, valued at $5,037,805.56. The disclosure for this sale can be found here. Over the last three months, insiders have sold 21,547 shares of company stock worth $3,609,299. Insiders own 6.90% of the company’s stock.
General Dynamics (NYSE:GD) last announced its quarterly earnings results on Wednesday, January 30th. The aerospace company reported $3.07 earnings per share for the quarter, topping analysts’ consensus estimates of $2.98 by $0.09. The company had revenue of $10.38 billion for the quarter, compared to analysts’ expectations of $10.34 billion. General Dynamics had a net margin of 9.24% and a return on equity of 28.33%. The business’s quarterly revenue was up 25.4% compared to the same quarter last year. During the same period last year, the firm posted $2.50 earnings per share. As a group, sell-side analysts predict that General Dynamics Co. will post 11.72 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, May 10th. Stockholders of record on Friday, April 12th will be given a dividend of $1.02 per share. This represents a $4.08 dividend on an annualized basis and a dividend yield of 2.44%. This is a boost from General Dynamics’s previous quarterly dividend of $0.93. The ex-dividend date is Thursday, April 11th. General Dynamics’s dividend payout ratio (DPR) is currently 32.57%.
A number of research analysts have recently commented on the stock. Barclays cut their price objective on shares of General Dynamics from $256.00 to $210.00 and set an “overweight” rating for the company in a research report on Tuesday, December 4th. Zacks Investment Research raised shares of General Dynamics from a “sell” rating to a “hold” rating in a research report on Tuesday, February 12th. Credit Suisse Group lowered shares of General Dynamics from an “outperform” rating to a “neutral” rating and cut their price objective for the company from $190.00 to $184.00 in a research report on Friday, February 15th. Drexel Hamilton reaffirmed a “buy” rating and set a $230.00 price objective on shares of General Dynamics in a research report on Monday, February 4th. Finally, Argus lowered shares of General Dynamics from a “buy” rating to a “hold” rating and set a $170.91 price objective for the company. in a research report on Thursday, January 31st. Four investment analysts have rated the stock with a sell rating, nine have issued a hold rating and seven have given a buy rating to the stock. General Dynamics presently has an average rating of “Hold” and an average target price of $207.88.
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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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