Covington Investment Advisors Inc. purchased a new position in General Dynamics (NYSE:GD) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 17,402 shares of the aerospace company’s stock, valued at approximately $3,844,000.
Other large investors also recently bought and sold shares of the company. Captrust Financial Advisors bought a new stake in General Dynamics during the 4th quarter valued at $165,000. Ontario Teachers Pension Plan Board raised its holdings in General Dynamics by 3.1% during the 4th quarter. Ontario Teachers Pension Plan Board now owns 51,028 shares of the aerospace company’s stock valued at $10,382,000 after acquiring an additional 1,536 shares during the period. Eaton Vance Management raised its holdings in General Dynamics by 2.9% during the 1st quarter. Eaton Vance Management now owns 158,687 shares of the aerospace company’s stock valued at $35,054,000 after acquiring an additional 4,485 shares during the period. JT Stratford LLC raised its holdings in General Dynamics by 3.1% during the 4th quarter. JT Stratford LLC now owns 14,214 shares of the aerospace company’s stock valued at $2,892,000 after acquiring an additional 421 shares during the period. Finally, IFG Advisory LLC bought a new stake in General Dynamics during the 4th quarter valued at $543,000. 86.01% of the stock is currently owned by institutional investors.
Shares of General Dynamics opened at $205.56 on Thursday, Marketbeat reports. General Dynamics has a 52-week low of $191.00 and a 52-week high of $230.00. The firm has a market capitalization of $60.70 billion, a P/E ratio of 20.19, a P/E/G ratio of 1.98 and a beta of 0.84. The company has a quick ratio of 0.98, a current ratio of 1.34 and a debt-to-equity ratio of 0.34.
General Dynamics (NYSE:GD) last announced its earnings results on Wednesday, April 25th. The aerospace company reported $2.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.49 by $0.16. General Dynamics had a net margin of 9.49% and a return on equity of 26.83%. The company had revenue of $7.50 billion during the quarter, compared to analyst estimates of $7.56 billion. During the same period in the previous year, the business earned $2.48 earnings per share. The firm’s quarterly revenue was up .8% compared to the same quarter last year. sell-side analysts predict that General Dynamics will post 11.09 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, May 11th. Investors of record on Friday, April 13th were given a $0.93 dividend. The ex-dividend date of this dividend was Thursday, April 12th. This is a positive change from General Dynamics’s previous quarterly dividend of $0.84. This represents a $3.72 annualized dividend and a yield of 1.81%. General Dynamics’s payout ratio is 37.39%.
In related news, VP Gary L. Whited sold 5,977 shares of the company’s stock in a transaction on Tuesday, March 6th. The shares were sold at an average price of $224.52, for a total value of $1,341,956.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Lester L. Lyles sold 5,210 shares of the company’s stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $220.73, for a total transaction of $1,150,003.30. Following the completion of the transaction, the director now owns 12,537 shares of the company’s stock, valued at $2,767,292.01. The disclosure for this sale can be found here. Insiders sold 19,253 shares of company stock valued at $4,322,831 over the last quarter. 6.70% of the stock is owned by company insiders.
A number of equities research analysts have issued reports on the stock. Royal Bank of Canada boosted their target price on shares of General Dynamics to $258.00 and gave the company an “outperform” rating in a report on Thursday, January 25th. Zacks Investment Research upgraded shares of General Dynamics from a “hold” rating to a “buy” rating and set a $252.00 price target for the company in a research report on Friday, February 2nd. Argus upgraded shares of General Dynamics to a “buy” rating and boosted their price target for the company from $230.00 to $250.00 in a research report on Tuesday, January 30th. Bank of America boosted their price target on shares of General Dynamics from $245.00 to $260.00 and gave the company a “buy” rating in a research report on Thursday, January 25th. Finally, Jefferies Group boosted their price target on shares of General Dynamics to $247.00 and gave the company a “buy” rating in a research report on Thursday, January 25th. They noted that the move was a valuation call. Two analysts have rated the stock with a sell rating, six have given a hold rating and twelve have issued a buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $241.11.
General Dynamics Company Profile
General Dynamics Corporation operates as an aerospace and defense company worldwide. It operates through four business groups: Aerospace; Combat Systems; Information Systems and Technology; and Marine Systems. The Aerospace group designs, develops, manufactures, service and supports business-jet aircraft; and provides aircraft services, such as maintenance, aircraft management, charter, fixed-base operational, and staffing services.
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