Wells Fargo & Company MN reduced its position in General Dynamics Co. (NYSE:GD) by 1.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,978,244 shares of the aerospace company’s stock after selling 112,061 shares during the quarter. Wells Fargo & Company MN owned 2.02% of General Dynamics worth $1,223,866,000 as of its most recent SEC filing.
Other hedge funds have also recently added to or reduced their stakes in the company. Ferguson Wellman Capital Management Inc. bought a new position in General Dynamics in the second quarter worth about $15,104,000. Alerus Financial NA raised its holdings in General Dynamics by 11.6% in the second quarter. Alerus Financial NA now owns 17,432 shares of the aerospace company’s stock worth $3,250,000 after purchasing an additional 1,808 shares in the last quarter. Arrow Financial Corp raised its holdings in General Dynamics by 14.7% in the second quarter. Arrow Financial Corp now owns 6,541 shares of the aerospace company’s stock worth $1,219,000 after purchasing an additional 840 shares in the last quarter. Sompo Japan Nipponkoa Asset Management CO. LTD. bought a new position in General Dynamics in the second quarter worth about $3,403,000. Finally, KCM Investment Advisors LLC raised its holdings in General Dynamics by 1.8% in the second quarter. KCM Investment Advisors LLC now owns 17,868 shares of the aerospace company’s stock worth $3,331,000 after purchasing an additional 317 shares in the last quarter. Hedge funds and other institutional investors own 85.84% of the company’s stock.
Shares of NYSE GD opened at $177.57 on Monday. The company has a market capitalization of $52.41 billion, a P/E ratio of 17.85, a PEG ratio of 1.41 and a beta of 0.98. General Dynamics Co. has a 52 week low of $164.76 and a 52 week high of $230.00. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.87 and a current ratio of 1.27.
General Dynamics (NYSE:GD) last issued its earnings results on Wednesday, October 24th. The aerospace company reported $2.89 EPS for the quarter, beating the Zacks’ consensus estimate of $2.76 by $0.13. The firm had revenue of $9.09 billion for the quarter, compared to analyst estimates of $9.41 billion. General Dynamics had a return on equity of 27.22% and a net margin of 9.01%. General Dynamics’s revenue for the quarter was up 20.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.52 earnings per share. Sell-side analysts predict that General Dynamics Co. will post 11.3 earnings per share for the current fiscal year.
In related news, insider S. Daniel Johnson sold 77,810 shares of the company’s stock in a transaction that occurred on Friday, September 14th. The stock was sold at an average price of $199.85, for a total value of $15,550,328.50. Following the sale, the insider now owns 99,333 shares in the company, valued at $19,851,700.05. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider John Patrick Casey sold 22,500 shares of the company’s stock in a transaction that occurred on Monday, October 15th. The stock was sold at an average price of $193.28, for a total value of $4,348,800.00. Following the completion of the sale, the insider now owns 118,555 shares in the company, valued at approximately $22,914,310.40. The disclosure for this sale can be found here. 6.90% of the stock is owned by corporate insiders.
A number of equities analysts have commented on GD shares. Credit Suisse Group boosted their target price on shares of General Dynamics from $224.00 to $229.00 and gave the stock an “outperform” rating in a report on Thursday, July 26th. ValuEngine upgraded shares of General Dynamics from a “sell” rating to a “hold” rating in a report on Saturday, July 28th. Bank of America set a $275.00 target price on shares of General Dynamics and gave the stock a “buy” rating in a report on Tuesday, July 31st. UBS Group started coverage on General Dynamics in a research note on Wednesday, August 15th. They set a “neutral” rating and a $210.00 price target on the stock. Finally, Drexel Hamilton restated a “buy” rating and set a $230.00 price target on shares of General Dynamics in a research note on Thursday, August 16th. Three research analysts have rated the stock with a sell rating, five have given a hold rating and eleven have given a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $231.00.
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.
See Also: Earnings Per Share
Want to see what other hedge funds are holding GD? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for General Dynamics Co. (NYSE:GD).
Receive News & Ratings for General Dynamics Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for General Dynamics and related companies with MarketBeat.com's FREE daily email newsletter.