TD Asset Management Inc. lessened its stake in shares of General Dynamics Co. (NYSE:GD) by 58.0% during the 3rd quarter, Holdings Channel reports. The firm owned 141,591 shares of the aerospace company’s stock after selling 195,832 shares during the quarter. TD Asset Management Inc.’s holdings in General Dynamics were worth $28,987,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other large investors also recently added to or reduced their stakes in the business. Principal Financial Group Inc. raised its holdings in General Dynamics by 15.7% during the first quarter. Principal Financial Group Inc. now owns 492,813 shares of the aerospace company’s stock worth $108,863,000 after acquiring an additional 66,965 shares in the last quarter. State of Alaska Department of Revenue raised its holdings in General Dynamics by 31.5% during the second quarter. State of Alaska Department of Revenue now owns 44,039 shares of the aerospace company’s stock worth $8,206,000 after acquiring an additional 10,540 shares in the last quarter. Gofen & Glossberg LLC IL bought a new stake in General Dynamics during the second quarter worth about $587,000. First Citizens Bank & Trust Co. bought a new stake in General Dynamics during the second quarter worth about $589,000. Finally, Bremer Trust National Association bought a new stake in General Dynamics during the second quarter worth about $728,000. 85.84% of the stock is currently owned by institutional investors.
GD has been the topic of several research analyst reports. Cowen restated a “buy” rating and issued a $253.00 price objective on shares of General Dynamics in a research note on Monday, October 15th. ValuEngine upgraded General Dynamics from a “sell” rating to a “hold” rating in a research note on Saturday, July 28th. Bank of America set a $275.00 price objective on General Dynamics and gave the company a “buy” rating in a research note on Tuesday, July 31st. UBS Group initiated coverage on General Dynamics in a research note on Wednesday, August 15th. They issued a “neutral” rating and a $210.00 price objective on the stock. Finally, Drexel Hamilton restated a “buy” rating and issued a $230.00 price objective on shares of General Dynamics in a research note on Thursday, August 16th. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and eleven have issued a buy rating to the company’s stock. General Dynamics presently has a consensus rating of “Hold” and an average price target of $231.00.
In other 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 transaction, the insider now owns 99,333 shares of the company’s stock, valued at $19,851,700.05. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider John Patrick Casey sold 22,500 shares of the company’s stock in a transaction that occurred on Monday, October 15th. The shares were sold at an average price of $193.28, for a total value of $4,348,800.00. Following the completion of the transaction, the insider now directly owns 118,555 shares in the company, valued at approximately $22,914,310.40. The disclosure for this sale can be found here. 6.70% of the stock is currently owned by corporate insiders.
General Dynamics stock opened at $184.50 on Friday. General Dynamics Co. has a 12 month low of $164.76 and a 12 month 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. The company has a market capitalization of $54.80 billion, a PE ratio of 18.54, a PEG ratio of 1.47 and a beta of 0.98.
General Dynamics (NYSE:GD) last posted its earnings results on Wednesday, October 24th. The aerospace company reported $2.89 EPS for the quarter, beating the consensus estimate of $2.76 by $0.13. General Dynamics had a return on equity of 27.22% and a net margin of 9.01%. The company had revenue of $9.09 billion for the quarter, compared to the consensus estimate of $9.41 billion. During the same quarter in the prior year, the business earned $2.52 earnings per share. The firm’s revenue for the quarter was up 20.0% on a year-over-year basis. On average, analysts anticipate that General Dynamics Co. will post 11.3 EPS for the current year.
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About General Dynamics
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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