General Dynamics Co. (NYSE:GD) Shares Sold by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC cut its holdings in shares of General Dynamics Co. (NYSE:GD) by 11.3% during the first quarter, HoldingsChannel.com reports. The firm owned 159,405 shares of the aerospace company’s stock after selling 20,278 shares during the period. Allspring Global Investments Holdings LLC’s holdings in General Dynamics were worth $45,030,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in GD. MeadowBrook Investment Advisors LLC purchased a new stake in General Dynamics in the fourth quarter valued at about $25,000. Richardson Financial Services Inc. acquired a new position in shares of General Dynamics during the fourth quarter valued at about $25,000. Financial Synergies Wealth Advisors Inc. purchased a new position in shares of General Dynamics in the 1st quarter valued at approximately $29,000. Legend Financial Advisors Inc. grew its position in General Dynamics by 46.8% during the 1st quarter. Legend Financial Advisors Inc. now owns 113 shares of the aerospace company’s stock worth $32,000 after purchasing an additional 36 shares during the last quarter. Finally, Scarborough Advisors LLC acquired a new position in General Dynamics during the 4th quarter valued at approximately $33,000. Hedge funds and other institutional investors own 86.14% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. JPMorgan Chase & Co. boosted their price objective on shares of General Dynamics from $280.00 to $298.00 and gave the company an “overweight” rating in a report on Thursday, April 25th. Susquehanna raised their price objective on General Dynamics from $301.00 to $333.00 and gave the stock a “positive” rating in a research note on Friday, April 12th. BTIG Research assumed coverage on shares of General Dynamics in a report on Wednesday, June 26th. They issued a “buy” rating and a $345.00 price objective on the stock. Royal Bank of Canada cut their price target on General Dynamics from $325.00 to $320.00 and set an “outperform” rating on the stock in a research report on Thursday, April 25th. Finally, Robert W. Baird reissued an “outperform” rating and issued a $345.00 price objective on shares of General Dynamics in a report on Tuesday. Five analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, General Dynamics currently has a consensus rating of “Moderate Buy” and an average target price of $305.56.

General Dynamics Stock Down 0.3 %

GD opened at $284.87 on Thursday. The company has a market cap of $78.16 billion, a PE ratio of 23.24, a price-to-earnings-growth ratio of 1.65 and a beta of 0.60. General Dynamics Co. has a twelve month low of $211.94 and a twelve month high of $302.75. The company has a 50-day moving average price of $294.07 and a 200 day moving average price of $278.55. The company has a quick ratio of 0.87, a current ratio of 1.44 and a debt-to-equity ratio of 0.41.

General Dynamics (NYSE:GD) last announced its earnings results on Wednesday, April 24th. The aerospace company reported $2.88 EPS for the quarter, missing analysts’ consensus estimates of $2.89 by ($0.01). The firm had revenue of $10.73 billion for the quarter, compared to analyst estimates of $10.26 billion. General Dynamics had a net margin of 7.85% and a return on equity of 16.48%. General Dynamics’s revenue was up 8.6% compared to the same quarter last year. During the same period in the previous year, the company earned $2.64 EPS. Sell-side analysts expect that General Dynamics Co. will post 14.56 earnings per share for the current fiscal year.

General Dynamics Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 9th. Shareholders of record on Friday, July 5th will be paid a dividend of $1.42 per share. The ex-dividend date is Friday, July 5th. This represents a $5.68 annualized dividend and a yield of 1.99%. General Dynamics’s dividend payout ratio (DPR) is presently 46.33%.

Insider Activity

In other General Dynamics news, VP Gregory S. Gallopoulos sold 13,567 shares of the firm’s stock in a transaction that occurred on Monday, April 29th. The shares were sold at an average price of $288.51, for a total value of $3,914,215.17. Following the transaction, the vice president now directly owns 103,345 shares of the company’s stock, valued at approximately $29,816,065.95. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CFO Kimberly A. Kuryea sold 13,344 shares of the firm’s stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $298.16, for a total transaction of $3,978,647.04. Following the completion of the sale, the chief financial officer now directly owns 79,255 shares in the company, valued at $23,630,670.80. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Gregory S. Gallopoulos sold 13,567 shares of General Dynamics stock in a transaction dated Monday, April 29th. The stock was sold at an average price of $288.51, for a total transaction of $3,914,215.17. Following the transaction, the vice president now directly owns 103,345 shares in the company, valued at $29,816,065.95. The disclosure for this sale can be found here. Insiders sold 118,486 shares of company stock worth $34,391,642 over the last three months. Insiders own 1.60% of the company’s stock.

General Dynamics Company Profile

General Dynamics Corporation operates as an aerospace and defense company worldwide. It operates through four segments: Aerospace, Marine Systems, Combat Systems, and Technologies. The Aerospace segment produces and sells business jets; and offers aircraft maintenance and repair, management, aircraft-on-ground support and completion, charter, staffing, and fixed-base operator services.