Condor Capital Management Cuts Stock Holdings in General Dynamics Co. (NYSE:GD)

Condor Capital Management trimmed its position in shares of General Dynamics Co. (NYSE:GD) by 0.5% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 10,006 shares of the aerospace company’s stock after selling 53 shares during the period. Condor Capital Management’s holdings in General Dynamics were worth $2,636,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in GD. State Street Corp raised its holdings in shares of General Dynamics by 9.4% in the 3rd quarter. State Street Corp now owns 10,945,110 shares of the aerospace company’s stock worth $3,307,612,000 after purchasing an additional 943,247 shares during the period. Raymond James Financial Inc. acquired a new stake in General Dynamics during the 4th quarter worth approximately $197,238,000. Geode Capital Management LLC lifted its position in General Dynamics by 13.0% during the third quarter. Geode Capital Management LLC now owns 5,557,404 shares of the aerospace company’s stock valued at $1,674,998,000 after buying an additional 638,342 shares in the last quarter. Two Sigma Advisers LP grew its stake in General Dynamics by 117.0% during the third quarter. Two Sigma Advisers LP now owns 858,600 shares of the aerospace company’s stock worth $259,469,000 after buying an additional 463,000 shares during the period. Finally, Barclays PLC increased its position in shares of General Dynamics by 43.1% in the third quarter. Barclays PLC now owns 942,485 shares of the aerospace company’s stock worth $284,818,000 after acquiring an additional 283,972 shares in the last quarter. 86.14% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Laura J. Schumacher sold 1,796 shares of the firm’s stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $255.68, for a total value of $459,201.28. Following the sale, the director now directly owns 11,175 shares in the company, valued at $2,857,224. This trade represents a 13.85 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Marguerite Amy Gilliland sold 27,562 shares of the stock in a transaction on Monday, March 10th. The stock was sold at an average price of $272.11, for a total value of $7,499,895.82. Following the completion of the transaction, the senior vice president now directly owns 45,192 shares of the company’s stock, valued at approximately $12,297,195.12. The trade was a 37.88 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.52% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Jefferies Financial Group reaffirmed a “hold” rating and set a $300.00 price target (down from $345.00) on shares of General Dynamics in a research report on Thursday, December 12th. Robert W. Baird reaffirmed a “neutral” rating and issued a $283.00 target price (down previously from $345.00) on shares of General Dynamics in a research report on Tuesday, January 14th. TD Cowen dropped their target price on General Dynamics from $315.00 to $295.00 in a report on Tuesday, January 28th. BTIG Research cut General Dynamics from a “buy” rating to a “neutral” rating in a report on Thursday, February 13th. Finally, UBS Group dropped their price objective on shares of General Dynamics from $337.00 to $281.00 and set a “neutral” rating on the stock in a research note on Tuesday, January 28th. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $297.71.

General Dynamics Stock Up 0.2 %

Shares of NYSE:GD opened at $268.11 on Thursday. The company’s fifty day moving average is $258.34 and its two-hundred day moving average is $278.25. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.82 and a current ratio of 1.37. General Dynamics Co. has a 1-year low of $239.87 and a 1-year high of $316.90. The stock has a market capitalization of $72.48 billion, a price-to-earnings ratio of 19.66, a price-to-earnings-growth ratio of 1.69 and a beta of 0.59.

General Dynamics (NYSE:GD) last issued its earnings results on Wednesday, January 29th. The aerospace company reported $4.15 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.29 by ($0.14). General Dynamics had a return on equity of 17.10% and a net margin of 7.93%. Equities analysts anticipate that General Dynamics Co. will post 14.83 EPS for the current year.

General Dynamics declared that its board has approved a share buyback plan on Wednesday, December 4th that authorizes the company to buyback 10,000,000 outstanding shares. This buyback authorization authorizes the aerospace company to buy shares of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

General Dynamics Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, May 9th. Shareholders of record on Friday, April 11th will be paid a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a yield of 2.24%. This is a boost from General Dynamics’s previous quarterly dividend of $1.42. The ex-dividend date is Friday, April 11th. General Dynamics’s dividend payout ratio (DPR) is presently 43.99%.

General Dynamics 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.