M&G Investment Management Ltd. cut its holdings in General Dynamics Co. (NYSE:GD) by 4.8% during the 1st quarter, Holdings Channel reports. The firm owned 34,465 shares of the aerospace company’s stock after selling 1,753 shares during the period. M&G Investment Management Ltd.’s holdings in General Dynamics were worth $6,273,000 at the end of the most recent reporting period.
Several other hedge funds have also added to or reduced their stakes in the company. InterOcean Capital Group LLC acquired a new stake in General Dynamics during the first quarter worth approximately $202,000. Tiemann Investment Advisors LLC boosted its position in General Dynamics by 4.2% during the first quarter. Tiemann Investment Advisors LLC now owns 2,990 shares of the aerospace company’s stock worth $375,000 after acquiring an additional 120 shares during the last quarter. Mercer Global Advisors Inc. ADV boosted its position in General Dynamics by 10.3% during the first quarter. Mercer Global Advisors Inc. ADV now owns 6,992 shares of the aerospace company’s stock worth $1,270,000 after acquiring an additional 655 shares during the last quarter. Mid Atlantic Financial Management Inc. ADV boosted its position in General Dynamics by 7.4% during the first quarter. Mid Atlantic Financial Management Inc. ADV now owns 8,553 shares of the aerospace company’s stock worth $1,553,000 after acquiring an additional 593 shares during the last quarter. Finally, Marcum Wealth LLC acquired a new stake in General Dynamics during the first quarter worth approximately $234,000. Institutional investors and hedge funds own 85.67% of the company’s stock.
A number of analysts recently issued reports on GD shares. Wells Fargo & Company started coverage on shares of General Dynamics in a research report on Tuesday, May 18th. They set an “overweight” rating and a $216.00 target price on the stock. Barclays reiterated a “buy” rating on shares of General Dynamics in a report on Friday, April 2nd. Credit Suisse Group lifted their price target on shares of General Dynamics from $154.00 to $182.00 and gave the company a “neutral” rating in a report on Thursday, April 29th. Morgan Stanley lifted their price target on shares of General Dynamics from $149.00 to $163.00 and gave the company an “underweight” rating in a report on Thursday, April 29th. Finally, Zacks Investment Research lowered shares of General Dynamics from a “hold” rating to a “sell” rating and set a $196.00 price target on the stock. in a report on Wednesday, April 7th. Four analysts have rated the stock with a sell rating, four have assigned a hold rating and eight have issued a buy rating to the stock. General Dynamics has a consensus rating of “Hold” and an average target price of $188.94.
General Dynamics (NYSE:GD) last released its quarterly earnings results on Wednesday, April 28th. The aerospace company reported $2.48 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.31 by $0.17. General Dynamics had a net margin of 8.22% and a return on equity of 21.27%. The firm had revenue of $9.39 billion for the quarter, compared to the consensus estimate of $8.95 billion. During the same quarter in the previous year, the firm posted $2.43 EPS. The firm’s quarterly revenue was up 7.3% on a year-over-year basis. As a group, equities analysts forecast that General Dynamics Co. will post 11.18 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, August 6th. Investors of record on Friday, July 2nd will be paid a dividend of $1.19 per share. This represents a $4.76 annualized dividend and a yield of 2.49%. The ex-dividend date is Thursday, July 1st. General Dynamics’s dividend payout ratio (DPR) is 43.27%.
About General Dynamics
General Dynamics Corp. is an aerospace and defense company, which engages in the provision of tanks, rockets, missiles, submarines, warships, fighters and electronics to all of the military services. It operates through the following segments: Aerospace, Combat Systems, Information Technology, and Marine Systems.
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