General Dynamics (NYSE:GD) Updates FY 2024 Earnings Guidance

General Dynamics (NYSE:GD) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided earnings per share guidance of 14.000-14.000 for the period, compared to the consensus earnings per share estimate of 14.180. The company issued revenue guidance of $48.0 billion-$48.0 billion, compared to the consensus revenue estimate of $47.6 billion. General Dynamics also updated its FY24 guidance to $14.00 EPS.

General Dynamics Stock Down 0.5 %

Shares of NYSE:GD traded down $1.59 during midday trading on Wednesday, reaching $304.40. The company had a trading volume of 1,504,890 shares, compared to its average volume of 1,093,057. The business’s 50 day moving average price is $300.17 and its 200 day moving average price is $294.55. General Dynamics has a 1-year low of $232.29 and a 1-year high of $313.11. The company has a quick ratio of 0.80, a current ratio of 1.33 and a debt-to-equity ratio of 0.33. The stock has a market cap of $83.52 billion, a PE ratio of 24.83, a P/E/G ratio of 1.67 and a beta of 0.61.

General Dynamics (NYSE:GD) last announced its quarterly earnings data on Wednesday, July 24th. The aerospace company reported $3.26 EPS for the quarter, missing analysts’ consensus estimates of $3.30 by ($0.04). General Dynamics had a net margin of 7.89% and a return on equity of 16.74%. The firm had revenue of $11.98 billion during the quarter, compared to the consensus estimate of $11.46 billion. During the same period last year, the business earned $2.70 EPS. The business’s revenue was up 18.0% on a year-over-year basis. Research analysts forecast that General Dynamics will post 14.38 EPS for the current fiscal year.

General Dynamics Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Friday, October 11th will be paid a dividend of $1.42 per share. The ex-dividend date is Friday, October 11th. This represents a $5.68 annualized dividend and a dividend yield of 1.87%. General Dynamics’s dividend payout ratio is currently 46.33%.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the company. Barclays raised their price target on General Dynamics from $310.00 to $325.00 and gave the company an “overweight” rating in a report on Tuesday, July 30th. TD Cowen raised shares of General Dynamics to a “strong-buy” rating in a report on Tuesday, October 8th. Morgan Stanley raised shares of General Dynamics from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $293.00 to $345.00 in a report on Friday, August 9th. Wells Fargo & Company cut General Dynamics from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $334.00 to $317.00 in a report on Tuesday, October 1st. Finally, Seaport Res Ptn lowered General Dynamics from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 11th. Seven research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $320.18.

Insider Transactions at General Dynamics

In related news, Director Peter A. Wall sold 1,320 shares of General Dynamics stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $308.05, for a total value of $406,626.00. Following the transaction, the director now directly owns 3,592 shares of the company’s stock, valued at $1,106,515.60. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 1.52% of the stock is currently owned by insiders.

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.