General Dynamics (NYSE:GD) Announces Quarterly Earnings Results

General Dynamics (NYSE:GD) posted its quarterly earnings data on Wednesday. The aerospace company reported $3.35 earnings per share for the quarter, missing analysts’ consensus estimates of $3.48 by ($0.13), Briefing.com reports. The firm had revenue of $11.67 billion for the quarter, compared to the consensus estimate of $11.65 billion. General Dynamics had a net margin of 7.89% and a return on equity of 16.74%. The company’s revenue was up 10.4% on a year-over-year basis. During the same quarter last year, the firm earned $3.04 EPS. General Dynamics updated its FY24 guidance to $14.00 EPS and its FY 2024 guidance to 14.000-14.000 EPS.

General Dynamics Stock Down 0.6 %

Shares of NYSE:GD traded down $1.72 during trading hours on Thursday, hitting $302.68. The company’s stock had a trading volume of 265,440 shares, compared to its average volume of 1,089,040. General Dynamics has a 52 week low of $236.58 and a 52 week high of $313.11. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.33 and a quick ratio of 0.80. The company has a market capitalization of $83.04 billion, a price-to-earnings ratio of 24.77, a P/E/G ratio of 1.67 and a beta of 0.61. The firm’s fifty day moving average price is $300.17 and its 200 day moving average price is $294.55.

General Dynamics Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Friday, October 11th will be issued a $1.42 dividend. The ex-dividend date of this dividend is Friday, October 11th. This represents a $5.68 annualized dividend and a dividend yield of 1.88%. General Dynamics’s dividend payout ratio is currently 46.33%.

Insider Activity

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

Analyst Ratings Changes

GD has been the subject of a number of recent analyst reports. Royal Bank of Canada lifted their price target on shares of General Dynamics from $320.00 to $330.00 and gave the stock an “outperform” rating in a research note on Thursday. Barclays lifted their price target on shares of General Dynamics from $310.00 to $325.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 30th. Citigroup lifted their price target on shares of General Dynamics from $331.00 to $354.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. Susquehanna lifted their price target on shares of General Dynamics from $333.00 to $352.00 and gave the stock a “positive” rating in a research note on Thursday, October 17th. Finally, TD Cowen raised shares of General Dynamics to a “strong-buy” rating in a research note on Tuesday, October 8th. Seven equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, General Dynamics presently has an average rating of “Moderate Buy” and a consensus target price of $321.06.

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.