DNB Asset Management AS Buys Shares of 915 General Dynamics Co. (NYSE:GD)

DNB Asset Management AS acquired a new stake in shares of General Dynamics Co. (NYSE:GD) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 915 shares of the aerospace company’s stock, valued at approximately $265,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in GD. Norges Bank bought a new position in General Dynamics in the 4th quarter worth approximately $728,284,000. Verity & Verity LLC purchased a new stake in shares of General Dynamics in the first quarter worth approximately $179,000. 1832 Asset Management L.P. grew its stake in General Dynamics by 3,645.4% in the fourth quarter. 1832 Asset Management L.P. now owns 558,586 shares of the aerospace company’s stock valued at $145,048,000 after purchasing an additional 543,672 shares in the last quarter. Public Employees Retirement Association of Colorado increased its stake in shares of General Dynamics by 879.9% during the 1st quarter. Public Employees Retirement Association of Colorado now owns 340,359 shares of the aerospace company’s stock worth $96,148,000 after purchasing an additional 305,624 shares during the last quarter. Finally, Junto Capital Management LP acquired a new stake in General Dynamics in the 4th quarter worth approximately $43,733,000. Hedge funds and other institutional investors own 86.14% of the company’s stock.

General Dynamics Price Performance

GD stock traded up $4.76 during mid-day trading on Wednesday, reaching $290.14. The company’s stock had a trading volume of 79,991 shares, compared to its average volume of 1,066,965. The stock has a market cap of $79.72 billion, a PE ratio of 23.26, a P/E/G ratio of 1.68 and a beta of 0.60. The company’s 50 day moving average is $291.64 and its two-hundred day moving average is $284.55. General Dynamics Co. has a fifty-two week low of $214.53 and a fifty-two week high of $302.75. The company has a current ratio of 1.33, a quick ratio of 0.80 and a debt-to-equity ratio of 0.33.

General Dynamics (NYSE:GD) last posted its earnings results on Wednesday, July 24th. The aerospace company reported $3.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.30 by ($0.04). The business had revenue of $11.98 billion for the quarter, compared to analyst estimates of $11.46 billion. General Dynamics had a return on equity of 16.74% and a net margin of 7.89%. General Dynamics’s revenue was up 18.0% compared to the same quarter last year. During the same period last year, the business earned $2.70 EPS. Equities research analysts expect that General Dynamics Co. will post 14.5 EPS for the current year.

General Dynamics Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 9th. Shareholders of record on Friday, July 5th will be paid a $1.42 dividend. This represents a $5.68 dividend on an annualized basis and a yield of 1.96%. The ex-dividend date of this dividend is Friday, July 5th. General Dynamics’s dividend payout ratio is currently 46.33%.

Insider Activity

In related news, VP William A. Moss sold 21,050 shares of the firm’s stock in a transaction dated Monday, May 13th. The stock was sold at an average price of $294.85, for a total transaction of $6,206,592.50. Following the transaction, the vice president now owns 16,624 shares of the company’s stock, valued at $4,901,586.40. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other General Dynamics news, VP William A. Moss sold 21,050 shares of the business’s stock in a transaction on Monday, May 13th. The shares were sold at an average price of $294.85, for a total value of $6,206,592.50. Following the transaction, the vice president now directly owns 16,624 shares of the company’s stock, valued at approximately $4,901,586.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Kimberly A. Kuryea sold 13,344 shares of the firm’s stock in a transaction on Tuesday, May 21st. The stock was 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 owns 79,255 shares of the company’s stock, valued at approximately $23,630,670.80. The disclosure for this sale can be found here. Insiders have sold 52,499 shares of company stock valued at $15,554,941 in the last ninety days. 1.52% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on GD. Royal Bank of Canada reissued an “outperform” rating and set a $320.00 target price on shares of General Dynamics in a research report on Thursday, July 25th. Argus boosted their price objective on shares of General Dynamics from $290.00 to $310.00 and gave the company a “buy” rating in a report on Monday, April 29th. JPMorgan Chase & Co. lifted their target price on General Dynamics from $280.00 to $298.00 and gave the company an “overweight” rating in a research report on Thursday, April 25th. Jefferies Financial Group upgraded General Dynamics from a “hold” rating to a “buy” rating and lifted their price target for the company from $305.00 to $335.00 in a research note on Monday, April 29th. Finally, The Goldman Sachs Group increased their price objective on shares of General Dynamics from $253.00 to $284.00 and gave the company a “neutral” rating in a research note on Tuesday, April 16th. Seven research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $312.17.

About General Dynamics

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.