Xponance Inc. raised its holdings in General Dynamics Co. (NYSE:GD) by 24.2% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 14,884 shares of the aerospace company’s stock after acquiring an additional 2,901 shares during the period. Xponance Inc.’s holdings in General Dynamics were worth $2,802,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds have also recently bought and sold shares of the company. Empirical Financial Services LLC d.b.a. Empirical Wealth Management boosted its position in shares of General Dynamics by 1.5% during the second quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 3,458 shares of the aerospace company’s stock worth $651,000 after buying an additional 50 shares during the period. Connor Clark & Lunn Investment Management Ltd. boosted its position in shares of General Dynamics by 86.7% during the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 10,480 shares of the aerospace company’s stock worth $1,973,000 after buying an additional 4,868 shares during the period. Mutual Advisors LLC boosted its position in shares of General Dynamics by 9.6% during the second quarter. Mutual Advisors LLC now owns 2,610 shares of the aerospace company’s stock worth $491,000 after buying an additional 228 shares during the period. Strategic Blueprint LLC acquired a new position in shares of General Dynamics during the second quarter worth about $89,000. Finally, Commonwealth Equity Services LLC boosted its position in shares of General Dynamics by 6.5% during the second quarter. Commonwealth Equity Services LLC now owns 116,702 shares of the aerospace company’s stock worth $21,970,000 after buying an additional 7,122 shares during the period. 85.22% of the stock is owned by institutional investors.
GD has been the subject of several recent research reports. Credit Suisse Group increased their price target on General Dynamics from $182.00 to $198.00 and gave the company a “neutral” rating in a research report on Thursday, July 29th. Zacks Investment Research raised General Dynamics from a “hold” rating to a “buy” rating and set a $208.00 price target for the company in a research report on Thursday, August 5th. Wells Fargo & Company upped their price objective on General Dynamics from $216.00 to $220.00 and gave the company an “overweight” rating in a research note on Friday, July 30th. The Goldman Sachs Group upgraded General Dynamics from a “sell” rating to a “neutral” rating and set a $176.00 price objective on the stock in a research note on Thursday. Finally, Cowen restated a “buy” rating on shares of General Dynamics in a research note on Monday, August 9th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, General Dynamics currently has an average rating of “Buy” and a consensus price target of $204.83.
General Dynamics (NYSE:GD) last announced its earnings results on Wednesday, July 28th. The aerospace company reported $2.61 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.52 by $0.09. The company had revenue of $9.22 billion for the quarter, compared to analyst estimates of $9.23 billion. General Dynamics had a return on equity of 21.50% and a net margin of 8.52%. Analysts forecast that General Dynamics Co. will post 11.49 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, November 12th. Investors of record on Friday, October 8th will be given a dividend of $1.19 per share. This represents a $4.76 dividend on an annualized basis and a yield of 2.41%. The ex-dividend date is Thursday, October 7th. General Dynamics’s dividend payout ratio is currently 43.27%.
General Dynamics announced that its Board of Directors has initiated a share buyback program on Wednesday, June 2nd that authorizes the company to buyback 10,000,000 outstanding shares. This buyback authorization authorizes the aerospace company to reacquire shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s board of directors believes its stock is undervalued.
General Dynamics Company Profile
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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