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

General Dynamics (NYSE:GD) issued an update on its FY 2024 earnings guidance on Friday morning. The company provided earnings per share guidance of 14.400-14.500 for the period, compared to the consensus earnings per share estimate of 14.510. The company issued revenue guidance of $47.8 billion-$48.2 billion, compared to the consensus revenue estimate of $47.7 billion.

General Dynamics Stock Down 0.2 %

Shares of NYSE:GD traded down $0.58 during midday trading on Friday, hitting $290.40. 1,079,838 shares of the company’s stock were exchanged, compared to its average volume of 1,187,075. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.33 and a quick ratio of 0.87. General Dynamics has a 12 month low of $214.53 and a 12 month high of $302.75. The company has a market cap of $79.80 billion, a PE ratio of 23.69, a price-to-earnings-growth ratio of 1.66 and a beta of 0.60. The stock has a 50 day moving average price of $292.65 and a 200-day moving average price of $282.38.

General Dynamics (NYSE:GD) last issued its quarterly earnings data on Wednesday, July 24th. The aerospace company reported $3.26 EPS for the quarter, missing the consensus estimate of $3.30 by ($0.04). The company had revenue of $11.98 billion during the quarter, compared to analysts’ expectations of $11.46 billion. General Dynamics had a return on equity of 16.74% and a net margin of 7.89%. The business’s revenue for the quarter was up 18.0% compared to the same quarter last year. During the same period last year, the company earned $2.70 earnings per share. On average, sell-side analysts anticipate that General Dynamics will post 14.51 EPS for the current fiscal year.

General Dynamics Announces Dividend

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

Analyst Ratings Changes

Several equities research analysts have commented on the stock. BTIG Research assumed coverage on shares of General Dynamics in a research note on Wednesday, June 26th. They issued a buy rating and a $345.00 price objective for the company. Citigroup upped their price objective on General Dynamics from $300.00 to $320.00 and gave the company a buy rating in a research note on Thursday, April 25th. Royal Bank of Canada restated an outperform rating and issued a $320.00 price objective on shares of General Dynamics in a research note on Thursday. Morgan Stanley lifted their price target on General Dynamics from $271.00 to $293.00 and gave the company an equal weight rating in a research report on Monday, July 15th. Finally, Deutsche Bank Aktiengesellschaft dropped their price objective on General Dynamics from $324.00 to $320.00 and set a buy rating on the stock in a report on Thursday. Six research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat.com, General Dynamics currently has an average rating of Moderate Buy and a consensus price target of $311.33.

Insiders Place Their Bets

In other news, VP Gregory S. Gallopoulos sold 13,567 shares of General Dynamics stock in a transaction dated Monday, April 29th. The stock was sold at an average price of $288.51, for a total value of $3,914,215.17. Following the transaction, the vice president now owns 103,345 shares in the company, valued at $29,816,065.95. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, VP Gregory S. Gallopoulos sold 13,567 shares of the firm’s stock in a transaction that occurred on Monday, April 29th. The shares were sold at an average price of $288.51, for a total value of $3,914,215.17. Following the transaction, the vice president now owns 103,345 shares in the company, valued at $29,816,065.95. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Leon Rudy F. De sold 2,570 shares of the company’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $288.00, for a total transaction of $740,160.00. Following the sale, the director now owns 5,518 shares of the company’s stock, valued at $1,589,184. The disclosure for this sale can be found here. Insiders sold a total of 68,636 shares of company stock valued at $20,209,317 over the last quarter. 1.52% of the stock is owned by corporate 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.