Primecap Management Co. CA Sells 29,440 Shares of General Dynamics Co. (NYSE:GD)

Primecap Management Co. CA decreased its position in shares of General Dynamics Co. (NYSE:GD) by 3.5% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 806,450 shares of the aerospace company’s stock after selling 29,440 shares during the period. Primecap Management Co. CA owned 0.29% of General Dynamics worth $233,983,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in GD. Redmont Wealth Advisors LLC bought a new stake in shares of General Dynamics during the 1st quarter valued at $25,000. Richardson Financial Services Inc. purchased a new stake in General Dynamics in the 4th quarter worth $25,000. American Capital Advisory LLC bought a new stake in General Dynamics during the second quarter valued at about $29,000. Financial Synergies Wealth Advisors Inc. purchased a new position in shares of General Dynamics in the first quarter valued at about $29,000. Finally, New Covenant Trust Company N.A. bought a new position in shares of General Dynamics in the first quarter worth about $29,000. Institutional investors own 86.14% of the company’s stock.

Analyst Ratings Changes

Several analysts recently issued reports on the company. Royal Bank of Canada reissued an “outperform” rating and set a $320.00 target price on shares of General Dynamics in a research note on Thursday, July 25th. Barclays lifted their price objective on shares of General Dynamics from $310.00 to $325.00 and gave the company an “overweight” rating in a research report on Tuesday, July 30th. Robert W. Baird reaffirmed an “outperform” rating and set a $345.00 target price on shares of General Dynamics in a research note on Tuesday, July 2nd. Wells Fargo & Company boosted their price target on shares of General Dynamics from $330.00 to $334.00 and gave the stock an “overweight” rating in a research note on Thursday, July 25th. Finally, Morgan Stanley upgraded General Dynamics from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $293.00 to $345.00 in a research report on Friday, August 9th. Six equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, General Dynamics presently has an average rating of “Moderate Buy” and an average price target of $315.06.

General Dynamics Stock Performance

General Dynamics stock opened at $307.56 on Tuesday. General Dynamics Co. has a 1-year low of $214.53 and a 1-year high of $309.97. The company’s 50-day moving average is $293.02 and its 200 day moving average is $290.34. The firm has a market capitalization of $84.38 billion, a P/E ratio of 25.09, a price-to-earnings-growth ratio of 1.64 and a beta of 0.61. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.33 and a quick ratio of 0.80.

General Dynamics (NYSE:GD) last issued its quarterly earnings results on Wednesday, July 24th. The aerospace company reported $3.26 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.30 by ($0.04). General Dynamics had a return on equity of 16.74% and a net margin of 7.89%. The business had revenue of $11.98 billion for the quarter, compared to the consensus estimate of $11.46 billion. During the same period in the prior year, the business posted $2.70 earnings per share. General Dynamics’s revenue was up 18.0% on a year-over-year basis. Research analysts forecast that General Dynamics Co. will post 14.52 EPS for the current year.

General Dynamics Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Friday, October 11th will be paid a $1.42 dividend. This represents a $5.68 annualized dividend and a yield of 1.85%. The ex-dividend date of this dividend is Friday, October 11th. General Dynamics’s dividend payout ratio is presently 46.33%.

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.