General Dynamics (NYSE:GD) Given New $244.00 Price Target at Wells Fargo & Company

General Dynamics (NYSE:GD) had its price target dropped by Wells Fargo & Company from $276.00 to $244.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has an “equal weight” rating on the aerospace company’s stock. Wells Fargo & Company‘s target price would suggest a potential downside of 2.99% from the company’s previous close.

A number of other brokerages have also issued reports on GD. TD Cowen decreased their price objective on General Dynamics from $315.00 to $295.00 in a report on Tuesday, January 28th. Susquehanna decreased their price target on General Dynamics from $315.00 to $300.00 and set a “positive” rating for the company in a research note on Thursday, January 30th. Robert W. Baird restated a “neutral” rating and set a $283.00 price target (down from $345.00) on shares of General Dynamics in a research report on Tuesday, January 14th. Deutsche Bank Aktiengesellschaft reduced their price target on shares of General Dynamics from $303.00 to $295.00 and set a “hold” rating for the company in a research note on Thursday, January 2nd. Finally, BTIG Research lowered shares of General Dynamics from a “buy” rating to a “neutral” rating in a research note on Thursday, February 13th. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $296.71.

General Dynamics Stock Performance

General Dynamics stock opened at $251.53 on Wednesday. The company has a market cap of $68.00 billion, a PE ratio of 18.44, a P/E/G ratio of 1.69 and a beta of 0.61. General Dynamics has a 12 month low of $239.87 and a 12 month high of $316.90. The company has a fifty day moving average price of $258.53 and a two-hundred day moving average price of $281.44. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.37 and a quick ratio of 0.82.

General Dynamics (NYSE:GD) last announced its quarterly earnings data on Wednesday, January 29th. The aerospace company reported $4.15 earnings per share for the quarter, missing analysts’ consensus estimates of $4.29 by ($0.14). General Dynamics had a net margin of 7.93% and a return on equity of 17.10%. Research analysts expect that General Dynamics will post 14.83 earnings per share for the current year.

General Dynamics announced that its board has initiated a share buyback plan on Wednesday, December 4th that permits the company to buyback 10,000,000 outstanding shares. This buyback authorization permits the aerospace company to reacquire shares of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity at General Dynamics

In other news, Director Laura J. Schumacher sold 1,796 shares of the stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $255.68, for a total value of $459,201.28. Following the completion of the sale, the director now directly owns 11,175 shares of the company’s stock, valued at $2,857,224. This represents a 13.85 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.60% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in GD. Pallas Capital Advisors LLC purchased a new stake in shares of General Dynamics during the third quarter worth $355,000. abrdn plc increased its position in General Dynamics by 67.1% in the 3rd quarter. abrdn plc now owns 32,456 shares of the aerospace company’s stock worth $9,737,000 after purchasing an additional 13,032 shares during the last quarter. Fortitude Family Office LLC raised its stake in shares of General Dynamics by 26.0% during the 3rd quarter. Fortitude Family Office LLC now owns 310 shares of the aerospace company’s stock worth $94,000 after purchasing an additional 64 shares in the last quarter. Nicholas Hoffman & Company LLC. lifted its holdings in shares of General Dynamics by 5.8% during the 3rd quarter. Nicholas Hoffman & Company LLC. now owns 6,064 shares of the aerospace company’s stock valued at $1,833,000 after buying an additional 332 shares during the last quarter. Finally, Highview Capital Management LLC DE grew its stake in shares of General Dynamics by 4.4% in the 3rd quarter. Highview Capital Management LLC DE now owns 5,069 shares of the aerospace company’s stock valued at $1,532,000 after buying an additional 213 shares in the last quarter. Institutional investors and hedge funds own 86.14% of the company’s stock.

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.