3,101 General Dynamics Corporation $GD Shares Sold by King Luther Capital Management Corp

King Luther Capital Management Corp cut its stake in General Dynamics Corporation (NYSE:GD) by 14.0% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 19,111 shares of the aerospace company’s stock after selling 3,101 shares during the period. King Luther Capital Management Corp’s holdings in General Dynamics were worth $6,342,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. BlackRock Inc. bought a new position in shares of General Dynamics during the 2nd quarter worth about $6,840,590,000. Bank of America Corp DE bought a new stake in shares of General Dynamics in the second quarter valued at about $2,603,527,000. Corient Private Wealth LP bought a new stake in shares of General Dynamics in the second quarter valued at about $57,986,000. Bank of New York Mellon Corp acquired a new stake in General Dynamics during the second quarter worth about $429,073,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in General Dynamics during the second quarter worth about $224,983,000. 86.14% of the stock is currently owned by institutional investors and hedge funds.

General Dynamics Price Performance

Shares of General Dynamics stock opened at $363.05 on Friday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.94 and a current ratio of 1.43. The firm’s 50-day simple moving average is $349.26 and its 200-day simple moving average is $355.06. General Dynamics Corporation has a twelve month low of $306.77 and a twelve month high of $400.00. The firm has a market cap of $98.10 billion, a P/E ratio of 21.36, a price-to-earnings-growth ratio of 2.07 and a beta of 0.30.

General Dynamics (NYSE:GD) last posted its quarterly earnings results on Friday, October 30th. The aerospace company reported $4.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.12 by $0.37. General Dynamics had a net margin of 8.24% and a return on equity of 17.60%. The firm had revenue of $14.57 billion during the quarter, compared to analyst estimates of $13.72 billion. During the same quarter in the prior year, the business posted $3.88 earnings per share. The company’s quarterly revenue was up 12.9% compared to the same quarter last year. As a group, research analysts expect that General Dynamics Corporation will post 17.29 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Robert K. Steel sold 7,440 shares of the company’s stock in a transaction that occurred on Wednesday, September 23rd. The stock was sold at an average price of $346.05, for a total value of $2,574,612.00. Following the sale, the director directly owned 3,096 shares in the company, valued at approximately $1,071,370.80. This represents a 70.62% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Phebe Novakovic sold 45,353 shares of the stock in a transaction that occurred on Thursday, November 5th. The stock was sold at an average price of $361.42, for a total value of $16,391,481.26. Following the completion of the transaction, the chief executive officer directly owned 766,457 shares of the company’s stock, valued at approximately $277,012,888.94. The trade was a 5.59% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.40% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on GD. Wells Fargo & Company boosted their price target on General Dynamics from $400.00 to $440.00 and gave the company an “overweight” rating in a research note on Tuesday, August 4th. Morgan Stanley raised their price objective on General Dynamics from $465.00 to $480.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 3rd. UBS Group raised their price objective on General Dynamics from $395.00 to $408.00 and gave the stock a “neutral” rating in a research report on Tuesday, September 8th. Jefferies Financial Group reissued a “buy” rating and set a $455.00 price objective on shares of General Dynamics in a report on Monday, November 2nd. Finally, BNP Paribas Exane boosted their price objective on General Dynamics from $390.00 to $430.00 and gave the company an “outperform” rating in a research report on Thursday, July 30th. Eleven investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, General Dynamics currently has an average rating of “Moderate Buy” and a consensus price target of $408.94.

General Dynamics Profile

General Dynamics Corporation is an aerospace and defense company that develops and manufactures products and provides services for commercial, government and military customers. Its businesses span aerospace, marine systems, combat systems and defense technologies. The company makes Gulfstream business jets and provides aircraft services. Its marine systems operations design and build submarines and surface ships, while its combat systems business produces military vehicles, weapons systems and munitions.