Bank of New York Mellon Corp Lowers Stock Holdings in General Dynamics Corporation $GD

Bank of New York Mellon Corp reduced its holdings in General Dynamics Corporation (NYSE:GD) by 1.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,215,457 shares of the aerospace company’s stock after selling 20,497 shares during the period. Bank of New York Mellon Corp’s holdings in General Dynamics were worth $417,169,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Illinois Municipal Retirement Fund increased its stake in shares of General Dynamics by 127.9% during the first quarter. Illinois Municipal Retirement Fund now owns 5,166 shares of the aerospace company’s stock worth $1,773,000 after purchasing an additional 2,899 shares in the last quarter. Geneos Wealth Management Inc. lifted its stake in General Dynamics by 1.7% in the 1st quarter. Geneos Wealth Management Inc. now owns 6,891 shares of the aerospace company’s stock valued at $2,365,000 after buying an additional 114 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. boosted its holdings in General Dynamics by 39.8% in the 1st quarter. Harel Insurance Investments & Financial Services Ltd. now owns 50,839 shares of the aerospace company’s stock worth $17,449,000 after buying an additional 14,474 shares during the last quarter. Ethos Financial Group LLC boosted its holdings in General Dynamics by 6.5% in the 1st quarter. Ethos Financial Group LLC now owns 803 shares of the aerospace company’s stock worth $276,000 after buying an additional 49 shares during the last quarter. Finally, Checchi Capital Advisers LLC increased its stake in General Dynamics by 8.1% during the 1st quarter. Checchi Capital Advisers LLC now owns 4,026 shares of the aerospace company’s stock worth $1,382,000 after buying an additional 301 shares in the last quarter. 86.14% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

GD has been the topic of several research reports. Citigroup decreased their target price on General Dynamics from $380.00 to $364.00 and set a “neutral” rating on the stock in a research report on Monday, May 18th. Jefferies Financial Group boosted their price target on General Dynamics from $400.00 to $440.00 and gave the stock a “buy” rating in a research report on Thursday, July 9th. Deutsche Bank Aktiengesellschaft reduced their price objective on General Dynamics from $387.00 to $377.00 and set a “hold” rating for the company in a research note on Wednesday, May 6th. Royal Bank Of Canada reaffirmed a “sector perform” rating and set a $385.00 target price on shares of General Dynamics in a research note on Thursday, April 30th. Finally, Weiss Ratings raised shares of General Dynamics from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, July 1st. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $391.15.

General Dynamics Stock Up 0.9%

NYSE GD opened at $368.86 on Friday. The business’s fifty day simple moving average is $352.28 and its 200-day simple moving average is $350.36. The company has a quick ratio of 0.90, a current ratio of 1.38 and a debt-to-equity ratio of 0.24. The firm has a market cap of $99.75 billion, a PE ratio of 23.21, a P/E/G ratio of 2.20 and a beta of 0.34. General Dynamics Corporation has a 52 week low of $293.95 and a 52 week high of $380.71.

General Dynamics (NYSE:GD) last announced its quarterly earnings data on Wednesday, April 29th. The aerospace company reported $4.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.67 by $0.43. General Dynamics had a net margin of 8.07% and a return on equity of 17.41%. The firm had revenue of $13.48 billion during the quarter, compared to analyst estimates of $12.70 billion. During the same quarter in the prior year, the firm posted $3.66 earnings per share. General Dynamics’s quarterly revenue was up 10.3% on a year-over-year basis. As a group, equities analysts anticipate that General Dynamics Corporation will post 16.64 earnings per share for the current year.

General Dynamics Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, August 7th. Stockholders of record on Thursday, July 2nd will be paid a $1.59 dividend. The ex-dividend date of this dividend is Thursday, July 2nd. This represents a $6.36 annualized dividend and a dividend yield of 1.7%. General Dynamics’s dividend payout ratio is 40.03%.

Insider Buying and Selling

In other news, EVP Mark Lagrand Burns sold 36,480 shares of the firm’s stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $345.29, for a total transaction of $12,596,179.20. Following the completion of the sale, the executive vice president owned 38,975 shares in the company, valued at $13,457,677.75. This trade represents a 48.35% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Mark Malcolm sold 5,480 shares of the company’s stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $365.00, for a total value of $2,000,200.00. Following the completion of the transaction, the director owned 10,643 shares in the company, valued at $3,884,695. This represents a 33.99% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 78,190 shares of company stock valued at $27,041,022 in the last 90 days. Insiders own 1.40% of the company’s stock.

General Dynamics Company Profile

General Dynamics is a major American aerospace and defense contractor that designs, manufactures and supports a broad range of products and services for government and commercial customers worldwide. Headquartered in the United States (Reston, Virginia), the company supplies platforms and systems used by armed forces, civil authorities and private operators across multiple domains including air, land, sea and cyber.

Its principal activities span several operating businesses: a business aviation unit that develops and supports Gulfstream business jets; land systems that produce armored combat vehicles and related logistics and sustainment services; marine systems that design and construct submarines and surface ships for navies; and mission systems and information technology operations that provide command-and-control, communications, cybersecurity and systems-integration services.