General Dynamics (NYSE:GD) Downgraded by Wells Fargo & Company to “Equal Weight”

Wells Fargo & Company downgraded shares of General Dynamics (NYSE:GD) from an overweight rating to an equal weight rating in a research note issued to investors on Tuesday morning, MarketBeat Ratings reports. The brokerage currently has $317.00 price objective on the aerospace company’s stock, down from their prior price objective of $334.00.

A number of other equities research analysts have also recently commented on GD. BTIG Research initiated coverage on shares of General Dynamics in a report on Wednesday, June 26th. They issued a buy rating and a $345.00 target price for the company. Robert W. Baird reissued an outperform rating and set a $345.00 price target on shares of General Dynamics in a report on Tuesday, July 2nd. Royal Bank of Canada reissued an outperform rating and set a $320.00 price target on shares of General Dynamics in a report on Thursday, July 25th. Barclays increased their price target on shares of General Dynamics from $310.00 to $325.00 and gave the stock an overweight rating in a report on Tuesday, July 30th. Finally, Deutsche Bank Aktiengesellschaft reissued a hold rating on shares of General Dynamics in a report on Monday, July 29th. Six analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat, General Dynamics currently has a consensus rating of Moderate Buy and an average target price of $317.41.

General Dynamics Price Performance

Shares of NYSE:GD opened at $305.32 on Tuesday. The company has a 50-day simple moving average of $296.51 and a 200-day simple moving average of $292.64. General Dynamics has a one year low of $214.53 and a one year high of $309.97. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.80 and a current ratio of 1.33. The stock has a market capitalization of $83.77 billion, a price-to-earnings ratio of 24.90, a PEG ratio of 1.68 and a beta of 0.61.

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

General Dynamics Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Friday, October 11th will be given a $1.42 dividend. The ex-dividend date of this dividend is Friday, October 11th. This represents a $5.68 annualized dividend and a dividend yield of 1.86%. General Dynamics’s dividend payout ratio is presently 46.33%.

Insider Activity

In other news, Director Peter A. Wall sold 1,320 shares of the stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $308.05, for a total value of $406,626.00. Following the sale, the director now directly owns 3,592 shares in the company, valued at $1,106,515.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 1.52% of the company’s stock.

Institutional Trading of General Dynamics

A number of hedge funds have recently bought and sold shares of the company. Davis Capital Management boosted its position in General Dynamics by 17.7% during the third quarter. Davis Capital Management now owns 1,964 shares of the aerospace company’s stock worth $594,000 after acquiring an additional 296 shares during the last quarter. Anchor Investment Management LLC boosted its position in General Dynamics by 3.7% during the second quarter. Anchor Investment Management LLC now owns 5,335 shares of the aerospace company’s stock worth $1,548,000 after acquiring an additional 192 shares during the last quarter. American Trust acquired a new stake in General Dynamics during the second quarter worth approximately $561,000. Cim LLC acquired a new stake in General Dynamics during the second quarter worth approximately $2,052,000. Finally, Sanctuary Advisors LLC acquired a new position in shares of General Dynamics in the 2nd quarter valued at $24,147,000. Institutional investors and hedge funds own 86.14% of the company’s stock.

About General Dynamics

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.