Canandaigua National Bank & Trust Co. Reduces Position in General Dynamics Co. (NYSE:GD)

Canandaigua National Bank & Trust Co. trimmed its holdings in General Dynamics Co. (NYSE:GD) by 2.7% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 12,659 shares of the aerospace company’s stock after selling 349 shares during the period. Canandaigua National Bank & Trust Co.’s holdings in General Dynamics were worth $3,826,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Czech National Bank increased its stake in General Dynamics by 21.3% in the third quarter. Czech National Bank now owns 52,532 shares of the aerospace company’s stock worth $15,875,000 after purchasing an additional 9,208 shares during the period. Central Pacific Bank Trust Division grew its holdings in shares of General Dynamics by 17.3% in the third quarter. Central Pacific Bank Trust Division now owns 1,583 shares of the aerospace company’s stock worth $478,000 after purchasing an additional 234 shares during the last quarter. Lowe Wealth Advisors LLC purchased a new position in General Dynamics in the 3rd quarter worth about $30,000. Trust Co. of Toledo NA OH lifted its holdings in General Dynamics by 7.0% during the 3rd quarter. Trust Co. of Toledo NA OH now owns 13,282 shares of the aerospace company’s stock valued at $4,014,000 after buying an additional 869 shares in the last quarter. Finally, Abacus Planning Group Inc. boosted its position in General Dynamics by 3.4% in the 3rd quarter. Abacus Planning Group Inc. now owns 1,351 shares of the aerospace company’s stock valued at $408,000 after buying an additional 44 shares during the period. 86.14% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

GD has been the topic of a number of research reports. BTIG Research started coverage on shares of General Dynamics in a research report on Wednesday, June 26th. They set a “buy” rating and a $345.00 target price on the stock. Barclays lifted their target price on General Dynamics from $310.00 to $325.00 and gave the company an “overweight” rating in a research report on Tuesday, July 30th. Wells Fargo & Company downgraded General Dynamics from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $334.00 to $317.00 in a research report on Tuesday. Deutsche Bank Aktiengesellschaft decreased their price objective on General Dynamics from $320.00 to $314.00 and set a “hold” rating for the company in a report on Thursday. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $320.00 target price on shares of General Dynamics in a report on Thursday, July 25th. Six analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $317.06.

Insiders Place Their Bets

In related news, Director Peter A. Wall sold 1,320 shares of the company’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $308.05, for a total value of $406,626.00. Following the transaction, the director now directly owns 3,592 shares of the company’s stock, valued at approximately $1,106,515.60. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 1.52% of the company’s stock.

General Dynamics Stock Down 1.4 %

General Dynamics stock opened at $299.61 on Friday. General Dynamics Co. has a 1-year low of $214.53 and a 1-year high of $309.97. The business has a fifty day moving average price of $297.07 and a 200-day moving average price of $292.77. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.33 and a quick ratio of 0.80. The stock has a market capitalization of $82.20 billion, a price-to-earnings ratio of 24.44, a PEG ratio of 1.68 and a beta of 0.61.

General Dynamics (NYSE:GD) last issued its quarterly earnings results on Wednesday, July 24th. The aerospace company reported $3.26 earnings per share for the quarter, missing the consensus estimate 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 during the quarter, compared to analyst estimates of $11.46 billion. During the same period in the prior year, the business posted $2.70 EPS. General Dynamics’s revenue was up 18.0% compared to the same quarter last year. Equities research analysts forecast that General Dynamics Co. will post 14.52 EPS for the current fiscal year.

General Dynamics Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Friday, October 11th will be paid a dividend of $1.42 per share. The ex-dividend date is Friday, October 11th. This represents a $5.68 dividend on an annualized basis and a yield of 1.90%. General Dynamics’s payout ratio is 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.