Summit Financial LLC Purchases 829 Shares of General Dynamics Co. (NYSE:GD)

Summit Financial LLC lifted its position in shares of General Dynamics Co. (NYSE:GD) by 30.1% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,587 shares of the aerospace company’s stock after purchasing an additional 829 shares during the period. Summit Financial LLC’s holdings in General Dynamics were worth $1,041,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in GD. Interchange Capital Partners LLC bought a new stake in General Dynamics in the 2nd quarter valued at about $220,000. Essex Financial Services Inc. raised its position in shares of General Dynamics by 35.6% in the second quarter. Essex Financial Services Inc. now owns 16,272 shares of the aerospace company’s stock valued at $4,721,000 after buying an additional 4,270 shares in the last quarter. Shoker Investment Counsel Inc. boosted its stake in shares of General Dynamics by 2.7% in the second quarter. Shoker Investment Counsel Inc. now owns 8,238 shares of the aerospace company’s stock valued at $2,390,000 after buying an additional 214 shares during the period. Aptus Capital Advisors LLC grew its position in General Dynamics by 3.8% during the second quarter. Aptus Capital Advisors LLC now owns 4,211 shares of the aerospace company’s stock worth $1,222,000 after buying an additional 154 shares in the last quarter. Finally, Fortress Wealth Group LLC increased its stake in General Dynamics by 8.9% during the 2nd quarter. Fortress Wealth Group LLC now owns 1,033 shares of the aerospace company’s stock worth $304,000 after acquiring an additional 84 shares during the period. 86.14% of the stock is owned by institutional investors and hedge funds.

General Dynamics Stock Performance

General Dynamics stock opened at $299.36 on Tuesday. The business has a 50 day moving average of $290.66 and a 200-day moving average of $288.39. The company has a market capitalization of $82.26 billion, a P/E ratio of 24.42, a P/E/G ratio of 1.64 and a beta of 0.60. General Dynamics Co. has a 1 year low of $214.53 and a 1 year high of $302.75. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.33 and a quick ratio of 0.80.

General Dynamics (NYSE:GD) last released its quarterly earnings results on Wednesday, July 24th. The aerospace company reported $3.26 earnings per share (EPS) for the quarter, missing the consensus estimate 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 for the quarter, compared to the consensus estimate of $11.46 billion. During the same period in the previous year, the business posted $2.70 EPS. General Dynamics’s revenue was up 18.0% on a year-over-year basis. On average, equities research analysts predict that General Dynamics Co. will post 14.52 earnings per share for the current 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 given a $1.42 dividend. The ex-dividend date of this dividend is Friday, October 11th. This represents a $5.68 dividend on an annualized basis and a dividend yield of 1.90%. General Dynamics’s dividend payout ratio (DPR) is presently 46.33%.

Analyst Ratings Changes

A number of analysts have recently weighed in on GD shares. Robert W. Baird reiterated an “outperform” rating and set a $345.00 target price on shares of General Dynamics in a research report on Tuesday, July 2nd. BTIG Research began coverage on shares of General Dynamics in a research note on Wednesday, June 26th. They set a “buy” rating and a $345.00 price objective on the stock. Royal Bank of Canada restated an “outperform” rating and issued a $320.00 target price on shares of General Dynamics in a research report on Thursday, July 25th. Sanford C. Bernstein increased their price target on shares of General Dynamics from $290.00 to $302.00 and gave the stock a “market perform” rating in a research report on Thursday, May 23rd. Finally, Barclays boosted their price objective on shares of General Dynamics from $310.00 to $325.00 and gave the company an “overweight” rating in a research report on Tuesday, July 30th. Six analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, General Dynamics currently has a consensus rating of “Moderate Buy” and an average target price of $315.06.

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.