Rhumbline Advisers Acquires 9,342 Shares of General Dynamics Co. (NYSE:GD)

Rhumbline Advisers grew its stake in shares of General Dynamics Co. (NYSE:GD) by 1.9% in the 2nd quarter, HoldingsChannel reports. The fund owned 503,158 shares of the aerospace company’s stock after purchasing an additional 9,342 shares during the quarter. Rhumbline Advisers’ holdings in General Dynamics were worth $145,986,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently bought and sold shares of the company. Eudaimonia Partners LLC acquired a new stake in General Dynamics during the fourth quarter worth approximately $240,000. Principal Securities Inc. acquired a new stake in shares of General Dynamics in the fourth quarter valued at approximately $1,056,000. Gladstone Capital Management LLP acquired a new stake in shares of General Dynamics in the fourth quarter valued at approximately $3,869,000. SWP Financial LLC acquired a new stake in shares of General Dynamics in the fourth quarter valued at approximately $227,000. Finally, Sanibel Captiva Trust Company Inc. acquired a new stake in shares of General Dynamics in the fourth quarter valued at approximately $28,107,000. 86.14% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

GD has been the subject of a number of analyst reports. Robert W. Baird reiterated an “outperform” rating and issued a $345.00 price target on shares of General Dynamics in a research report on Tuesday, July 2nd. Sanford C. Bernstein boosted their price objective on shares of General Dynamics from $290.00 to $302.00 and gave the company a “market perform” rating in a research report on Thursday, May 23rd. Deutsche Bank Aktiengesellschaft restated a “hold” rating on shares of General Dynamics in a research report on Monday, July 29th. Royal Bank of Canada restated an “outperform” rating and set a $320.00 price objective on shares of General Dynamics in a research report on Thursday, July 25th. Finally, Morgan Stanley upgraded shares of General Dynamics from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $293.00 to $345.00 in a research report on Friday, August 9th. Six equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $315.06.

General Dynamics Stock Performance

Shares of General Dynamics stock opened at $294.92 on Wednesday. The company has a current ratio of 1.33, a quick ratio of 0.80 and a debt-to-equity ratio of 0.33. The business has a 50-day moving average price of $290.65 and a two-hundred day moving average price of $288.57. General Dynamics Co. has a 1-year low of $214.53 and a 1-year high of $302.75. The company has a market cap of $81.04 billion, a P/E ratio of 24.06, a PEG ratio of 1.64 and a beta of 0.60.

General Dynamics (NYSE:GD) last announced 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 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 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% compared to the same quarter last year. As a group, analysts anticipate that General Dynamics Co. 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. Investors 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 yield of 1.93%. General Dynamics’s payout ratio is 46.33%.

General Dynamics 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.