Chesapeake Wealth Management Sells 85 Shares of General Dynamics Co. (NYSE:GD)

Chesapeake Wealth Management lessened its holdings in General Dynamics Co. (NYSE:GD) by 2.2% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,812 shares of the aerospace company’s stock after selling 85 shares during the quarter. Chesapeake Wealth Management’s holdings in General Dynamics were worth $1,106,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in GD. AE Wealth Management LLC raised its stake in shares of General Dynamics by 1.8% during the second quarter. AE Wealth Management LLC now owns 5,225 shares of the aerospace company’s stock valued at $1,516,000 after acquiring an additional 94 shares during the last quarter. King Luther Capital Management Corp raised its position in General Dynamics by 0.5% during the 2nd quarter. King Luther Capital Management Corp now owns 22,798 shares of the aerospace company’s stock worth $6,615,000 after purchasing an additional 110 shares during the last quarter. Public Employees Retirement Association of Colorado lifted its holdings in General Dynamics by 20.1% during the 2nd quarter. Public Employees Retirement Association of Colorado now owns 408,649 shares of the aerospace company’s stock worth $118,565,000 after buying an additional 68,290 shares during the period. Benjamin F. Edwards & Company Inc. grew its position in shares of General Dynamics by 2.2% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 41,594 shares of the aerospace company’s stock valued at $12,068,000 after buying an additional 892 shares during the last quarter. Finally, Ieq Capital LLC increased its stake in shares of General Dynamics by 17.0% in the second quarter. Ieq Capital LLC now owns 26,287 shares of the aerospace company’s stock valued at $7,627,000 after buying an additional 3,820 shares during the period. 86.14% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at General Dynamics

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

General Dynamics Stock Performance

Shares of GD stock opened at $306.87 on Friday. General Dynamics Co. has a 12 month low of $214.53 and a 12 month high of $309.97. The firm has a market capitalization of $84.19 billion, a PE ratio of 25.03, a price-to-earnings-growth ratio of 1.64 and a beta of 0.61. The firm has a fifty day simple moving average of $294.79 and a two-hundred day simple moving average of $290.97. The company has a current ratio of 1.33, a quick ratio of 0.80 and a debt-to-equity ratio of 0.33.

General Dynamics (NYSE:GD) last posted its earnings results on Wednesday, July 24th. The aerospace company reported $3.26 EPS 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 for the quarter, compared to the consensus estimate of $11.46 billion. During the same period in the previous year, the firm earned $2.70 earnings per share. The company’s revenue was up 18.0% on a year-over-year basis. Analysts forecast that General Dynamics Co. will post 14.52 EPS for the current fiscal year.

General Dynamics Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Friday, October 11th will be issued a $1.42 dividend. The ex-dividend date is Friday, October 11th. This represents a $5.68 dividend on an annualized basis and a dividend yield of 1.85%. General Dynamics’s dividend payout ratio is presently 46.33%.

Analysts Set New Price Targets

A number of analysts have weighed in on GD shares. Morgan Stanley raised shares of General Dynamics from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $293.00 to $345.00 in a research report on Friday, August 9th. Robert W. Baird reissued an “outperform” rating and set a $345.00 target price on shares of General Dynamics in a research note on Tuesday, July 2nd. Barclays boosted their target price on shares of General Dynamics from $310.00 to $325.00 and gave the company an “overweight” rating in a report on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating on shares of General Dynamics in a research report on Monday, July 29th. Finally, BTIG Research started coverage on General Dynamics in a research report on Wednesday, June 26th. They set a “buy” rating and a $345.00 target price on the stock. Six equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average 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.