General Dynamics Co. (NYSE:GD)’s share price dropped 1.4% on Thursday after Argus lowered their price target on the stock from $250.00 to $200.00. Argus currently has a buy rating on the stock. General Dynamics traded as low as $172.86 and last traded at $170.73. Approximately 120,738 shares traded hands during mid-day trading, a decline of 92% from the average daily volume of 1,512,263 shares. The stock had previously closed at $173.24.
A number of other research firms have also recently weighed in on GD. Cowen reaffirmed a “buy” rating and issued a $253.00 price target on shares of General Dynamics in a report on Monday, October 15th. Credit Suisse Group reduced their price target on General Dynamics from $229.00 to $216.00 and set an “outperform” rating for the company in a report on Thursday. Bank of America set a $275.00 price target on General Dynamics and gave the stock a “buy” rating in a report on Tuesday, July 31st. Robert W. Baird reduced their price target on General Dynamics from $243.00 to $222.00 and set an “outperform” rating for the company in a report on Thursday. Finally, Wells Fargo & Co reduced their price target on General Dynamics from $250.00 to $210.00 and set an “outperform” rating for the company in a report on Thursday. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating and eleven have given a buy rating to the company. General Dynamics currently has a consensus rating of “Hold” and an average target price of $231.00.
In other news, insider John Patrick Casey sold 22,500 shares of the company’s stock in a transaction that occurred on Monday, October 15th. The stock was sold at an average price of $193.28, for a total value of $4,348,800.00. Following the completion of the sale, the insider now directly owns 118,555 shares in the company, valued at $22,914,310.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider S. Daniel Johnson sold 77,810 shares of the company’s stock in a transaction that occurred on Friday, September 14th. The shares were sold at an average price of $199.85, for a total value of $15,550,328.50. Following the completion of the sale, the insider now owns 99,333 shares of the company’s stock, valued at $19,851,700.05. The disclosure for this sale can be found here. 6.70% of the stock is currently owned by insiders.
The company has a debt-to-equity ratio of 0.89, a current ratio of 1.27 and a quick ratio of 0.84. The stock has a market cap of $50.52 billion, a PE ratio of 17.07, a P/E/G ratio of 1.37 and a beta of 0.78.
General Dynamics (NYSE:GD) last posted its quarterly earnings results on Wednesday, October 24th. The aerospace company reported $2.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.76 by $0.13. The business had revenue of $9.09 billion during the quarter, compared to analyst estimates of $9.41 billion. General Dynamics had a return on equity of 27.22% and a net margin of 9.01%. The business’s revenue was up 20.0% compared to the same quarter last year. During the same period in the prior year, the business earned $2.52 earnings per share. Analysts forecast that General Dynamics Co. will post 11.25 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, November 9th. Stockholders of record on Friday, October 5th will be given a $0.93 dividend. The ex-dividend date of this dividend is Thursday, October 4th. This represents a $3.72 dividend on an annualized basis and a dividend yield of 2.19%. General Dynamics’s dividend payout ratio (DPR) is presently 37.39%.
General Dynamics Company Profile (NYSE:GD)
General Dynamics Corporation operates as an aerospace and defense company worldwide. It operates through four business groups: Aerospace; Combat Systems; Information Systems and Technology; and Marine Systems. The Aerospace group designs, develops, manufactures, service and supports business-jet aircraft; and provides aircraft services, such as maintenance, aircraft management, charter, fixed-base operational, and staffing services.
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