Daiwa Securities Group Inc. lowered its position in shares of General Dynamics Co. (NYSE:GD) by 26.2% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 12,482 shares of the aerospace company’s stock after selling 4,433 shares during the period. Daiwa Securities Group Inc.’s holdings in General Dynamics were worth $2,280,000 at the end of the most recent reporting period.
Other hedge funds have also recently modified their holdings of the company. Prestige Wealth Management Group LLC bought a new stake in shares of General Dynamics in the 2nd quarter valued at about $29,000. KCS Wealth Advisory purchased a new position in General Dynamics during the 3rd quarter valued at about $31,000. Kings Point Capital Management purchased a new position in General Dynamics during the 2nd quarter valued at about $36,000. TCI Wealth Advisors Inc. increased its holdings in General Dynamics by 213.3% during the 3rd quarter. TCI Wealth Advisors Inc. now owns 235 shares of the aerospace company’s stock valued at $43,000 after purchasing an additional 160 shares during the period. Finally, Stonebridge Capital Advisors LLC purchased a new position in General Dynamics during the 2nd quarter valued at about $46,000. 86.19% of the stock is owned by hedge funds and other institutional investors.
In other General Dynamics news, EVP Christopher Marzilli sold 32,930 shares of the company’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $187.16, for a total transaction of $6,163,178.80. Following the transaction, the executive vice president now owns 100,557 shares in the company, valued at approximately $18,820,248.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 7.10% of the stock is currently owned by corporate insiders.
General Dynamics (NYSE:GD) last posted its earnings results on Wednesday, October 23rd. The aerospace company reported $3.14 earnings per share for the quarter, topping analysts’ consensus estimates of $3.06 by $0.08. General Dynamics had a return on equity of 26.79% and a net margin of 8.66%. The firm had revenue of $9.76 billion for the quarter, compared to the consensus estimate of $9.75 billion. During the same quarter in the prior year, the business earned $2.89 EPS. The business’s revenue for the quarter was up 7.3% on a year-over-year basis. Sell-side analysts forecast that General Dynamics Co. will post 11.91 earnings per share for the current year.
A number of research analysts recently issued reports on the company. Zacks Investment Research upgraded General Dynamics from a “hold” rating to a “buy” rating and set a $203.00 price target on the stock in a report on Monday, September 2nd. Credit Suisse Group reduced their price target on General Dynamics from $197.00 to $193.00 and set a “neutral” rating on the stock in a report on Thursday, October 24th. Barclays set a $215.00 price target on General Dynamics and gave the company a “buy” rating in a report on Tuesday, October 8th. Morgan Stanley reduced their price target on General Dynamics from $173.00 to $172.00 and set an “underweight” rating on the stock in a report on Thursday, October 10th. Finally, Cowen set a $202.00 price target on General Dynamics and gave the company a “buy” rating in a report on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and six have given a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $192.66.
General Dynamics Profile
General Dynamics Corporation operates as an aerospace and defense company worldwide. It operates in five segments: Aerospace, Combat Systems, Information Technology, Mission Systems, and Marine Systems. The Aerospace segment designs, manufactures, and supports business-jet aircraft; and offers business-aviation services, including maintenance, fixed-base operation, government fleet, aircraft management, charter, and staffing services, as well as integrated aviation solutions.
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