General Dynamics (NYSE:GD) Releases Quarterly Earnings Results, Misses Expectations By $0.04 EPS

General Dynamics (NYSE:GD) issued its quarterly earnings data on Wednesday. The aerospace company reported $3.26 earnings per share for the quarter, missing the consensus estimate of $3.30 by ($0.04), Briefing.com reports. The business had revenue of $11.98 billion during the quarter, compared to the consensus estimate of $11.46 billion. General Dynamics had a return on equity of 16.74% and a net margin of 7.89%. The business’s revenue for the quarter was up 18.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.70 EPS. General Dynamics updated its FY24 guidance to $14.40-14.50 EPS.

General Dynamics Trading Up 0.0 %

NYSE GD traded up $0.13 during trading on Friday, hitting $291.11. 563,340 shares of the company’s stock traded hands, compared to its average volume of 1,068,868. The stock has a fifty day moving average of $292.82 and a two-hundred day moving average of $281.91. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.33 and a quick ratio of 0.87. General Dynamics has a 12-month low of $214.53 and a 12-month high of $302.75. The firm has a market cap of $79.87 billion, a P/E ratio of 23.75, a PEG ratio of 1.63 and a beta of 0.60.

General Dynamics Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 9th. Shareholders of record on Friday, July 5th will be given a dividend of $1.42 per share. The ex-dividend date of this dividend is Friday, July 5th. This represents a $5.68 annualized dividend and a yield of 1.95%. General Dynamics’s payout ratio is 46.33%.

Insider Buying and Selling at General Dynamics

In other news, VP William A. Moss sold 21,050 shares of the stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $294.85, for a total transaction of $6,206,592.50. Following the completion of the sale, the vice president now directly owns 16,624 shares in the company, valued at $4,901,586.40. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other General Dynamics news, VP William A. Moss sold 21,050 shares of the firm’s stock in a transaction that occurred on Monday, May 13th. The shares were sold at an average price of $294.85, for a total transaction of $6,206,592.50. Following the completion of the transaction, the vice president now owns 16,624 shares of the company’s stock, valued at $4,901,586.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Gregory S. Gallopoulos sold 13,567 shares of the firm’s stock in a transaction that occurred on Monday, April 29th. The shares were sold at an average price of $288.51, for a total transaction of $3,914,215.17. Following the transaction, the vice president now directly owns 103,345 shares of the company’s stock, valued at approximately $29,816,065.95. The disclosure for this sale can be found here. Insiders sold a total of 68,636 shares of company stock worth $20,209,317 over the last three months. Company insiders own 1.52% of the company’s stock.

Analyst Ratings Changes

GD has been the topic of several research reports. Barclays upped their price objective on shares of General Dynamics from $285.00 to $310.00 and gave the company an “overweight” rating in a report on Monday, April 15th. Citigroup upped their price objective on shares of General Dynamics from $300.00 to $320.00 and gave the company a “buy” rating in a report on Thursday, April 25th. Morgan Stanley upped their target price on shares of General Dynamics from $271.00 to $293.00 and gave the stock an “equal weight” rating in a report on Monday, July 15th. Jefferies Financial Group upgraded shares of General Dynamics from a “hold” rating to a “buy” rating and upped their target price for the stock from $305.00 to $335.00 in a report on Monday, April 29th. Finally, The Goldman Sachs Group upped their target price on shares of General Dynamics from $253.00 to $284.00 and gave the stock a “neutral” rating in a report on Tuesday, April 16th. Six analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $311.33.

About General Dynamics

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.