American International Group Inc. Cuts Holdings in General Dynamics Co. (GD)

American International Group Inc. decreased its position in General Dynamics Co. (NYSE:GD) by 14.7% during the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 91,201 shares of the aerospace company’s stock after selling 15,753 shares during the period. American International Group Inc.’s holdings in General Dynamics were worth $15,439,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Financial Gravity Companies Inc. bought a new stake in shares of General Dynamics during the 4th quarter worth approximately $25,000. Harvest Group Wealth Management LLC bought a new stake in shares of General Dynamics during the 1st quarter worth approximately $28,000. We Are One Seven LLC bought a new stake in shares of General Dynamics during the 4th quarter worth approximately $27,000. Aspire Private Capital LLC bought a new stake in shares of General Dynamics during the 4th quarter worth approximately $29,000. Finally, CX Institutional bought a new stake in shares of General Dynamics during the 1st quarter worth approximately $45,000. Hedge funds and other institutional investors own 86.41% of the company’s stock.

GD opened at $167.72 on Thursday. General Dynamics Co. has a 1-year low of $143.87 and a 1-year high of $208.88. The company has a current ratio of 1.23, a quick ratio of 0.82 and a debt-to-equity ratio of 0.94. The firm has a market capitalization of $48.53 billion, a P/E ratio of 14.69, a price-to-earnings-growth ratio of 1.61 and a beta of 1.13.

General Dynamics (NYSE:GD) last posted its quarterly earnings results on Wednesday, April 24th. The aerospace company reported $2.56 earnings per share for the quarter, beating analysts’ consensus estimates of $2.38 by $0.18. General Dynamics had a return on equity of 27.62% and a net margin of 8.68%. The business had revenue of $9.26 billion for the quarter, compared to analysts’ expectations of $8.90 billion. During the same quarter in the prior year, the business earned $2.65 EPS. The firm’s revenue for the quarter was up 22.9% on a year-over-year basis. As a group, equities analysts expect that General Dynamics Co. will post 11.74 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 10th. Shareholders of record on Friday, April 12th were issued a $1.02 dividend. This represents a $4.08 dividend on an annualized basis and a yield of 2.43%. This is a positive change from General Dynamics’s previous quarterly dividend of $0.93. The ex-dividend date of this dividend was Thursday, April 11th. General Dynamics’s dividend payout ratio is currently 35.73%.

In other General Dynamics news, EVP John Patrick Casey sold 45,470 shares of the company’s stock in a transaction on Monday, April 15th. The stock was sold at an average price of $172.46, for a total value of $7,841,756.20. Following the transaction, the executive vice president now directly owns 148,133 shares of the company’s stock, valued at approximately $25,547,017.18. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Lester L. Lyles sold 4,580 shares of the company’s stock in a transaction on Friday, February 22nd. The shares were sold at an average price of $172.42, for a total value of $789,683.60. Following the completion of the transaction, the director now directly owns 12,314 shares in the company, valued at $2,123,179.88. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 64,690 shares of company stock worth $11,052,603. Insiders own 7.10% of the company’s stock.

A number of equities research analysts have recently issued reports on the company. Zacks Investment Research upgraded General Dynamics from a “hold” rating to a “buy” rating and set a $196.00 price objective on the stock in a research note on Tuesday, May 7th. UBS Group increased their price target on General Dynamics from $175.00 to $190.00 and gave the company a “neutral” rating in a research note on Thursday, April 25th. JPMorgan Chase & Co. upgraded General Dynamics from an “underweight” rating to a “neutral” rating and increased their price target for the company from $188.00 to $200.00 in a research note on Thursday, April 25th. They noted that the move was a valuation call. Cowen restated a “buy” rating and issued a $202.00 price target on shares of General Dynamics in a research note on Wednesday, April 24th. Finally, Credit Suisse Group cut General Dynamics from an “outperform” rating to a “neutral” rating and dropped their price target for the company from $190.00 to $184.00 in a research note on Friday, February 15th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and seven have given a buy rating to the stock. General Dynamics has an average rating of “Hold” and a consensus price target of $198.29.

COPYRIGHT VIOLATION WARNING: “American International Group Inc. Cuts Holdings in General Dynamics Co. (GD)” was posted by Rockland Register and is the property of of Rockland Register. If you are accessing this piece on another site, it was illegally stolen and republished in violation of U.S. & international copyright and trademark law. The correct version of this piece can be viewed at https://rocklandregister.com/2019/05/16/american-international-group-inc-cuts-holdings-in-general-dynamics-co-gd.html.

About General Dynamics

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.

See Also: Why is the ex-dividend date different from the record date?

Want to see what other hedge funds are holding GD? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for General Dynamics Co. (NYSE:GD).

Institutional Ownership by Quarter for General Dynamics (NYSE:GD)

Receive News & Ratings for General Dynamics Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for General Dynamics and related companies with MarketBeat.com's FREE daily email newsletter.