Delta Capital Management LLC Cuts Stake in General Dynamics Co. (NYSE:GD)

Delta Capital Management LLC reduced its position in General Dynamics Co. (NYSE:GD) by 7.5% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 17,642 shares of the aerospace company’s stock after selling 1,440 shares during the quarter. General Dynamics comprises approximately 2.2% of Delta Capital Management LLC’s investment portfolio, making the stock its 21st biggest holding. Delta Capital Management LLC’s holdings in General Dynamics were worth $3,224,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Nuveen Asset Management LLC increased its holdings in General Dynamics by 852.6% in the second quarter. Nuveen Asset Management LLC now owns 1,044,973 shares of the aerospace company’s stock worth $189,997,000 after buying an additional 935,275 shares during the last quarter. Thoroughbred Financial Services LLC boosted its holdings in General Dynamics by 18,507.6% in the second quarter. Thoroughbred Financial Services LLC now owns 926,285 shares of the aerospace company’s stock worth $92,628,000 after acquiring an additional 921,307 shares in the last quarter. Impala Asset Management LLC bought a new position in General Dynamics in the second quarter worth approximately $94,759,000. Caisse DE Depot ET Placement DU Quebec boosted its holdings in General Dynamics by 11.4% in the second quarter. Caisse DE Depot ET Placement DU Quebec now owns 3,748,497 shares of the aerospace company’s stock worth $681,552,000 after acquiring an additional 383,200 shares in the last quarter. Finally, Farallon Capital Management LLC boosted its holdings in General Dynamics by 23.5% in the second quarter. Farallon Capital Management LLC now owns 1,335,214 shares of the aerospace company’s stock worth $242,769,000 after acquiring an additional 253,726 shares in the last quarter. 86.25% of the stock is currently owned by institutional investors and hedge funds.

In other news, EVP Christopher Marzilli sold 32,930 shares of the stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $187.16, for a total value of $6,163,178.80. Following the completion of the sale, the executive vice president now directly owns 100,557 shares of the company’s stock, valued at $18,820,248.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Gary L. Whited sold 14,029 shares of the stock in a transaction that occurred on Tuesday, July 30th. The stock was sold at an average price of $188.38, for a total value of $2,642,783.02. Following the completion of the transaction, the vice president now owns 37,542 shares in the company, valued at approximately $7,072,161.96. The disclosure for this sale can be found here. Insiders sold a total of 48,459 shares of company stock valued at $9,079,802 in the last 90 days. Company insiders own 7.10% of the company’s stock.

Several research analysts have issued reports on GD shares. Morgan Stanley cut 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. Zacks Investment Research raised General Dynamics from a “hold” rating to a “buy” rating and set a $203.00 target price for the company in a research report on Monday, September 2nd. Cowen set a $202.00 target price on General Dynamics and gave the stock a “buy” rating in a research report on Friday, August 30th. Finally, Robert W. Baird raised their target price on General Dynamics from $188.00 to $218.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 10th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and seven have given a buy rating to the stock. General Dynamics has an average rating of “Hold” and an average target price of $193.29.

Shares of General Dynamics stock traded up $3.59 during mid-day trading on Friday, hitting $180.28. The stock had a trading volume of 28,706 shares, compared to its average volume of 1,566,269. The firm has a 50-day moving average of $185.66 and a two-hundred day moving average of $178.38. General Dynamics Co. has a 12-month low of $143.87 and a 12-month high of $198.16. The company has a quick ratio of 0.73, a current ratio of 1.09 and a debt-to-equity ratio of 0.70. The firm has a market cap of $51.04 billion, a P/E ratio of 15.76, a price-to-earnings-growth ratio of 1.70 and a beta of 1.20.

General Dynamics (NYSE:GD) last posted its quarterly earnings results on Wednesday, July 24th. The aerospace company reported $2.77 earnings per share for the quarter, beating the consensus estimate of $2.68 by $0.09. General Dynamics had a net margin of 8.65% and a return on equity of 26.81%. The business had revenue of $9.56 billion during the quarter, compared to analysts’ expectations of $9.36 billion. During the same quarter in the prior year, the company posted $2.82 EPS. The business’s revenue for the quarter was up 4.0% on a year-over-year basis. Sell-side analysts expect that General Dynamics Co. will post 11.88 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Friday, October 11th will be paid a $1.02 dividend. This represents a $4.08 annualized dividend and a dividend yield of 2.26%. The ex-dividend date of this dividend is Thursday, October 10th. General Dynamics’s dividend payout ratio (DPR) is presently 35.73%.

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

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