1ST Source Bank Trims Stock Position in General Dynamics Co. (NYSE:GD)

1ST Source Bank reduced its stake in shares of General Dynamics Co. (NYSE:GD) by 1.2% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 7,835 shares of the aerospace company’s stock after selling 96 shares during the quarter. 1ST Source Bank’s holdings in General Dynamics were worth $2,064,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Community Bank N.A. increased its position in General Dynamics by 0.6% during the 3rd quarter. Community Bank N.A. now owns 5,461 shares of the aerospace company’s stock valued at $1,650,000 after purchasing an additional 35 shares during the period. Freedom Investment Management Inc. grew its position in shares of General Dynamics by 0.9% in the 3rd quarter. Freedom Investment Management Inc. now owns 4,344 shares of the aerospace company’s stock worth $1,313,000 after buying an additional 37 shares during the period. Purus Wealth Management LLC grew its position in shares of General Dynamics by 1.5% in the 4th quarter. Purus Wealth Management LLC now owns 2,660 shares of the aerospace company’s stock worth $701,000 after buying an additional 39 shares during the period. Armstrong Advisory Group Inc. grew its position in shares of General Dynamics by 4.0% in the 4th quarter. Armstrong Advisory Group Inc. now owns 1,051 shares of the aerospace company’s stock worth $277,000 after buying an additional 40 shares during the period. Finally, Cobblestone Capital Advisors LLC NY grew its position in shares of General Dynamics by 4.2% in the 3rd quarter. Cobblestone Capital Advisors LLC NY now owns 1,012 shares of the aerospace company’s stock worth $306,000 after buying an additional 41 shares during the period. 86.14% of the stock is owned by hedge funds and other institutional investors.

General Dynamics Price Performance

Shares of NYSE:GD opened at $262.19 on Monday. The firm’s 50 day moving average price is $257.89 and its 200-day moving average price is $278.77. General Dynamics Co. has a twelve month low of $239.87 and a twelve month high of $316.90. The company has a quick ratio of 0.82, a current ratio of 1.37 and a debt-to-equity ratio of 0.33. The stock has a market capitalization of $70.88 billion, a PE ratio of 19.22, a price-to-earnings-growth ratio of 1.69 and a beta of 0.59.

General Dynamics (NYSE:GD) last issued its quarterly earnings data on Wednesday, January 29th. The aerospace company reported $4.15 earnings per share for the quarter, missing the consensus estimate of $4.29 by ($0.14). General Dynamics had a return on equity of 17.10% and a net margin of 7.93%. Equities research analysts expect that General Dynamics Co. will post 14.83 EPS for the current year.

General Dynamics announced that its Board of Directors has initiated a share repurchase plan on Wednesday, December 4th that authorizes the company to buyback 10,000,000 shares. This buyback authorization authorizes the aerospace company to repurchase shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.

General Dynamics Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 9th. Stockholders of record on Friday, April 11th will be paid a $1.50 dividend. This represents a $6.00 annualized dividend and a dividend yield of 2.29%. The ex-dividend date is Friday, April 11th. This is a boost from General Dynamics’s previous quarterly dividend of $1.42. General Dynamics’s dividend payout ratio is 43.99%.

Insider Transactions at General Dynamics

In related news, Director Laura J. Schumacher sold 1,796 shares of the stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $255.68, for a total value of $459,201.28. Following the completion of the sale, the director now directly owns 11,175 shares of the company’s stock, valued at approximately $2,857,224. This represents a 13.85 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Marguerite Amy Gilliland sold 27,562 shares of the stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $272.11, for a total transaction of $7,499,895.82. Following the completion of the sale, the senior vice president now directly owns 45,192 shares of the company’s stock, valued at $12,297,195.12. This represents a 37.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.52% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. Vertical Research downgraded shares of General Dynamics from a “buy” rating to a “hold” rating and reduced their target price for the stock from $352.00 to $290.00 in a research report on Monday, January 6th. Susquehanna reduced their target price on shares of General Dynamics from $315.00 to $300.00 and set a “positive” rating on the stock in a research report on Thursday, January 30th. BTIG Research downgraded shares of General Dynamics from a “buy” rating to a “neutral” rating in a research report on Thursday, February 13th. TD Cowen dropped their price target on shares of General Dynamics from $315.00 to $295.00 in a research note on Tuesday, January 28th. Finally, Royal Bank of Canada dropped their price target on shares of General Dynamics from $290.00 to $280.00 and set a “sector perform” rating on the stock in a research note on Thursday, January 30th. One analyst has rated the stock with a sell rating, thirteen have given a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $297.71.

General Dynamics Company Profile

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.