General Dynamics (NYSE:GD) Posts Earnings Results, Misses Estimates By $0.13 EPS

General Dynamics (NYSE:GD) posted its quarterly earnings results on Wednesday. The aerospace company reported $3.35 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.48 by ($0.13), Briefing.com reports. The company had revenue of $11.67 billion during the quarter, compared to the consensus estimate of $11.65 billion. General Dynamics had a return on equity of 16.74% and a net margin of 7.89%. The firm’s revenue for the quarter was up 10.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $3.04 earnings per share. General Dynamics updated its FY24 guidance to $14.00 EPS and its FY 2024 guidance to 14.000-14.000 EPS.

General Dynamics Stock Up 0.8 %

Shares of General Dynamics stock traded up $2.53 on Friday, reaching $303.80. 80,825 shares of the company were exchanged, compared to its average volume of 1,089,320. General Dynamics has a one year low of $236.58 and a one year high of $313.11. The company has a current ratio of 1.33, a quick ratio of 0.80 and a debt-to-equity ratio of 0.33. The company has a 50-day moving average of $300.17 and a 200 day moving average of $294.55. The company has a market capitalization of $83.35 billion, a price-to-earnings ratio of 24.57, a PEG ratio of 1.67 and a beta of 0.61.

General Dynamics Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Friday, October 11th will be given a dividend of $1.42 per share. This represents a $5.68 annualized dividend and a dividend yield of 1.87%. The ex-dividend date is Friday, October 11th. General Dynamics’s dividend payout ratio (DPR) is 46.33%.

Insider Buying and Selling

In other news, Director Peter A. Wall sold 1,320 shares of General Dynamics stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $308.05, for a total value of $406,626.00. Following the completion of the transaction, the director now owns 3,592 shares of the company’s stock, valued at $1,106,515.60. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 1.52% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Sanford C. Bernstein decreased their target price on General Dynamics from $343.00 to $331.00 and set a “market perform” rating for the company in a research report on Thursday. Seaport Res Ptn cut shares of General Dynamics from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 11th. TD Cowen upgraded General Dynamics to a “strong-buy” rating in a report on Tuesday, October 8th. Citigroup boosted their price objective on General Dynamics from $331.00 to $354.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Finally, Deutsche Bank Aktiengesellschaft cut their price target on shares of General Dynamics from $320.00 to $314.00 and set a “hold” rating on the stock in a research note on Thursday, October 3rd. Seven investment analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, General Dynamics has a consensus rating of “Moderate Buy” and an average target price of $323.88.

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.