Washington Trust Bank Lowers Stake in General Dynamics Corporation (NYSE:GD)

Washington Trust Bank decreased its position in General Dynamics Corporation (NYSE:GD) by 1.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,103 shares of the aerospace company’s stock after selling 33 shares during the period. Washington Trust Bank’s holdings in General Dynamics Corporation were worth $615,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Quadrant Capital Group LLC raised its position in General Dynamics Corporation by 0.7% in the first quarter. Quadrant Capital Group LLC now owns 608 shares of the aerospace company’s stock worth $108,000 after buying an additional 4 shares during the period. Ruggie Capital Group bought a new position in General Dynamics Corporation during the first quarter worth approximately $119,000. Pinnacle Bank bought a new position in General Dynamics Corporation during the first quarter worth approximately $126,000. Zions Bancorporation raised its position in General Dynamics Corporation by 0.5% in the first quarter. Zions Bancorporation now owns 732 shares of the aerospace company’s stock worth $137,000 after buying an additional 4 shares during the period. Finally, Global X Management Co. LLC raised its position in General Dynamics Corporation by 59.8% in the first quarter. Global X Management Co. LLC now owns 759 shares of the aerospace company’s stock worth $142,000 after buying an additional 284 shares during the period. Institutional investors own 86.77% of the company’s stock.

General Dynamics Corporation (GD) traded up 0.37% on Friday, hitting $198.73. The stock had a trading volume of 1,581,719 shares. The company has a market cap of $59.58 billion, a P/E ratio of 19.63 and a beta of 0.71. The stock’s 50-day moving average is $199.79 and its 200-day moving average is $194.45. General Dynamics Corporation has a 52-week low of $148.76 and a 52-week high of $205.90.

General Dynamics Corporation (NYSE:GD) last announced its earnings results on Wednesday, July 26th. The aerospace company reported $2.45 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.43 by $0.02. General Dynamics Corporation had a net margin of 9.63% and a return on equity of 28.17%. The business had revenue of $7.68 billion during the quarter, compared to the consensus estimate of $7.76 billion. During the same quarter last year, the firm earned $2.30 earnings per share. The business’s revenue for the quarter was down 1.3% on a year-over-year basis. Analysts expect that General Dynamics Corporation will post $9.81 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, November 10th. Investors of record on Friday, October 6th will be given a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a dividend yield of 1.69%. The ex-dividend date of this dividend is Thursday, October 5th. General Dynamics Corporation’s dividend payout ratio (DPR) is currently 34.57%.

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A number of brokerages have weighed in on GD. UBS AG reaffirmed a “buy” rating and issued a $225.00 target price (up previously from $215.00) on shares of General Dynamics Corporation in a report on Monday, June 12th. Zacks Investment Research downgraded General Dynamics Corporation from a “buy” rating to a “hold” rating in a report on Wednesday, July 12th. BidaskClub downgraded General Dynamics Corporation from a “strong-buy” rating to a “buy” rating in a report on Monday, July 31st. Royal Bank Of Canada reaffirmed a “buy” rating and issued a $220.00 target price on shares of General Dynamics Corporation in a report on Friday, June 2nd. Finally, Cowen and Company reaffirmed a “buy” rating and issued a $210.00 target price on shares of General Dynamics Corporation in a report on Monday, July 17th. Two analysts have rated the stock with a sell rating, four have given a hold rating and eleven have assigned a buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $206.59.

In related news, VP Christopher Marzilli sold 43,890 shares of the firm’s stock in a transaction that occurred on Tuesday, May 30th. The shares were sold at an average price of $201.37, for a total transaction of $8,838,129.30. Following the completion of the sale, the vice president now owns 107,857 shares of the company’s stock, valued at $21,719,164.09. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 6.70% of the stock is owned by company insiders.

General Dynamics Corporation Company Profile

General Dynamics Corporation is a global aerospace and defense company. The Company offers a portfolio of products and services in business aviation; combat vehicles, weapons systems and munitions; information technology (IT) services and C4ISR (command, control, communications, computers, intelligence, surveillance and reconnaissance) solutions, and shipbuilding and ship repair.

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

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