General Dynamics Co. (GD) Shares Sold by Lord Abbett & CO. LLC
Lord Abbett & CO. LLC cut its stake in General Dynamics Co. (NYSE:GD) by 55.1% during the fourth quarter, Holdings Channel reports. The firm owned 155,818 shares of the aerospace company’s stock after selling 191,273 shares during the period. Lord Abbett & CO. LLC’s holdings in General Dynamics were worth $24,496,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Ontario Teachers Pension Plan Board grew its holdings in shares of General Dynamics by 256.4% in the third quarter. Ontario Teachers Pension Plan Board now owns 7,364 shares of the aerospace company’s stock worth $1,508,000 after purchasing an additional 5,298 shares during the last quarter. U S Global Investors Inc. grew its holdings in General Dynamics by 3.4% during the 4th quarter. U S Global Investors Inc. now owns 15,151 shares of the aerospace company’s stock worth $2,382,000 after acquiring an additional 499 shares in the last quarter. Alerus Financial NA grew its holdings in General Dynamics by 19.8% during the 3rd quarter. Alerus Financial NA now owns 20,878 shares of the aerospace company’s stock worth $3,511,000 after acquiring an additional 3,446 shares in the last quarter. Tompkins Financial Corp grew its holdings in General Dynamics by 3.8% during the 4th quarter. Tompkins Financial Corp now owns 16,406 shares of the aerospace company’s stock worth $2,579,000 after acquiring an additional 608 shares in the last quarter. Finally, Iberiabank Corp grew its holdings in General Dynamics by 6.0% during the 4th quarter. Iberiabank Corp now owns 10,339 shares of the aerospace company’s stock worth $1,625,000 after acquiring an additional 581 shares in the last quarter. Hedge funds and other institutional investors own 87.49% of the company’s stock.
GD has been the topic of several recent research reports. FIG Partners upgraded shares of General Dynamics to an “add” rating in a report on Tuesday, January 8th. Drexel Hamilton reiterated a “buy” rating and set a $230.00 target price on shares of General Dynamics in a report on Monday, February 4th. Credit Suisse Group reiterated a “buy” rating and set a $190.00 target price on shares of General Dynamics in a report on Monday, January 14th. Cowen reiterated a “buy” rating on shares of General Dynamics in a report on Wednesday, March 6th. Finally, Argus cut shares of General Dynamics from a “buy” rating to a “hold” rating and set a $170.91 target price on the stock. in a report on Thursday, January 31st. Four research analysts have rated the stock with a sell rating, nine have issued a hold rating and seven have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $207.88.
General Dynamics (NYSE:GD) last released its quarterly earnings results on Wednesday, January 30th. The aerospace company reported $3.07 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.98 by $0.09. The business had revenue of $10.38 billion during the quarter, compared to analyst estimates of $10.34 billion. General Dynamics had a net margin of 9.24% and a return on equity of 28.33%. The company’s quarterly revenue was up 25.4% on a year-over-year basis. During the same period in the prior year, the firm posted $2.50 earnings per share. Analysts predict that General Dynamics Co. will post 11.72 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, May 10th. Shareholders of record on Friday, April 12th will be given a dividend of $1.02 per share. This represents a $4.08 annualized dividend and a dividend yield of 2.40%. This is a positive change from General Dynamics’s previous quarterly dividend of $0.93. The ex-dividend date is Thursday, April 11th. General Dynamics’s dividend payout ratio is presently 32.57%.
In related news, VP Christopher J. Brady sold 2,327 shares of the stock in a transaction that occurred on Monday, February 4th. The shares were sold at an average price of $171.23, for a total value of $398,452.21. Following the completion of the transaction, the vice president now directly owns 5,134 shares of the company’s stock, valued at approximately $879,094.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Lester L. Lyles sold 4,580 shares of the stock in a transaction that occurred on Friday, February 22nd. The shares were sold at an average price of $172.42, for a total transaction of $789,683.60. Following the completion of the transaction, the director now directly owns 12,314 shares of the company’s stock, valued at $2,123,179.88. The disclosure for this sale can be found here. Over the last three months, insiders have sold 21,547 shares of company stock valued at $3,609,299. Insiders own 6.90% of the company’s stock.
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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