Seaport Res Ptn Weighs in on General Dynamics Co.’s Q1 2024 Earnings (NYSE:GD)

General Dynamics Co. (NYSE:GD) – Equities researchers at Seaport Res Ptn dropped their Q1 2024 earnings per share estimates for shares of General Dynamics in a research report issued to clients and investors on Monday, April 22nd. Seaport Res Ptn analyst R. Safran now anticipates that the aerospace company will post earnings of $2.77 per share for the quarter, down from their prior estimate of $3.23. The consensus estimate for General Dynamics’ current full-year earnings is $14.56 per share. Seaport Res Ptn also issued estimates for General Dynamics’ Q2 2024 earnings at $3.46 EPS and Q4 2024 earnings at $4.47 EPS.

General Dynamics (NYSE:GD) last announced its earnings results on Wednesday, January 24th. The aerospace company reported $3.64 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.68 by ($0.04). General Dynamics had a net margin of 7.84% and a return on equity of 16.61%. The company had revenue of $11.67 billion for the quarter, compared to analysts’ expectations of $11.39 billion. During the same period in the previous year, the firm earned $3.58 EPS. The firm’s quarterly revenue was up 7.5% on a year-over-year basis.

Other research analysts also recently issued research reports about the company. Citigroup upped their price objective on General Dynamics from $283.00 to $300.00 and gave the company a “buy” rating in a research note on Thursday, January 25th. Barclays increased their price target on shares of General Dynamics from $285.00 to $310.00 and gave the company an “overweight” rating in a research report on Monday, April 15th. UBS Group lifted their price objective on shares of General Dynamics from $286.00 to $296.00 and gave the stock a “neutral” rating in a research report on Monday, January 29th. StockNews.com downgraded shares of General Dynamics from a “strong-buy” rating to a “buy” rating in a research report on Saturday, February 3rd. Finally, Susquehanna lifted their price target on shares of General Dynamics from $301.00 to $333.00 and gave the stock a “positive” rating in a report on Friday, April 12th. Four analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, General Dynamics currently has an average rating of “Moderate Buy” and a consensus price target of $283.80.

General Dynamics Stock Down 4.0 %

GD opened at $281.15 on Wednesday. General Dynamics has a fifty-two week low of $202.35 and a fifty-two week high of $296.50. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.44 and a quick ratio of 0.92. The company’s 50-day moving average is $280.26 and its 200 day moving average is $261.22. The firm has a market capitalization of $77.14 billion, a P/E ratio of 23.39, a PEG ratio of 1.85 and a beta of 0.68.

General Dynamics Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, May 10th. Stockholders of record on Friday, April 12th will be given a $1.42 dividend. The ex-dividend date of this dividend is Thursday, April 11th. This is a boost from General Dynamics’s previous quarterly dividend of $1.32. This represents a $5.68 annualized dividend and a dividend yield of 2.02%. General Dynamics’s payout ratio is 47.25%.

Insider Buying and Selling

In other news, CEO Phebe N. Novakovic sold 32,355 shares of the business’s stock in a transaction on Monday, January 29th. The shares were sold at an average price of $264.31, for a total transaction of $8,551,750.05. Following the completion of the transaction, the chief executive officer now directly owns 773,977 shares in the company, valued at approximately $204,569,860.87. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other General Dynamics news, EVP Mark C. Roualet sold 73,330 shares of General Dynamics stock in a transaction that occurred on Friday, January 26th. The shares were sold at an average price of $264.75, for a total transaction of $19,414,117.50. Following the completion of the sale, the executive vice president now directly owns 149,205 shares in the company, valued at $39,502,023.75. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Phebe N. Novakovic sold 32,355 shares of the company’s stock in a transaction on Monday, January 29th. The stock was sold at an average price of $264.31, for a total transaction of $8,551,750.05. Following the completion of the transaction, the chief executive officer now owns 773,977 shares of the company’s stock, valued at $204,569,860.87. The disclosure for this sale can be found here. 1.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On General Dynamics

Hedge funds and other institutional investors have recently modified their holdings of the company. Redmont Wealth Advisors LLC purchased a new position in shares of General Dynamics during the first quarter valued at approximately $25,000. MeadowBrook Investment Advisors LLC purchased a new position in General Dynamics during the fourth quarter valued at $25,000. Richardson Financial Services Inc. purchased a new position in General Dynamics during the fourth quarter valued at $25,000. Financial Synergies Wealth Advisors Inc. bought a new stake in General Dynamics in the first quarter worth $29,000. Finally, Legend Financial Advisors Inc. grew its stake in shares of General Dynamics by 46.8% in the first quarter. Legend Financial Advisors Inc. now owns 113 shares of the aerospace company’s stock worth $32,000 after acquiring an additional 36 shares during the last quarter. 86.14% of the stock is currently owned by hedge funds and other institutional investors.

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.