CIBC Asset Management Inc Decreases Stock Holdings in General Dynamics Corporation $GD

CIBC Asset Management Inc lessened its stake in General Dynamics Corporation (NYSE:GD) by 7.2% in the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 74,403 shares of the aerospace company’s stock after selling 5,811 shares during the quarter. CIBC Asset Management Inc’s holdings in General Dynamics were worth $25,355,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Gold Investment Management Ltd. boosted its position in General Dynamics by 73.5% during the third quarter. Gold Investment Management Ltd. now owns 10,700 shares of the aerospace company’s stock worth $3,649,000 after acquiring an additional 4,532 shares during the last quarter. Truist Financial Corp lifted its stake in General Dynamics by 0.5% in the 2nd quarter. Truist Financial Corp now owns 286,456 shares of the aerospace company’s stock worth $83,548,000 after purchasing an additional 1,370 shares in the last quarter. Pure Financial Advisors LLC boosted its holdings in shares of General Dynamics by 52.4% during the 2nd quarter. Pure Financial Advisors LLC now owns 9,181 shares of the aerospace company’s stock worth $2,678,000 after purchasing an additional 3,156 shares during the last quarter. Davis Capital Management acquired a new position in shares of General Dynamics during the 3rd quarter worth approximately $1,007,000. Finally, Los Angeles Capital Management LLC increased its holdings in shares of General Dynamics by 20.9% in the second quarter. Los Angeles Capital Management LLC now owns 299,137 shares of the aerospace company’s stock valued at $87,246,000 after purchasing an additional 51,655 shares during the last quarter. 86.14% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at General Dynamics

In other news, VP David Paddock sold 20,360 shares of General Dynamics stock in a transaction on Wednesday, December 17th. The shares were sold at an average price of $334.92, for a total transaction of $6,818,971.20. Following the completion of the sale, the vice president directly owned 36,644 shares of the company’s stock, valued at approximately $12,272,808.48. The trade was a 35.72% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.50% of the company’s stock.

General Dynamics Price Performance

General Dynamics stock opened at $363.60 on Monday. The company has a quick ratio of 0.87, a current ratio of 1.40 and a debt-to-equity ratio of 0.29. General Dynamics Corporation has a 52-week low of $239.20 and a 52-week high of $369.70. The firm has a market cap of $98.22 billion, a PE ratio of 23.56, a price-to-earnings-growth ratio of 1.79 and a beta of 0.41. The company’s 50 day moving average is $346.14 and its two-hundred day moving average is $333.28.

General Dynamics (NYSE:GD) last posted its quarterly earnings data on Friday, October 24th. The aerospace company reported $3.88 earnings per share for the quarter, topping analysts’ consensus estimates of $3.69 by $0.19. General Dynamics had a return on equity of 18.27% and a net margin of 8.18%.The business had revenue of $12.91 billion for the quarter, compared to analyst estimates of $12.49 billion. During the same quarter in the prior year, the company earned $3.35 earnings per share. The company’s revenue was up 10.6% on a year-over-year basis. On average, research analysts expect that General Dynamics Corporation will post 14.83 EPS for the current fiscal year.

General Dynamics Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, February 6th. Shareholders of record on Friday, January 16th will be issued a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a yield of 1.7%. The ex-dividend date is Friday, January 16th. General Dynamics’s payout ratio is 38.89%.

Wall Street Analyst Weigh In

GD has been the subject of several analyst reports. Morgan Stanley set a $385.00 target price on General Dynamics in a report on Monday, October 27th. TD Cowen upped their price objective on shares of General Dynamics from $370.00 to $390.00 and gave the company a “buy” rating in a report on Wednesday, January 14th. Citigroup raised their price objective on shares of General Dynamics from $371.00 to $389.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 13th. Weiss Ratings reiterated a “buy (b)” rating on shares of General Dynamics in a report on Thursday. Finally, Susquehanna restated a “positive” rating and set a $420.00 price target on shares of General Dynamics in a report on Thursday, January 15th. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $366.70.

General Dynamics Profile

General Dynamics is a major American aerospace and defense contractor that designs, manufactures and supports a broad range of products and services for government and commercial customers worldwide. Headquartered in the United States (Reston, Virginia), the company supplies platforms and systems used by armed forces, civil authorities and private operators across multiple domains including air, land, sea and cyber.

Its principal activities span several operating businesses: a business aviation unit that develops and supports Gulfstream business jets; land systems that produce armored combat vehicles and related logistics and sustainment services; marine systems that design and construct submarines and surface ships for navies; and mission systems and information technology operations that provide command-and-control, communications, cybersecurity and systems-integration services.