Teacher Retirement System of Texas Lowers Holdings in General Dynamics Co. (GD)
Teacher Retirement System of Texas lessened its position in shares of General Dynamics Co. (NYSE:GD) by 72.5% in the first quarter, HoldingsChannel.com reports. The fund owned 3,478 shares of the aerospace company’s stock after selling 9,169 shares during the quarter. Teacher Retirement System of Texas’ holdings in General Dynamics were worth $589,000 at the end of the most recent quarter.
Other hedge funds have also recently bought and sold shares of the company. Man Group plc boosted its stake in General Dynamics by 31.7% during the third quarter. Man Group plc now owns 1,712 shares of the aerospace company’s stock worth $351,000 after buying an additional 412 shares during the period. Morgan Stanley boosted its stake in General Dynamics by 1.7% during the third quarter. Morgan Stanley now owns 916,988 shares of the aerospace company’s stock worth $187,727,000 after buying an additional 15,746 shares during the period. Vanguard Group Inc boosted its stake in General Dynamics by 1.7% during the third quarter. Vanguard Group Inc now owns 20,905,951 shares of the aerospace company’s stock worth $4,279,866,000 after buying an additional 357,032 shares during the period. Bell Asset Management Ltd boosted its stake in General Dynamics by 24.3% during the fourth quarter. Bell Asset Management Ltd now owns 24,172 shares of the aerospace company’s stock worth $3,800,000 after buying an additional 4,727 shares during the period. Finally, Rossmore Private Capital boosted its stake in General Dynamics by 5.6% during the fourth quarter. Rossmore Private Capital now owns 3,795 shares of the aerospace company’s stock worth $597,000 after buying an additional 200 shares during the period. 86.41% of the stock is owned by hedge funds and other institutional investors.
Several research firms have commented on GD. Zacks Investment Research lowered shares of General Dynamics from a “buy” rating to a “hold” rating in a research note on Friday, May 17th. UBS Group lifted their price objective on shares of General Dynamics from $175.00 to $190.00 and gave the stock a “neutral” rating in a research note on Thursday, April 25th. Sanford C. Bernstein dropped their price objective on shares of General Dynamics from $186.00 to $178.00 and set a “market perform” rating for the company in a research note on Monday, February 4th. Cowen reaffirmed a “buy” rating and set a $202.00 price objective on shares of General Dynamics in a research note on Wednesday, April 24th. Finally, Goldman Sachs Group raised shares of General Dynamics from a “neutral” rating to a “buy” rating and set a $204.00 price objective for the company in a research note on Sunday. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and seven have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $198.16.
General Dynamics (NYSE:GD) last released its quarterly earnings data on Wednesday, April 24th. The aerospace company reported $2.56 earnings per share for the quarter, beating the consensus estimate of $2.38 by $0.18. The firm had revenue of $9.26 billion during the quarter, compared to the consensus estimate of $8.90 billion. General Dynamics had a return on equity of 27.62% and a net margin of 8.68%. The firm’s quarterly revenue was up 22.9% on a year-over-year basis. During the same period in the previous year, the company posted $2.65 earnings per share. On average, analysts anticipate that General Dynamics Co. will post 11.74 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, May 10th. Investors of record on Friday, April 12th were issued a $1.02 dividend. This is an increase from General Dynamics’s previous quarterly dividend of $0.93. This represents a $4.08 annualized dividend and a dividend yield of 2.42%. The ex-dividend date of this dividend was Thursday, April 11th. General Dynamics’s payout ratio is presently 35.73%.
In other General Dynamics news, Director Lester L. Lyles sold 4,580 shares of the business’s stock in a transaction dated Friday, February 22nd. The shares were sold at an average price of $172.42, for a total value of $789,683.60. Following the completion of the transaction, the director now directly owns 12,314 shares in the company, valued at $2,123,179.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP John Patrick Casey sold 45,470 shares of the business’s stock in a transaction dated Monday, April 15th. The stock was sold at an average price of $172.46, for a total transaction of $7,841,756.20. Following the completion of the transaction, the executive vice president now owns 148,133 shares of the company’s stock, valued at $25,547,017.18. The disclosure for this sale can be found here. Insiders sold 64,690 shares of company stock valued at $11,052,603 over the last 90 days. 7.10% of the stock is currently owned by corporate insiders.
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General Dynamics 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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