Point72 Hong Kong Ltd Buys 613 Shares of General Dynamics Co. (NYSE:GD)
Point72 Hong Kong Ltd grew its stake in General Dynamics Co. (NYSE:GD) by 58.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,665 shares of the aerospace company’s stock after acquiring an additional 613 shares during the period. Point72 Hong Kong Ltd’s holdings in General Dynamics were worth $294,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Voya Financial Advisors Inc. increased its position in shares of General Dynamics by 3.9% during the third quarter. Voya Financial Advisors Inc. now owns 11,961 shares of the aerospace company’s stock valued at $2,189,000 after buying an additional 445 shares during the period. Merit Financial Group LLC lifted its position in shares of General Dynamics by 7.1% during the 3rd quarter. Merit Financial Group LLC now owns 2,619 shares of the aerospace company’s stock valued at $479,000 after buying an additional 173 shares in the last quarter. J.P. Marvel Investment Advisors LLC purchased a new position in shares of General Dynamics during the 3rd quarter valued at about $548,000. Virtu Financial LLC purchased a new position in shares of General Dynamics during the 3rd quarter valued at about $680,000. Finally, Carnegie Capital Asset Management LLC lifted its position in shares of General Dynamics by 36.3% during the 3rd quarter. Carnegie Capital Asset Management LLC now owns 14,279 shares of the aerospace company’s stock valued at $2,609,000 after buying an additional 3,805 shares in the last quarter. 86.39% of the stock is owned by institutional investors.
GD has been the topic of a number of research reports. Argus raised General Dynamics from a “hold” rating to a “buy” rating and set a $195.00 price objective on the stock in a research note on Monday, February 3rd. Barclays reaffirmed a “buy” rating and issued a $220.00 price target on shares of General Dynamics in a report on Thursday, January 23rd. Cowen reissued a “buy” rating and set a $215.00 target price on shares of General Dynamics in a research note on Tuesday, December 17th. JPMorgan Chase & Co. upgraded General Dynamics from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $210.00 to $225.00 in a research report on Thursday, February 6th. Finally, Susquehanna Bancshares raised General Dynamics from a “neutral” rating to a “positive” rating and set a $210.00 price target for the company in a report on Thursday, February 27th. One research analyst has rated the stock with a sell rating, two have given a hold rating and nine have given a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $203.36.
General Dynamics (NYSE:GD) last released its earnings results on Wednesday, January 29th. The aerospace company reported $3.51 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $3.44 by $0.07. General Dynamics had a return on equity of 26.70% and a net margin of 8.85%. The company had revenue of $10.77 billion for the quarter, compared to analysts’ expectations of $10.64 billion. During the same quarter in the previous year, the firm posted $3.07 EPS. The firm’s quarterly revenue was up 3.8% on a year-over-year basis. On average, research analysts predict that General Dynamics Co. will post 12.51 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, May 8th. Shareholders of record on Friday, April 10th will be issued a $1.10 dividend. The ex-dividend date of this dividend is Wednesday, April 8th. This is an increase from General Dynamics’s previous quarterly dividend of $1.02. This represents a $4.40 annualized dividend and a yield of 3.61%. General Dynamics’s payout ratio is 34.06%.
General Dynamics announced that its board has approved a share repurchase program on Wednesday, March 4th that permits the company to buyback 10,000,000 shares. This buyback authorization permits the aerospace company to purchase shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.
About General Dynamics
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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