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Purus Wealth Management LLC Cuts Stock Holdings in General Dynamics Co. (NYSE:GD)

Financial News Live · Sep 28, 2022 16:31

Purus Wealth Management LLC trimmed its position in shares of General Dynamics Co. (NYSE:GD – Get Rating) by 3.3% during the second quarter, Holdings Channel.com reports. The fund owned 2,837 shares of the aerospace company's stock after selling 97 shares during the quarter. Purus Wealth Management LLC's holdings in General Dynamics were worth $628,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the company. Conning Inc. boosted its holdings in General Dynamics by 1.5% during the 2nd quarter. Conning Inc. now owns 165,304 shares of the aerospace company's stock worth $36,517,000 after acquiring an additional 2,484 shares during the last quarter. Commonwealth Equity Services LLC boosted its holdings in shares of General Dynamics by 1.7% in the 2nd quarter. Commonwealth Equity Services LLC now owns 126,583 shares of the aerospace company's stock worth $28,006,000 after buying an additional 2,124 shares during the last quarter. Toews Corp ADV boosted its holdings in shares of General Dynamics by 225.0% in the 2nd quarter. Toews Corp ADV now owns 5,200 shares of the aerospace company's stock worth $1,151,000 after buying an additional 3,600 shares during the last quarter. Hennion & Walsh Asset Management Inc. boosted its holdings in shares of General Dynamics by 9.4% in the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 3,747 shares of the aerospace company's stock worth $829,000 after buying an additional 321 shares during the last quarter. Finally, PFG Private Wealth Management LLC purchased a new position in shares of General Dynamics in the 2nd quarter worth about $236,000. 86.16% of the stock is owned by hedge funds and other institutional investors.

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Insider Buying and Selling

In other General Dynamics news, CEO Phebe N. Novakovic sold 71,461 shares of the company's stock in a transaction that occurred on Tuesday, August 9th. The stock was sold at an average price of $227.05, for a total value of $16,225,220.05. Following the completion of the sale, the chief executive officer now owns 781,152 shares of the company's stock, valued at $177,360,561.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.50% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

GD has been the topic of a number of research analyst reports. Royal Bank of Canada initiated coverage on shares of General Dynamics in a report on Monday, August 29th. They issued an "outperform" rating and a $275.00 price target on the stock. Cowen set a $260.00 price objective on General Dynamics in a research note on Tuesday, July 19th. Seaport Res Ptn restated a "buy" rating on shares of General Dynamics in a research note on Wednesday, July 27th. Finally, Wells Fargo & Company lowered their price objective on General Dynamics from $256.00 to $249.00 and set an "overweight" rating on the stock in a research note on Wednesday. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $263.14.

General Dynamics Price Performance

Shares of GD traded up $2.19 during midday trading on Wednesday, hitting $220.86. 36,564 shares of the company traded hands, compared to its average volume of 1,065,509. The stock has a 50-day moving average of $228.86 and a 200-day moving average of $229.15. General Dynamics Co. has a one year low of $188.64 and a one year high of $254.99. The firm has a market cap of $60.57 billion, a P/E ratio of 18.63, a PEG ratio of 1.78 and a beta of 0.86. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.40 and a quick ratio of 0.98.

General Dynamics (NYSE:GD – Get Rating) last posted its quarterly earnings data on Wednesday, July 27th. The aerospace company reported $2.75 earnings per share for the quarter, topping the consensus estimate of $2.72 by $0.03. The company had revenue of $9.19 billion for the quarter, compared to analysts' expectations of $9.42 billion. General Dynamics had a net margin of 8.61% and a return on equity of 19.25%. General Dynamics's revenue for the quarter was down .3% compared to the same quarter last year. During the same period in the prior year, the business earned $2.61 earnings per share. As a group, sell-side analysts predict that General Dynamics Co. will post 12.16 EPS for the current fiscal year.

General Dynamics Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 10th. Investors of record on Friday, October 7th will be given a $1.26 dividend. This represents a $5.04 annualized dividend and a dividend yield of 2.28%. The ex-dividend date is Thursday, October 6th. General Dynamics's dividend payout ratio (DPR) is 42.64%.

About General Dynamics

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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 designs, manufactures, and sells business jets; and offers aircraft maintenance and repair, management, charter, aircraft-on-ground support and completion, staffing, and fixed-base operator services.