Seaport Res Ptn Comments on General Dynamics Co.’s FY2024 Earnings (NYSE:GD)

General Dynamics Co. (NYSE:GD) – Seaport Res Ptn decreased their FY2024 earnings per share estimates for General Dynamics in a report released on Monday, April 22nd. Seaport Res Ptn analyst R. Safran now anticipates that the aerospace company will post earnings per share of $14.46 for the year, down from their prior estimate of $14.60. The consensus estimate for General Dynamics’ current full-year earnings is $14.57 per share.

General Dynamics (NYSE:GD) last posted its earnings results on Wednesday, January 24th. The aerospace company reported $3.64 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $11.39 billion. During the same quarter last year, the business posted $3.58 EPS. General Dynamics’s quarterly revenue was up 7.5% compared to the same quarter last year.

GD has been the subject of a number of other research reports. The Goldman Sachs Group increased their target price on General Dynamics from $253.00 to $284.00 and gave the company a “neutral” rating in a research note on Tuesday, April 16th. Susquehanna raised their price objective on General Dynamics from $301.00 to $333.00 and gave the company a “positive” rating in a research note on Friday, April 12th. StockNews.com lowered General Dynamics from a “strong-buy” rating to a “buy” rating in a research note on Saturday, February 3rd. Royal Bank of Canada raised their price objective on General Dynamics from $300.00 to $325.00 and gave the company an “outperform” rating in a research note on Tuesday, April 2nd. Finally, Wells Fargo & Company raised their price objective on General Dynamics from $291.00 to $322.00 and gave the company an “overweight” rating in a research note on Thursday, April 4th. Four research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, General Dynamics presently has an average rating of “Moderate Buy” and a consensus price target of $283.80.

General Dynamics Price Performance

GD stock opened at $292.70 on Tuesday. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.92 and a current ratio of 1.44. General Dynamics has a 1 year low of $202.35 and a 1 year high of $296.50. The firm has a market cap of $80.31 billion, a P/E ratio of 24.35, a price-to-earnings-growth ratio of 1.83 and a beta of 0.68. The stock has a 50-day simple moving average of $280.02 and a 200-day simple moving average of $261.08.

Institutional Trading of General Dynamics

Several hedge funds have recently made changes to their positions in GD. Capital Investment Advisors LLC raised its stake in General Dynamics by 14.5% during the 3rd quarter. Capital Investment Advisors LLC now owns 9,022 shares of the aerospace company’s stock valued at $1,993,000 after acquiring an additional 1,144 shares in the last quarter. Impact Partnership Wealth LLC raised its stake in General Dynamics by 411.5% during the 3rd quarter. Impact Partnership Wealth LLC now owns 133 shares of the aerospace company’s stock valued at $29,000 after acquiring an additional 107 shares in the last quarter. Leonard Rickey Investment Advisors P.L.L.C. bought a new stake in General Dynamics during the 3rd quarter valued at $213,000. Perennial Advisors LLC raised its stake in General Dynamics by 1.0% during the 3rd quarter. Perennial Advisors LLC now owns 22,296 shares of the aerospace company’s stock valued at $4,927,000 after acquiring an additional 220 shares in the last quarter. Finally, GHP Investment Advisors Inc. raised its stake in General Dynamics by 6.0% during the 3rd quarter. GHP Investment Advisors Inc. now owns 19,668 shares of the aerospace company’s stock valued at $4,780,000 after acquiring an additional 1,112 shares in the last quarter. Institutional investors own 86.14% of the company’s stock.

Insiders Place Their Bets

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

General Dynamics Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, May 10th. Shareholders of record on Friday, April 12th will be issued a dividend of $1.42 per share. This represents a $5.68 dividend on an annualized basis and a yield of 1.94%. The ex-dividend date is Thursday, April 11th. This is an increase from General Dynamics’s previous quarterly dividend of $1.32. General Dynamics’s dividend payout ratio (DPR) is currently 47.25%.

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.