Salem Investment Counselors Inc. Has $1.85 Million Stake in General Dynamics Corporation (GD)
Salem Investment Counselors Inc. reduced its stake in General Dynamics Corporation (NYSE:GD) by 8.2% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,917 shares of the aerospace company’s stock after selling 799 shares during the period. Salem Investment Counselors Inc.’s holdings in General Dynamics were worth $1,852,000 at the end of the most recent reporting period.
Other institutional investors also recently bought and sold shares of the company. Belpointe Asset Management LLC bought a new stake in General Dynamics during the third quarter valued at $586,000. IFM Investors Pty Ltd bought a new stake in General Dynamics during the third quarter valued at $1,494,000. Smith & Howard Wealth Management LLC bought a new stake in General Dynamics during the third quarter valued at $206,000. Fieldpoint Private Securities LLC bought a new stake in General Dynamics during the third quarter valued at $148,000. Finally, Piedmont Investment Advisors LLC boosted its stake in General Dynamics by 0.9% during the third quarter. Piedmont Investment Advisors LLC now owns 56,094 shares of the aerospace company’s stock valued at $11,532,000 after buying an additional 502 shares during the period. 86.87% of the stock is owned by hedge funds and other institutional investors.
Several equities research analysts recently issued reports on GD shares. Cowen reissued a “buy” rating and set a $230.00 price objective on shares of General Dynamics in a research note on Thursday, October 19th. Jefferies Group restated a “buy” rating and set a $236.00 price target on shares of General Dynamics in a research report on Thursday, October 26th. Zacks Investment Research upgraded General Dynamics from a “hold” rating to a “buy” rating and set a $238.00 price target on the stock in a research report on Thursday, October 26th. ValuEngine upgraded General Dynamics from a “hold” rating to a “buy” rating in a research report on Friday, September 1st. Finally, Royal Bank of Canada set a $239.00 price target on General Dynamics and gave the company a “buy” rating in a research report on Wednesday, November 15th. Three equities research analysts have rated the stock with a sell rating, five have given a hold rating and nine have given a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $218.24.
General Dynamics (NYSE:GD) last released its quarterly earnings data on Wednesday, October 25th. The aerospace company reported $2.52 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.43 by $0.09. The firm had revenue of $7.58 billion for the quarter, compared to the consensus estimate of $7.94 billion. General Dynamics had a return on equity of 27.98% and a net margin of 9.94%. The company’s quarterly revenue was down 1.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.36 earnings per share. equities research analysts forecast that General Dynamics Corporation will post 9.81 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 9th. Stockholders of record on Friday, January 19th will be issued a $0.84 dividend. The ex-dividend date is Thursday, January 18th. This represents a $3.36 annualized dividend and a dividend yield of 1.71%. General Dynamics’s dividend payout ratio is currently 33.50%.
In other news, VP Gregory S. Gallopoulos sold 78,370 shares of General Dynamics stock in a transaction dated Monday, November 6th. The stock was sold at an average price of $202.93, for a total value of $15,903,624.10. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider John Patrick Casey sold 34,945 shares of General Dynamics stock in a transaction dated Wednesday, November 1st. The stock was sold at an average price of $201.38, for a total value of $7,037,224.10. Following the completion of the transaction, the insider now owns 144,378 shares in the company, valued at approximately $29,074,841.64. The disclosure for this sale can be found here. 6.70% of the stock is currently owned by insiders.
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About General Dynamics
General Dynamics Corporation is a global aerospace and defense company. The Company offers a portfolio of products and services in business aviation; combat vehicles, weapons systems and munitions; information technology (IT) services and C4ISR (command, control, communications, computers, intelligence, surveillance and reconnaissance) solutions, and shipbuilding and ship repair.
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