Oppenheimer Asset Management Inc. Reduces Holdings in General Dynamics Co. (GD)
Oppenheimer Asset Management Inc. cut its position in General Dynamics Co. (NYSE:GD) by 46.4% in the 3rd quarter, Holdings Channel reports. The firm owned 1,246 shares of the aerospace company’s stock after selling 1,079 shares during the period. Oppenheimer Asset Management Inc.’s holdings in General Dynamics were worth $255,000 at the end of the most recent quarter.
Other institutional investors have also recently bought and sold shares of the company. Ferguson Wellman Capital Management Inc. bought a new position in shares of General Dynamics during the second quarter worth about $15,104,000. Alerus Financial NA raised its position in shares of General Dynamics by 11.6% during the second quarter. Alerus Financial NA now owns 17,432 shares of the aerospace company’s stock worth $3,250,000 after acquiring an additional 1,808 shares during the last quarter. Arrow Financial Corp raised its position in shares of General Dynamics by 14.7% during the second quarter. Arrow Financial Corp now owns 6,541 shares of the aerospace company’s stock worth $1,219,000 after acquiring an additional 840 shares during the last quarter. Sompo Japan Nipponkoa Asset Management CO. LTD. bought a new position in shares of General Dynamics during the second quarter worth about $3,403,000. Finally, KCM Investment Advisors LLC raised its position in shares of General Dynamics by 1.8% during the second quarter. KCM Investment Advisors LLC now owns 17,868 shares of the aerospace company’s stock worth $3,331,000 after acquiring an additional 317 shares during the last quarter. Hedge funds and other institutional investors own 85.84% of the company’s stock.
Shares of GD stock opened at $184.50 on Friday. The company has a market capitalization of $54.80 billion, a price-to-earnings ratio of 18.54, a price-to-earnings-growth ratio of 1.47 and a beta of 0.98. The company has a quick ratio of 0.87, a current ratio of 1.27 and a debt-to-equity ratio of 0.89. General Dynamics Co. has a fifty-two week low of $164.76 and a fifty-two week high of $230.00.
In other General Dynamics news, insider S. Daniel Johnson sold 77,810 shares of the firm’s stock in a transaction that occurred on Friday, September 14th. The stock was sold at an average price of $199.85, for a total value of $15,550,328.50. Following the completion of the sale, the insider now owns 99,333 shares of the company’s stock, valued at $19,851,700.05. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Mark Malcolm acquired 3,000 shares of General Dynamics stock in a transaction on Friday, October 26th. The stock was purchased at an average cost of $169.87 per share, with a total value of $509,610.00. Following the purchase, the director now directly owns 4,455 shares of the company’s stock, valued at approximately $756,770.85. The disclosure for this purchase can be found here. Company insiders own 6.70% of the company’s stock.
GD has been the subject of a number of analyst reports. Argus lowered their price objective on General Dynamics from $250.00 to $200.00 and set a “buy” rating for the company in a research report on Friday, October 26th. Zacks Investment Research downgraded General Dynamics from a “hold” rating to a “sell” rating in a report on Wednesday, October 10th. Robert W. Baird lowered their target price on General Dynamics from $243.00 to $222.00 and set an “outperform” rating for the company in a report on Thursday, October 25th. Wells Fargo & Co lowered their target price on General Dynamics from $250.00 to $210.00 and set an “outperform” rating for the company in a report on Thursday, October 25th. Finally, Credit Suisse Group lowered their target price on General Dynamics from $229.00 to $216.00 and set an “outperform” rating for the company in a report on Thursday, October 25th. Three research analysts have rated the stock with a sell rating, five have issued a hold rating and eleven have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $231.00.
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General Dynamics Company Profile
General Dynamics Corporation operates as an aerospace and defense company worldwide. It operates through four business groups: Aerospace; Combat Systems; Information Systems and Technology; and Marine Systems. The Aerospace group designs, develops, manufactures, service and supports business-jet aircraft; and provides aircraft services, such as maintenance, aircraft management, charter, fixed-base operational, and staffing services.
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