PNC Financial Services Group Inc. Sells 3,199 Shares of General Dynamics Corporation $GD

PNC Financial Services Group Inc. trimmed its position in shares of General Dynamics Corporation (NYSE:GD) by 1.6% during the 4th quarter, HoldingsChannel.com reports. The firm owned 198,654 shares of the aerospace company’s stock after selling 3,199 shares during the quarter. PNC Financial Services Group Inc.’s holdings in General Dynamics were worth $66,879,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in GD. Brighton Jones LLC grew its holdings in General Dynamics by 16.9% during the 4th quarter. Brighton Jones LLC now owns 2,885 shares of the aerospace company’s stock valued at $760,000 after purchasing an additional 417 shares during the last quarter. Acadian Asset Management LLC grew its holdings in General Dynamics by 140.2% during the 1st quarter. Acadian Asset Management LLC now owns 3,445 shares of the aerospace company’s stock valued at $938,000 after purchasing an additional 2,011 shares during the last quarter. Sivia Capital Partners LLC bought a new position in General Dynamics during the 2nd quarter valued at about $240,000. Flow Traders U.S. LLC bought a new position in General Dynamics during the 2nd quarter valued at about $352,000. Finally, Jump Financial LLC bought a new position in General Dynamics during the 2nd quarter valued at about $1,284,000. 86.14% of the stock is currently owned by institutional investors.

General Dynamics Price Performance

Shares of GD stock opened at $338.85 on Friday. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.38 and a quick ratio of 0.90. The company has a market capitalization of $91.64 billion, a P/E ratio of 21.32, a P/E/G ratio of 2.11 and a beta of 0.34. The company’s 50-day simple moving average is $341.96 and its two-hundred day simple moving average is $346.50. General Dynamics Corporation has a one year low of $268.10 and a one year high of $369.70.

General Dynamics (NYSE:GD) last issued its earnings results on Wednesday, April 29th. The aerospace company reported $4.10 EPS for the quarter, topping analysts’ consensus estimates of $3.67 by $0.43. The business had revenue of $13.48 billion for the quarter, compared to the consensus estimate of $12.70 billion. General Dynamics had a net margin of 8.07% and a return on equity of 17.41%. The company’s revenue for the quarter was up 10.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $3.66 EPS. As a group, equities analysts anticipate that General Dynamics Corporation will post 16.62 EPS for the current year.

General Dynamics Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 8th. Stockholders of record on Friday, April 10th were paid a dividend of $1.59 per share. This is a boost from General Dynamics’s previous quarterly dividend of $1.50. This represents a $6.36 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date was Friday, April 10th. General Dynamics’s payout ratio is 40.03%.

Insider Activity

In other news, CEO Phebe N. Novakovic sold 32,918 shares of the stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $354.09, for a total transaction of $11,655,934.62. Following the transaction, the chief executive officer directly owned 766,457 shares in the company, valued at approximately $271,394,759.13. This trade represents a 4.12% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Marguerite Amy Gilliland sold 3,819 shares of the stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $353.50, for a total transaction of $1,350,016.50. Following the transaction, the executive vice president owned 44,767 shares in the company, valued at approximately $15,825,134.50. This represents a 7.86% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 119,600 shares of company stock worth $41,650,580. Corporate insiders own 1.40% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently commented on GD shares. Jefferies Financial Group cut their price target on shares of General Dynamics from $385.00 to $380.00 and set a “hold” rating on the stock in a report on Tuesday, April 7th. Royal Bank Of Canada reiterated a “sector perform” rating and set a $385.00 price target on shares of General Dynamics in a report on Thursday, April 30th. Wall Street Zen upgraded shares of General Dynamics from a “buy” rating to a “strong-buy” rating in a research note on Sunday, May 10th. The Goldman Sachs Group dropped their target price on shares of General Dynamics from $327.00 to $313.00 and set a “sell” rating on the stock in a research note on Monday, May 4th. Finally, DA Davidson dropped their target price on shares of General Dynamics from $384.00 to $375.00 in a research note on Thursday, April 30th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $387.40.

General Dynamics Profile

General Dynamics is a major American aerospace and defense contractor that designs, manufactures and supports a broad range of products and services for government and commercial customers worldwide. Headquartered in the United States (Reston, Virginia), the company supplies platforms and systems used by armed forces, civil authorities and private operators across multiple domains including air, land, sea and cyber.

Its principal activities span several operating businesses: a business aviation unit that develops and supports Gulfstream business jets; land systems that produce armored combat vehicles and related logistics and sustainment services; marine systems that design and construct submarines and surface ships for navies; and mission systems and information technology operations that provide command-and-control, communications, cybersecurity and systems-integration services.