Charter Trust Co. Cuts Stock Position in General Dynamics Co. (NYSE:GD)

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Charter Trust Co. lessened its stake in General Dynamics Co. (NYSE:GD) by 20.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,333 shares of the aerospace company’s stock after selling 845 shares during the period. Charter Trust Co.’s holdings in General Dynamics were worth $441,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in GD. Norges Bank bought a new stake in shares of General Dynamics in the 4th quarter valued at about $430,864,000. Franklin Resources Inc. lifted its stake in shares of General Dynamics by 22.9% in the 1st quarter. Franklin Resources Inc. now owns 4,678,144 shares of the aerospace company’s stock valued at $618,966,000 after acquiring an additional 872,906 shares during the last quarter. Cullen Capital Management LLC bought a new stake in shares of General Dynamics in the 1st quarter valued at about $70,121,000. Schafer Cullen Capital Management Inc bought a new stake in shares of General Dynamics in the 1st quarter valued at about $70,121,000. Finally, Renaissance Technologies LLC bought a new stake in shares of General Dynamics in the 4th quarter valued at about $64,138,000. 85.57% of the stock is owned by institutional investors.

Shares of GD stock traded down $5.87 during midday trading on Thursday, reaching $152.18. 57,269 shares of the stock were exchanged, compared to its average volume of 2,037,298. General Dynamics Co. has a 1 year low of $100.55 and a 1 year high of $193.76. The company’s 50 day moving average is $139.23 and its two-hundred day moving average is $159.83. The company has a current ratio of 1.34, a quick ratio of 0.97 and a debt-to-equity ratio of 0.98. The firm has a market cap of $45.34 billion, a PE ratio of 12.78, a price-to-earnings-growth ratio of 2.70 and a beta of 1.04.

General Dynamics (NYSE:GD) last posted its earnings results on Wednesday, April 29th. The aerospace company reported $2.43 earnings per share for the quarter, missing analysts’ consensus estimates of $2.46 by ($0.03). The firm had revenue of $8.75 billion for the quarter, compared to analysts’ expectations of $9.25 billion. General Dynamics had a return on equity of 25.92% and a net margin of 8.87%. The firm’s revenue was down 5.5% on a year-over-year basis. During the same quarter last year, the company posted $2.56 EPS. As a group, equities analysts expect that General Dynamics Co. will post 11.17 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, August 7th. Investors of record on Friday, July 3rd will be paid a $1.10 dividend. The ex-dividend date is Wednesday, July 1st. This represents a $4.40 annualized dividend and a dividend yield of 2.89%. General Dynamics’s payout ratio is currently 36.73%.

General Dynamics announced that its board has authorized a stock repurchase program on Wednesday, March 4th that authorizes the company to repurchase 10,000,000 outstanding shares. This repurchase authorization authorizes the aerospace company to reacquire shares of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its stock is undervalued.

A number of research firms have commented on GD. ValuEngine lowered General Dynamics from a “hold” rating to a “sell” rating in a research report on Wednesday, April 29th. TheStreet lowered General Dynamics from a “b” rating to a “c+” rating in a research report on Friday, March 13th. Royal Bank of Canada began coverage on General Dynamics in a research report on Wednesday, May 20th. They set an “outperform” rating and a $157.00 price target for the company. UBS Group lowered their price target on General Dynamics from $190.00 to $171.00 and set a “neutral” rating for the company in a research report on Thursday. Finally, Argus lowered their price target on General Dynamics from $199.00 to $155.00 and set a “buy” rating for the company in a research report on Wednesday, May 6th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and eleven have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $187.21.

About General Dynamics

General Dynamics Corporation operates as an aerospace and defense company worldwide. It operates in five segments: Aerospace, Combat Systems, Information Technology, Mission Systems, and Marine Systems. The Aerospace segment designs, manufactures, and supports business-jet aircraft; and offers business-aviation services, including maintenance, fixed-base operation, government fleet, aircraft management, charter, and staffing services, as well as integrated aviation solutions.

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Institutional Ownership by Quarter for General Dynamics (NYSE:GD)

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