General Dynamics Corporation (NYSE:GD) Stake Reduced by Citizens & Northern Corp

Citizens & Northern Corp lowered its stake in shares of General Dynamics Corporation (NYSE:GD) by 18.6% during the first quarter, according to its most recent filing with the SEC. The fund owned 2,961 shares of the aerospace company’s stock after selling 677 shares during the period. Citizens & Northern Corp’s holdings in General Dynamics Corporation were worth $554,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Bank of New York Mellon Corp boosted its stake in shares of General Dynamics Corporation by 8.3% in the first quarter. Bank of New York Mellon Corp now owns 2,801,405 shares of the aerospace company’s stock valued at $524,423,000 after buying an additional 214,825 shares during the period. Neuberger Berman Group LLC raised its stake in shares of General Dynamics Corporation by 0.7% in the first quarter. Neuberger Berman Group LLC now owns 1,837,893 shares of the aerospace company’s stock valued at $344,053,000 after buying an additional 12,376 shares in the last quarter. Bank of Montreal Can raised its stake in shares of General Dynamics Corporation by 1.9% in the first quarter. Bank of Montreal Can now owns 1,529,129 shares of the aerospace company’s stock valued at $286,253,000 after buying an additional 27,988 shares in the last quarter. UBS Asset Management Americas Inc. raised its stake in shares of General Dynamics Corporation by 3.7% in the fourth quarter. UBS Asset Management Americas Inc. now owns 1,402,486 shares of the aerospace company’s stock valued at $242,153,000 after buying an additional 49,599 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. raised its stake in shares of General Dynamics Corporation by 1.3% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 742,547 shares of the aerospace company’s stock valued at $139,005,000 after buying an additional 9,565 shares in the last quarter. 87.52% of the stock is currently owned by institutional investors and hedge funds.

Shares of General Dynamics Corporation (GD) traded down 1.16% during midday trading on Tuesday, reaching $198.80. The company’s stock had a trading volume of 1,352,126 shares. The stock has a market capitalization of $59.60 billion, a price-to-earnings ratio of 19.64 and a beta of 0.71. General Dynamics Corporation has a 52 week low of $147.80 and a 52 week high of $205.90. The company has a 50 day moving average of $200.36 and a 200-day moving average of $192.94.

General Dynamics Corporation (NYSE:GD) last announced its earnings results on Wednesday, July 26th. The aerospace company reported $2.45 EPS for the quarter, beating analysts’ consensus estimates of $2.43 by $0.02. General Dynamics Corporation had a net margin of 9.63% and a return on equity of 28.17%. The business had revenue of $7.68 billion during the quarter, compared to analysts’ expectations of $7.76 billion. During the same period in the prior year, the company earned $2.30 earnings per share. The business’s revenue was down 1.3% compared to the same quarter last year. Equities research analysts predict that General Dynamics Corporation will post $9.82 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 10th. Stockholders of record on Friday, October 6th will be issued a $0.84 dividend. The ex-dividend date is Thursday, October 5th. This represents a $3.36 dividend on an annualized basis and a dividend yield of 1.69%. General Dynamics Corporation’s payout ratio is 34.57%.

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Several analysts have recently commented on GD shares. Jefferies Group LLC reiterated a “buy” rating and set a $200.00 price objective on shares of General Dynamics Corporation in a report on Tuesday, April 18th. UBS AG reiterated a “buy” rating and set a $225.00 price objective (up previously from $215.00) on shares of General Dynamics Corporation in a report on Monday, June 12th. Royal Bank Of Canada reiterated a “buy” rating and set a $220.00 price objective on shares of General Dynamics Corporation in a report on Friday, June 2nd. ValuEngine upgraded General Dynamics Corporation from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. Finally, Zacks Investment Research upgraded General Dynamics Corporation from a “hold” rating to a “buy” rating and set a $224.00 target price for the company in a research note on Tuesday, June 27th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $206.05.

In other news, Director Lester L. Lyles sold 2,551 shares of the company’s stock in a transaction dated Friday, May 19th. The shares were sold at an average price of $196.01, for a total value of $500,021.51. Following the completion of the sale, the director now directly owns 7,336 shares of the company’s stock, valued at $1,437,929.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Christopher Marzilli sold 43,890 shares of the company’s stock in a transaction dated Tuesday, May 30th. The shares were sold at an average price of $201.37, for a total transaction of $8,838,129.30. Following the completion of the sale, the vice president now directly owns 107,857 shares of the company’s stock, valued at $21,719,164.09. The disclosure for this sale can be found here. 6.70% of the stock is currently owned by corporate insiders.

About General Dynamics Corporation

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.

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

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