Watch Point Trust Co grew its position in General Dynamics Co. (NYSE:GD) by 21.1% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 17,139 shares of the aerospace company’s stock after acquiring an additional 2,992 shares during the quarter. General Dynamics comprises approximately 1.8% of Watch Point Trust Co’s portfolio, making the stock its 29th biggest position. Watch Point Trust Co’s holdings in General Dynamics were worth $3,117,000 at the end of the most recent quarter.
Several other hedge funds have also recently bought and sold shares of the company. Harvest Group Wealth Management LLC purchased a new stake in shares of General Dynamics during the first quarter worth approximately $28,000. TCG Advisors LP purchased a new stake in shares of General Dynamics during the first quarter worth approximately $38,000. Zions Bancorporation N.A. purchased a new stake in shares of General Dynamics during the first quarter worth approximately $40,000. Princeton Global Asset Management LLC purchased a new stake in shares of General Dynamics during the first quarter worth approximately $42,000. Finally, NEXT Financial Group Inc raised its stake in shares of General Dynamics by 454.2% during the second quarter. NEXT Financial Group Inc now owns 266 shares of the aerospace company’s stock worth $48,000 after purchasing an additional 218 shares during the last quarter. 86.84% of the stock is owned by institutional investors and hedge funds.
NYSE:GD traded up $1.63 during trading hours on Thursday, hitting $182.46. The company’s stock had a trading volume of 27,251 shares, compared to its average volume of 1,100,424. The company has a 50-day moving average price of $183.62. The firm has a market capitalization of $52.37 billion, a P/E ratio of 15.99, a PEG ratio of 1.76 and a beta of 1.21. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.09 and a quick ratio of 0.73. General Dynamics Co. has a 52-week low of $143.87 and a 52-week high of $207.72.
The company also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Friday, October 11th will be issued a $1.02 dividend. This represents a $4.08 annualized dividend and a yield of 2.24%. The ex-dividend date of this dividend is Thursday, October 10th. General Dynamics’s dividend payout ratio (DPR) is 35.73%.
Several equities research analysts have recently commented on the company. Morgan Stanley upped their price target on General Dynamics from $171.00 to $173.00 and gave the stock an “underweight” rating in a research note on Wednesday. Cowen restated a “buy” rating and set a $202.00 price target on shares of General Dynamics in a research note on Wednesday, April 24th. UBS Group upped their price target on General Dynamics from $175.00 to $190.00 and gave the stock a “neutral” rating in a research note on Thursday, April 25th. Robert W. Baird upped their price target on General Dynamics from $188.00 to $218.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 10th. Finally, Zacks Investment Research upgraded General Dynamics from a “hold” rating to a “buy” rating and set a $171.00 price objective for the company in a research report on Monday, June 3rd. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and seven have given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $191.47.
In other General Dynamics news, Director William A. Osborn sold 1,500 shares of the company’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $182.56, for a total value of $273,840.00. Following the sale, the director now owns 37,585 shares of the company’s stock, valued at $6,861,517.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Mark Lagrand Burns bought 159 shares of the stock in a transaction on Friday, August 9th. The stock was purchased at an average cost of $179.56 per share, for a total transaction of $28,550.04. Following the acquisition, the vice president now directly owns 39,643 shares of the company’s stock, valued at approximately $7,118,297.08. The disclosure for this purchase can be found here. 7.10% of the stock is currently owned by corporate insiders.
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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