Kornitzer Capital Management Inc. KS Sells 1,972 Shares of General Dynamics Corporation $GD

Kornitzer Capital Management Inc. KS decreased its position in shares of General Dynamics Corporation (NYSE:GD) by 1.8% in the third quarter, HoldingsChannel reports. The fund owned 109,541 shares of the aerospace company’s stock after selling 1,972 shares during the quarter. General Dynamics makes up 0.8% of Kornitzer Capital Management Inc. KS’s portfolio, making the stock its 29th largest position. Kornitzer Capital Management Inc. KS’s holdings in General Dynamics were worth $37,353,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Halbert Hargrove Global Advisors LLC purchased a new stake in shares of General Dynamics during the 3rd quarter valued at $26,000. Louisbourg Investments Inc. acquired a new stake in General Dynamics in the third quarter worth about $27,000. Vermillion & White Wealth Management Group LLC grew its stake in shares of General Dynamics by 80.3% during the second quarter. Vermillion & White Wealth Management Group LLC now owns 110 shares of the aerospace company’s stock worth $32,000 after acquiring an additional 49 shares during the last quarter. NewSquare Capital LLC raised its position in shares of General Dynamics by 64.7% in the 2nd quarter. NewSquare Capital LLC now owns 112 shares of the aerospace company’s stock valued at $33,000 after purchasing an additional 44 shares during the last quarter. Finally, Financial Consulate Inc. purchased a new position in shares of General Dynamics in the 3rd quarter valued at approximately $40,000. 86.14% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, VP David Paddock sold 20,360 shares of General Dynamics stock in a transaction dated Wednesday, December 17th. The shares were sold at an average price of $334.92, for a total value of $6,818,971.20. Following the sale, the vice president owned 36,644 shares in the company, valued at $12,272,808.48. This trade represents a 35.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 1.50% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. TD Cowen raised their price target on shares of General Dynamics from $370.00 to $390.00 and gave the stock a “buy” rating in a report on Wednesday, January 14th. The Goldman Sachs Group boosted their price target on General Dynamics from $280.00 to $293.00 and gave the company a “sell” rating in a research note on Friday, October 10th. BNP Paribas Exane lifted their target price on General Dynamics from $410.00 to $420.00 and gave the stock an “outperform” rating in a report on Thursday, January 8th. Wolfe Research increased their price target on shares of General Dynamics from $400.00 to $415.00 and gave the stock an “outperform” rating in a report on Monday, January 12th. Finally, Bank of America lifted their price objective on shares of General Dynamics from $370.00 to $400.00 and gave the company a “buy” rating in a research note on Tuesday, October 28th. One analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, General Dynamics has a consensus rating of “Moderate Buy” and an average target price of $366.70.

General Dynamics Stock Up 0.1%

Shares of GD stock opened at $363.61 on Tuesday. The company has a current ratio of 1.40, a quick ratio of 0.87 and a debt-to-equity ratio of 0.29. The stock has a 50 day moving average of $346.58 and a 200 day moving average of $333.71. General Dynamics Corporation has a twelve month low of $239.20 and a twelve month high of $369.70. The stock has a market cap of $98.22 billion, a P/E ratio of 23.56, a P/E/G ratio of 1.79 and a beta of 0.41.

General Dynamics (NYSE:GD) last posted its earnings results on Friday, October 24th. The aerospace company reported $3.88 EPS for the quarter, beating analysts’ consensus estimates of $3.69 by $0.19. The firm had revenue of $12.91 billion for the quarter, compared to analysts’ expectations of $12.49 billion. General Dynamics had a return on equity of 18.27% and a net margin of 8.18%.The company’s quarterly revenue was up 10.6% on a year-over-year basis. During the same period last year, the firm earned $3.35 EPS. As a group, sell-side analysts expect that General Dynamics Corporation will post 14.83 EPS for the current year.

General Dynamics Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, February 6th. Investors of record on Friday, January 16th will be paid a $1.50 dividend. The ex-dividend date of this dividend is Friday, January 16th. This represents a $6.00 dividend on an annualized basis and a yield of 1.7%. General Dynamics’s dividend payout ratio (DPR) is currently 38.89%.

About General Dynamics

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.