Granite Group Advisors LLC Lowers Stake in General Dynamics Co. (NYSE:GD)

Granite Group Advisors LLC cut its stake in General Dynamics Co. (NYSE:GD) by 2.6% during the third quarter, HoldingsChannel reports. The fund owned 3,935 shares of the aerospace company’s stock after selling 107 shares during the quarter. General Dynamics comprises about 0.8% of Granite Group Advisors LLC’s holdings, making the stock its 28th largest position. Granite Group Advisors LLC’s holdings in General Dynamics were worth $1,189,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in GD. International Assets Investment Management LLC lifted its position in shares of General Dynamics by 40,389.3% during the third quarter. International Assets Investment Management LLC now owns 1,379,472 shares of the aerospace company’s stock valued at $416,876,000 after buying an additional 1,376,065 shares during the last quarter. 1832 Asset Management L.P. lifted its position in General Dynamics by 2,189.3% during the second quarter. 1832 Asset Management L.P. now owns 374,207 shares of the aerospace company’s stock valued at $108,572,000 after acquiring an additional 357,861 shares during the last quarter. Public Employees Retirement Association of Colorado boosted its stake in General Dynamics by 879.9% in the first quarter. Public Employees Retirement Association of Colorado now owns 340,359 shares of the aerospace company’s stock valued at $96,148,000 after acquiring an additional 305,624 shares in the last quarter. Massachusetts Financial Services Co. MA grew its holdings in General Dynamics by 4.0% in the second quarter. Massachusetts Financial Services Co. MA now owns 7,639,758 shares of the aerospace company’s stock worth $2,216,599,000 after purchasing an additional 293,316 shares during the last quarter. Finally, Hsbc Holdings PLC increased its position in shares of General Dynamics by 24.2% during the second quarter. Hsbc Holdings PLC now owns 1,347,247 shares of the aerospace company’s stock worth $391,119,000 after purchasing an additional 262,164 shares in the last quarter. 86.14% of the stock is owned by institutional investors.

General Dynamics Price Performance

Shares of NYSE:GD traded up $2.24 during trading on Friday, reaching $308.24. 49,311 shares of the company’s stock traded hands, compared to its average volume of 1,092,395. The company has a quick ratio of 0.80, a current ratio of 1.32 and a debt-to-equity ratio of 0.32. General Dynamics Co. has a fifty-two week low of $238.31 and a fifty-two week high of $313.11. The company has a 50-day simple moving average of $301.25 and a 200-day simple moving average of $295.38. The firm has a market cap of $84.76 billion, a PE ratio of 23.31, a P/E/G ratio of 1.78 and a beta of 0.61.

General Dynamics (NYSE:GD) last issued its quarterly earnings data on Wednesday, October 23rd. The aerospace company reported $3.35 EPS for the quarter, missing the consensus estimate of $3.48 by ($0.13). The business had revenue of $11.67 billion during the quarter, compared to analyst estimates of $11.65 billion. General Dynamics had a net margin of 7.90% and a return on equity of 16.59%. The firm’s revenue for the quarter was up 10.4% on a year-over-year basis. During the same period in the previous year, the business posted $3.04 earnings per share. As a group, analysts predict that General Dynamics Co. will post 13.97 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on GD. Citigroup boosted their target price on General Dynamics from $331.00 to $354.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. Morgan Stanley raised shares of General Dynamics from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $293.00 to $345.00 in a research report on Friday, August 9th. Royal Bank of Canada boosted their target price on shares of General Dynamics from $320.00 to $330.00 and gave the stock an “outperform” rating in a research report on Thursday, October 24th. Barclays raised their price target on shares of General Dynamics from $325.00 to $330.00 and gave the stock an “overweight” rating in a report on Tuesday, October 29th. Finally, Deutsche Bank Aktiengesellschaft dropped their price objective on shares of General Dynamics from $309.00 to $306.00 and set a “hold” rating on the stock in a report on Friday, November 1st. Seven analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $323.69.

Insider Buying and Selling

In related news, Director Peter A. Wall sold 1,320 shares of the company’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $308.05, for a total transaction of $406,626.00. Following the completion of the transaction, the director now owns 3,592 shares in the company, valued at $1,106,515.60. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.60% of the stock is owned by insiders.

About General Dynamics

General Dynamics Corporation operates as an aerospace and defense company worldwide. It operates through four segments: Aerospace, Marine Systems, Combat Systems, and Technologies. The Aerospace segment produces and sells business jets; and offers aircraft maintenance and repair, management, aircraft-on-ground support and completion, charter, staffing, and fixed-base operator services.