CIBC Asset Management Inc Boosts Stock Position in General Dynamics Co. (NYSE:GD)

CIBC Asset Management Inc raised its position in General Dynamics Co. (NYSE:GD - Free Report) by 10.9% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 56,517 shares of the aerospace company's stock after purchasing an additional 5,536 shares during the period. CIBC Asset Management Inc's holdings in General Dynamics were worth $17,069,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Intellectus Partners LLC bought a new stake in General Dynamics during the third quarter valued at $695,000. Balboa Wealth Partners purchased a new stake in shares of General Dynamics in the 3rd quarter valued at about $212,000. ING Groep NV boosted its position in shares of General Dynamics by 12.7% during the 3rd quarter. ING Groep NV now owns 34,489 shares of the aerospace company's stock valued at $10,423,000 after acquiring an additional 3,895 shares during the last quarter. Lummis Asset Management LP increased its position in shares of General Dynamics by 32.6% in the third quarter. Lummis Asset Management LP now owns 10,368 shares of the aerospace company's stock worth $3,133,000 after purchasing an additional 2,551 shares during the last quarter. Finally, Tokio Marine Asset Management Co. Ltd. raised its stake in General Dynamics by 3.2% in the third quarter. Tokio Marine Asset Management Co. Ltd. now owns 5,922 shares of the aerospace company's stock valued at $1,790,000 after purchasing an additional 184 shares in the last quarter. 86.14% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at General Dynamics

In other news, Director Peter A. Wall sold 1,320 shares of the business's stock in a transaction on Monday, September 16th. The shares were sold at an average price of $308.05, for a total transaction of $406,626.00. Following the sale, the director now owns 3,592 shares in the company, valued at approximately $1,106,515.60. The trade was a 26.87 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 1.52% of the stock is currently owned by corporate insiders.

General Dynamics Trading Down 1.5 %

Shares of GD stock traded down $4.43 during trading hours on Friday, reaching $287.99. The company's stock had a trading volume of 1,997,358 shares, compared to its average volume of 1,100,860. The company has a current ratio of 1.32, a quick ratio of 0.80 and a debt-to-equity ratio of 0.32. The stock has a market capitalization of $79.19 billion, a P/E ratio of 21.93, a P/E/G ratio of 1.90 and a beta of 0.61. The firm's fifty day simple moving average is $302.45 and its 200 day simple moving average is $296.21. General Dynamics Co. has a one year low of $243.87 and a one year high of $316.90.

General Dynamics (NYSE:GD - Get Free Report) 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). General Dynamics had a return on equity of 16.59% and a net margin of 7.90%. The company had revenue of $11.67 billion during the quarter, compared to analysts' expectations of $11.65 billion. During the same quarter last year, the business earned $3.04 earnings per share. The business's quarterly revenue was up 10.4% on a year-over-year basis. Equities research analysts expect that General Dynamics Co. will post 13.97 EPS for the current year.

Analysts Set New Price Targets

GD has been the topic of a number of research analyst reports. Morgan Stanley raised shares of General Dynamics from an "equal weight" rating to an "overweight" rating and increased their price target for the stock from $293.00 to $345.00 in a report on Friday, August 9th. Citigroup lifted their price target on General Dynamics from $331.00 to $354.00 and gave the stock a "buy" rating in a research note on Thursday, October 10th. Barclays raised their price objective on General Dynamics from $325.00 to $330.00 and gave the company an "overweight" rating in a report on Tuesday, October 29th. Sanford C. Bernstein cut their target price on General Dynamics from $343.00 to $331.00 and set a "market perform" rating for the company in a research note on Thursday, October 24th. Finally, Seaport Res Ptn lowered shares of General Dynamics from a "strong-buy" rating to a "hold" rating in a report on Friday, October 11th. Seven research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, General Dynamics currently has an average rating of "Moderate Buy" and a consensus price target of $323.69.

General Dynamics Profile

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.