Texas Permanent School Fund Corp Reduces Stock Position in General Dynamics Co. (NYSE:GD)

Texas Permanent School Fund Corp trimmed its holdings in General Dynamics Co. (NYSE:GD - Free Report) by 20.0% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 37,535 shares of the aerospace company's stock after selling 9,399 shares during the quarter. Texas Permanent School Fund Corp's holdings in General Dynamics were worth $10,890,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the stock. Richardson Financial Services Inc. purchased a new stake in shares of General Dynamics in the 4th quarter valued at about $25,000. Redmont Wealth Advisors LLC purchased a new stake in General Dynamics in the first quarter valued at approximately $25,000. Financial Synergies Wealth Advisors Inc. acquired a new stake in shares of General Dynamics in the first quarter valued at approximately $29,000. New Covenant Trust Company N.A. acquired a new position in shares of General Dynamics in the 1st quarter valued at $29,000. Finally, American Capital Advisory LLC purchased a new stake in General Dynamics in the 2nd quarter valued at $29,000. 86.14% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on GD shares. Barclays boosted their price target on General Dynamics from $310.00 to $325.00 and gave the company an "overweight" rating in a research report on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft restated a "hold" rating on shares of General Dynamics in a research note on Monday, July 29th. Royal Bank of Canada reissued an "outperform" rating and issued a $320.00 price objective on shares of General Dynamics in a research note on Thursday, July 25th. BTIG Research began coverage on shares of General Dynamics in a research note on Wednesday, June 26th. They issued a "buy" rating and a $345.00 target price for the company. Finally, Morgan Stanley upgraded shares of General Dynamics from an "equal weight" rating to an "overweight" rating and boosted their price target for the stock from $293.00 to $345.00 in a research note on Friday, August 9th. Six equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $315.06.

General Dynamics Trading Up 0.3 %

Shares of NYSE:GD traded up $0.88 during trading on Tuesday, reaching $302.44. The stock had a trading volume of 1,040,449 shares, compared to its average volume of 1,068,216. The stock has a market cap of $83.10 billion, a P/E ratio of 24.67, a PEG ratio of 1.60 and a beta of 0.61. The company has a quick ratio of 0.80, a current ratio of 1.33 and a debt-to-equity ratio of 0.33. General Dynamics Co. has a fifty-two week low of $214.53 and a fifty-two week high of $306.51. The business has a fifty day moving average price of $291.40 and a 200-day moving average price of $289.50.

General Dynamics (NYSE:GD - Get Free Report) last released its quarterly earnings data on Wednesday, July 24th. The aerospace company reported $3.26 EPS for the quarter, missing analysts' consensus estimates of $3.30 by ($0.04). The firm had revenue of $11.98 billion for the quarter, compared to analyst estimates of $11.46 billion. General Dynamics had a return on equity of 16.74% and a net margin of 7.89%. The company's quarterly revenue was up 18.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.70 earnings per share. As a group, analysts anticipate that General Dynamics Co. will post 14.52 earnings per share for the current fiscal year.

General Dynamics Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Friday, October 11th will be given a $1.42 dividend. This represents a $5.68 annualized dividend and a dividend yield of 1.88%. The ex-dividend date of this dividend is Friday, October 11th. General Dynamics's payout ratio is 46.33%.

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.