General Dynamics (NYSE:GD) Posts Earnings Results, Misses Expectations By $0.13 EPS

General Dynamics (NYSE:GD) posted its earnings results on Wednesday. The aerospace company reported $3.35 EPS for the quarter, missing analysts’ consensus estimates of $3.48 by ($0.13), Briefing.com reports. The company had revenue of $11.67 billion during the quarter, compared to the consensus estimate of $11.65 billion. General Dynamics had a return on equity of 16.74% and a net margin of 7.89%. The company’s revenue for the quarter was up 10.4% on a year-over-year basis. During the same period last year, the firm posted $3.04 EPS. General Dynamics updated its FY24 guidance to $14.00 EPS and its FY 2024 guidance to 14.000-14.000 EPS.

General Dynamics Price Performance

Shares of General Dynamics stock traded down $1.72 on Thursday, hitting $302.68. 265,440 shares of the company traded hands, compared to its average volume of 1,089,040. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.80 and a current ratio of 1.33. The business has a 50-day simple moving average of $300.17 and a 200 day simple moving average of $294.55. General Dynamics has a 52 week low of $236.58 and a 52 week high of $313.11. The stock has a market capitalization of $83.04 billion, a P/E ratio of 24.77, a price-to-earnings-growth ratio of 1.67 and a beta of 0.61.

General Dynamics Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Friday, October 11th will be issued a dividend of $1.42 per share. This represents a $5.68 dividend on an annualized basis and a yield of 1.88%. The ex-dividend date of this dividend is Friday, October 11th. General Dynamics’s dividend payout ratio (DPR) is currently 46.33%.

Insider Activity at General Dynamics

In other General Dynamics 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 value of $406,626.00. Following the sale, the director now owns 3,592 shares in the company, valued at $1,106,515.60. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.52% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of analysts recently commented on GD shares. Royal Bank of Canada upped their price objective on General Dynamics from $320.00 to $330.00 and gave the company an “outperform” rating in a research report on Thursday. Wells Fargo & Company increased their price objective on shares of General Dynamics from $317.00 to $322.00 and gave the stock an “equal weight” rating in a research note on Thursday. Barclays raised their price objective on shares of General Dynamics from $310.00 to $325.00 and gave the stock an “overweight” rating in a report on Tuesday, July 30th. Citigroup upped their target price on shares of General Dynamics from $331.00 to $354.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Finally, Deutsche Bank Aktiengesellschaft dropped their price target on shares of General Dynamics from $320.00 to $314.00 and set a “hold” rating on the stock in a research note on Thursday, October 3rd. Seven investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $321.06.

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.