Pinnacle Associates Ltd. Has $12.58 Million Holdings in General Dynamics Co. (NYSE:GD)

Pinnacle Associates Ltd. trimmed its holdings in shares of General Dynamics Co. (NYSE:GD) by 0.8% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 41,621 shares of the aerospace company’s stock after selling 337 shares during the period. Pinnacle Associates Ltd.’s holdings in General Dynamics were worth $12,578,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of GD. MFA Wealth Advisors LLC boosted its stake in shares of General Dynamics by 241.7% during the 3rd quarter. MFA Wealth Advisors LLC now owns 82 shares of the aerospace company’s stock worth $25,000 after buying an additional 58 shares during the last quarter. New Covenant Trust Company N.A. bought a new stake in shares of General Dynamics in the 1st quarter valued at about $29,000. American Capital Advisory LLC bought a new stake in shares of General Dynamics in the 2nd quarter valued at about $29,000. Lowe Wealth Advisors LLC bought a new stake in shares of General Dynamics in the 3rd quarter valued at about $30,000. Finally, Beacon Capital Management LLC raised its holdings in shares of General Dynamics by 1,144.4% in the 1st quarter. Beacon Capital Management LLC now owns 112 shares of the aerospace company’s stock valued at $32,000 after purchasing an additional 103 shares during the period. 86.14% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director Peter A. Wall sold 1,320 shares of the stock in a transaction that occurred 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. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 1.52% of the stock is currently owned by company insiders.

General Dynamics Stock Down 0.1 %

Shares of GD opened at $301.37 on Thursday. General Dynamics Co. has a 12 month low of $237.50 and a 12 month high of $313.11. The firm’s 50 day moving average is $300.83 and its 200-day moving average is $295.00. The stock has a market capitalization of $82.87 billion, a PE ratio of 24.58, a P/E/G ratio of 1.72 and a beta of 0.61. The company has a current ratio of 1.33, a quick ratio of 0.80 and a debt-to-equity ratio of 0.33.

General Dynamics (NYSE:GD) last posted its quarterly earnings results on Wednesday, October 23rd. The aerospace company reported $3.35 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.48 by ($0.13). The firm had revenue of $11.67 billion for the quarter, compared to analyst estimates of $11.65 billion. General Dynamics had a return on equity of 16.74% and a net margin of 7.89%. The business’s revenue was up 10.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $3.04 EPS. Equities research analysts forecast that General Dynamics Co. will post 14.27 EPS for the current year.

General Dynamics Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Friday, October 11th will be given a dividend of $1.42 per share. The ex-dividend date is Friday, October 11th. This represents a $5.68 annualized dividend and a dividend yield of 1.88%. General Dynamics’s dividend payout ratio is 46.33%.

Analysts Set New Price Targets

GD has been the topic of a number of research analyst reports. Seaport Res Ptn cut shares of General Dynamics from a “strong-buy” rating to a “hold” rating in a report on Friday, October 11th. Royal Bank of Canada upped their target price on shares of General Dynamics from $320.00 to $330.00 and gave the company an “outperform” rating in a report on Thursday, October 24th. Wells Fargo & Company increased their price target on shares of General Dynamics from $317.00 to $322.00 and gave the company an “equal weight” rating in a report on Thursday, October 24th. Sanford C. Bernstein lowered their price target on shares of General Dynamics from $343.00 to $331.00 and set a “market perform” rating on the stock in a report on Thursday, October 24th. Finally, Citigroup increased their price target 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. Seven research 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 an average rating of “Moderate Buy” and a consensus target price of $324.19.

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.