Seaport Res Ptn Comments on General Dynamics Co.’s Q1 2024 Earnings (NYSE:GD)

General Dynamics Co. (NYSE:GD) – Stock analysts at Seaport Res Ptn cut their Q1 2024 earnings per share (EPS) estimates for General Dynamics in a report released on Monday, April 22nd. Seaport Res Ptn analyst R. Safran now expects that the aerospace company will post earnings of $2.77 per share for the quarter, down from their prior forecast of $3.23. The consensus estimate for General Dynamics’ current full-year earnings is $14.57 per share. Seaport Res Ptn also issued estimates for General Dynamics’ Q2 2024 earnings at $3.46 EPS and Q4 2024 earnings at $4.47 EPS.

General Dynamics (NYSE:GD) last released its quarterly earnings results on Wednesday, January 24th. The aerospace company reported $3.64 earnings per share for the quarter, missing analysts’ consensus estimates of $3.68 by ($0.04). The company had revenue of $11.67 billion during the quarter, compared to analyst estimates of $11.39 billion. General Dynamics had a return on equity of 16.61% and a net margin of 7.84%. The business’s revenue was up 7.5% compared to the same quarter last year. During the same period last year, the firm earned $3.58 earnings per share.

Several other equities analysts have also commented on the company. Wells Fargo & Company upped their target price on General Dynamics from $291.00 to $322.00 and gave the company an “overweight” rating in a research note on Thursday, April 4th. Alembic Global Advisors lowered General Dynamics from an “overweight” rating to a “neutral” rating and set a $296.00 target price for the company. in a research note on Monday, January 29th. UBS Group upped their target price on General Dynamics from $286.00 to $296.00 and gave the company a “neutral” rating in a research note on Monday, January 29th. Royal Bank of Canada boosted their price target on General Dynamics from $300.00 to $325.00 and gave the company an “outperform” rating in a research report on Tuesday, April 2nd. Finally, Susquehanna boosted their price target on General Dynamics from $301.00 to $333.00 and gave the company a “positive” rating in a research report on Friday, April 12th. Four research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $283.80.

General Dynamics Stock Performance

General Dynamics stock opened at $292.70 on Wednesday. The firm has a market capitalization of $80.31 billion, a P/E ratio of 24.35, a PEG ratio of 1.83 and a beta of 0.68. The stock has a fifty day moving average price of $280.02 and a 200 day moving average price of $261.08. General Dynamics has a 52 week low of $202.35 and a 52 week high of $296.50. The company has a current ratio of 1.44, a quick ratio of 0.92 and a debt-to-equity ratio of 0.41.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of GD. Vanguard Group Inc. raised its stake in General Dynamics by 0.6% during the third quarter. Vanguard Group Inc. now owns 22,423,961 shares of the aerospace company’s stock valued at $4,955,023,000 after buying an additional 133,061 shares in the last quarter. Wellington Management Group LLP raised its stake in General Dynamics by 12.0% during the third quarter. Wellington Management Group LLP now owns 16,360,526 shares of the aerospace company’s stock valued at $3,615,185,000 after buying an additional 1,755,276 shares in the last quarter. Sanders Capital LLC raised its stake in General Dynamics by 3.7% during the fourth quarter. Sanders Capital LLC now owns 4,164,857 shares of the aerospace company’s stock valued at $1,081,488,000 after buying an additional 147,800 shares in the last quarter. Norges Bank acquired a new stake in General Dynamics during the fourth quarter valued at approximately $728,284,000. Finally, FMR LLC raised its stake in General Dynamics by 13.7% during the third quarter. FMR LLC now owns 2,293,269 shares of the aerospace company’s stock valued at $506,744,000 after buying an additional 275,947 shares in the last quarter. Institutional investors and hedge funds own 86.14% of the company’s stock.

Insider Transactions at General Dynamics

In other news, EVP Mark C. Roualet sold 73,330 shares of the company’s stock in a transaction dated Friday, January 26th. The stock was sold at an average price of $264.75, for a total value of $19,414,117.50. Following the completion of the sale, the executive vice president now owns 149,205 shares of the company’s stock, valued at $39,502,023.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, EVP Mark C. Roualet sold 73,330 shares of the business’s stock in a transaction dated Friday, January 26th. The stock was sold at an average price of $264.75, for a total value of $19,414,117.50. Following the transaction, the executive vice president now owns 149,205 shares in the company, valued at $39,502,023.75. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Phebe N. Novakovic sold 32,355 shares of the business’s stock in a transaction dated Monday, January 29th. The stock was sold at an average price of $264.31, for a total value of $8,551,750.05. Following the completion of the transaction, the chief executive officer now owns 773,977 shares in the company, valued at approximately $204,569,860.87. The disclosure for this sale can be found here. Company insiders own 1.60% of the company’s stock.

General Dynamics Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, May 10th. Stockholders of record on Friday, April 12th will be given a $1.42 dividend. This is an increase from General Dynamics’s previous quarterly dividend of $1.32. The ex-dividend date is Thursday, April 11th. This represents a $5.68 annualized dividend and a dividend yield of 1.94%. General Dynamics’s dividend payout ratio is presently 47.25%.

General Dynamics Company 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.