Conning Inc. Grows Position in General Dynamics Co. (NYSE:GD)

Conning Inc. raised its position in General Dynamics Co. (NYSE:GD) by 5.4% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 132,922 shares of the aerospace company’s stock after purchasing an additional 6,848 shares during the quarter. Conning Inc.’s holdings in General Dynamics were worth $35,024,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Fifth Third Wealth Advisors LLC raised its holdings in shares of General Dynamics by 67.6% in the 3rd quarter. Fifth Third Wealth Advisors LLC now owns 8,546 shares of the aerospace company’s stock worth $2,583,000 after purchasing an additional 3,448 shares during the period. Olstein Capital Management L.P. raised its holdings in shares of General Dynamics by 36.4% in the 3rd quarter. Olstein Capital Management L.P. now owns 15,000 shares of the aerospace company’s stock worth $4,533,000 after purchasing an additional 4,000 shares during the period. Oppenheimer & Co. Inc. raised its holdings in shares of General Dynamics by 10.0% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 37,074 shares of the aerospace company’s stock worth $11,204,000 after purchasing an additional 3,363 shares during the period. Wealth Enhancement Advisory Services LLC raised its holdings in shares of General Dynamics by 69.1% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 261,992 shares of the aerospace company’s stock worth $69,032,000 after purchasing an additional 107,095 shares during the period. Finally, Lummis Asset Management LP raised its holdings in shares of General Dynamics by 32.6% in the 3rd 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 period. 86.14% of the stock is currently owned by hedge funds and other institutional investors.

General Dynamics Price Performance

Shares of GD opened at $254.84 on Friday. The firm has a market cap of $70.07 billion, a price-to-earnings ratio of 18.68, a PEG ratio of 1.46 and a beta of 0.61. The stock has a 50 day moving average of $265.06 and a 200-day moving average of $285.87. The company has a current ratio of 1.37, a quick ratio of 0.82 and a debt-to-equity ratio of 0.33. General Dynamics Co. has a 52 week low of $247.01 and a 52 week high of $316.90.

General Dynamics (NYSE:GD) last issued its earnings results on Wednesday, January 29th. The aerospace company reported $4.15 EPS for the quarter, missing the consensus estimate of $4.29 by ($0.14). General Dynamics had a return on equity of 17.10% and a net margin of 7.93%. As a group, analysts forecast that General Dynamics Co. will post 14.88 EPS for the current year.

General Dynamics Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, February 7th. Investors of record on Friday, January 17th were issued a $1.42 dividend. This represents a $5.68 annualized dividend and a dividend yield of 2.23%. The ex-dividend date was Friday, January 17th. General Dynamics’s dividend payout ratio (DPR) is 41.64%.

General Dynamics announced that its Board of Directors has authorized a stock repurchase plan on Wednesday, December 4th that allows the company to buyback 10,000,000 outstanding shares. This buyback authorization allows the aerospace company to buy shares of its stock through open market purchases. Shares buyback plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Analysts Set New Price Targets

GD has been the subject of a number of recent research reports. Citigroup increased their target price on General Dynamics from $354.00 to $360.00 and gave the company a “buy” rating in a research note on Tuesday, January 21st. The Goldman Sachs Group lowered their target price on General Dynamics from $245.00 to $241.00 and set a “sell” rating for the company in a research note on Tuesday, January 28th. JPMorgan Chase & Co. lowered their target price on General Dynamics from $307.00 to $284.00 and set an “overweight” rating for the company in a research note on Thursday, January 30th. Jefferies Financial Group reiterated a “hold” rating and issued a $300.00 target price (down previously from $345.00) on shares of General Dynamics in a research note on Thursday, December 12th. Finally, Deutsche Bank Aktiengesellschaft lowered their target price on General Dynamics from $303.00 to $295.00 and set a “hold” rating for the company in a research note on Thursday, January 2nd. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $300.06.

Insider Buying and Selling

In related news, VP Christopher J. Brady sold 5,540 shares of the firm’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $280.91, for a total value of $1,556,241.40. Following the sale, the vice president now owns 20,296 shares of the company’s stock, valued at approximately $5,701,349.36. This trade represents a 21.44 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Laura J. Schumacher sold 1,796 shares of the firm’s stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $255.68, for a total value of $459,201.28. Following the completion of the sale, the director now directly owns 11,175 shares in the company, valued at approximately $2,857,224. This trade represents a 13.85 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.52% of the company’s stock.

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.