General Dynamics (NYSE:GD) Issues FY 2024 Earnings Guidance

General Dynamics (NYSE:GD) updated its FY 2024 earnings guidance on Friday. The company provided earnings per share guidance of 14.400-14.500 for the period, compared to the consensus earnings per share estimate of 14.510. The company issued revenue guidance of $47.8 billion-$48.2 billion, compared to the consensus revenue estimate of $47.7 billion.

General Dynamics Price Performance

Shares of General Dynamics stock traded down $0.58 on Friday, reaching $290.40. The company’s stock had a trading volume of 1,079,838 shares, compared to its average volume of 1,187,075. General Dynamics has a 52-week low of $214.53 and a 52-week high of $302.75. The company has a market capitalization of $79.80 billion, a P/E ratio of 23.69, a PEG ratio of 1.66 and a beta of 0.60. The company has a quick ratio of 0.87, a current ratio of 1.33 and a debt-to-equity ratio of 0.33. The stock has a 50-day moving average price of $292.65 and a 200-day moving average price of $282.38.

General Dynamics (NYSE:GD) last posted its quarterly earnings data on Wednesday, July 24th. The aerospace company reported $3.26 earnings per share for the quarter, missing analysts’ consensus estimates of $3.30 by ($0.04). General Dynamics had a return on equity of 16.74% and a net margin of 7.89%. The company had revenue of $11.98 billion for the quarter, compared to analyst estimates of $11.46 billion. During the same quarter in the prior year, the company posted $2.70 earnings per share. The business’s revenue was up 18.0% on a year-over-year basis. Analysts expect that General Dynamics will post 14.51 EPS for the current year.

General Dynamics Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 9th. Shareholders of record on Friday, July 5th will be paid a dividend of $1.42 per share. The ex-dividend date is Friday, July 5th. This represents a $5.68 annualized dividend and a yield of 1.96%. General Dynamics’s dividend payout ratio (DPR) is currently 46.33%.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. Jefferies Financial Group upgraded General Dynamics from a hold rating to a buy rating and boosted their price target for the stock from $305.00 to $335.00 in a research report on Monday, April 29th. StockNews.com downgraded shares of General Dynamics from a strong-buy rating to a buy rating in a research note on Friday, May 3rd. Barclays upped their price target on General Dynamics from $285.00 to $310.00 and gave the company an overweight rating in a research report on Monday, April 15th. Royal Bank of Canada reiterated an outperform rating and issued a $320.00 target price on shares of General Dynamics in a report on Thursday. Finally, Sanford C. Bernstein raised their price objective on General Dynamics from $290.00 to $302.00 and gave the stock a market perform rating in a research report on Thursday, May 23rd. Six research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, General Dynamics presently has a consensus rating of Moderate Buy and a consensus price target of $311.33.

Insider Buying and Selling

In other General Dynamics news, Director Leon Rudy F. De sold 2,570 shares of General Dynamics stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $288.00, for a total transaction of $740,160.00. Following the completion of the sale, the director now directly owns 5,518 shares of the company’s stock, valued at approximately $1,589,184. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, CFO Kimberly A. Kuryea sold 13,344 shares of General Dynamics stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $298.16, for a total transaction of $3,978,647.04. Following the sale, the chief financial officer now directly owns 79,255 shares in the company, valued at approximately $23,630,670.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Leon Rudy F. De sold 2,570 shares of the company’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $288.00, for a total transaction of $740,160.00. Following the completion of the transaction, the director now owns 5,518 shares of the company’s stock, valued at approximately $1,589,184. The disclosure for this sale can be found here. Over the last quarter, insiders sold 68,636 shares of company stock worth $20,209,317. Corporate insiders own 1.52% of the company’s stock.

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.