General Dynamics (NYSE:GD) Issues Quarterly Earnings Results, Misses Estimates By $0.04 EPS

General Dynamics (NYSE:GD) issued its quarterly earnings data on Wednesday. The aerospace company reported $3.26 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.30 by ($0.04), Briefing.com reports. General Dynamics had a return on equity of 16.74% and a net margin of 7.89%. The firm had revenue of $11.98 billion during the quarter, compared to the consensus estimate of $11.46 billion. During the same period in the previous year, the company posted $2.70 earnings per share. The company’s revenue for the quarter was up 18.0% on a year-over-year basis. General Dynamics updated its FY24 guidance to $14.40-14.50 EPS.

General Dynamics Stock Performance

Shares of NYSE GD opened at $290.40 on Friday. The stock’s 50-day moving average is $292.65 and its 200 day moving average is $282.16. The stock has a market cap of $79.80 billion, a price-to-earnings ratio of 23.69, a P/E/G ratio of 1.67 and a beta of 0.60. General Dynamics has a 1-year low of $214.53 and a 1-year high of $302.75. The company has a current ratio of 1.33, a quick ratio of 0.87 and a debt-to-equity ratio of 0.33.

General Dynamics Announces Dividend

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

Insiders Place Their Bets

In other news, VP Gregory S. Gallopoulos sold 13,567 shares of the business’s stock in a transaction that occurred on Monday, April 29th. The shares were sold at an average price of $288.51, for a total value of $3,914,215.17. Following the completion of the sale, the vice president now directly owns 103,345 shares in the company, valued at approximately $29,816,065.95. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other General Dynamics news, VP Gregory S. Gallopoulos sold 13,567 shares of General Dynamics stock in a transaction that occurred on Monday, April 29th. The stock was sold at an average price of $288.51, for a total value of $3,914,215.17. Following the transaction, the vice president now directly owns 103,345 shares of the company’s stock, valued at approximately $29,816,065.95. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Leon Rudy F. De sold 2,570 shares of General Dynamics stock in a transaction on 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 transaction, the director now directly owns 5,518 shares in the company, valued at $1,589,184. The disclosure for this sale can be found here. Insiders sold a total of 68,636 shares of company stock valued at $20,209,317 over the last quarter. 1.52% of the stock is owned by corporate insiders.

Analyst Ratings Changes

GD has been the topic of several research analyst reports. The Goldman Sachs Group boosted their price objective on General Dynamics from $253.00 to $284.00 and gave the stock a “neutral” rating in a research report on Tuesday, April 16th. StockNews.com lowered General Dynamics from a “strong-buy” rating to a “buy” rating in a research note on Friday, May 3rd. Wells Fargo & Company increased their price target on General Dynamics from $330.00 to $334.00 and gave the stock an “overweight” rating in a research note on Thursday. Deutsche Bank Aktiengesellschaft lowered their price objective on General Dynamics from $324.00 to $320.00 and set a “buy” rating on the stock in a research note on Thursday. Finally, Morgan Stanley lifted their target price on shares of General Dynamics from $271.00 to $293.00 and gave the stock an “equal weight” rating in a research note on Monday, July 15th. Six research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, General Dynamics currently has an average rating of “Moderate Buy” and an average target price of $311.33.

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.