Hartford Investment Management Co. Decreases Stake in General Dynamics Co. (NYSE:GD)

Hartford Investment Management Co. cut its position in General Dynamics Co. (NYSE:GD) by 1.9% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 15,937 shares of the aerospace company’s stock after selling 308 shares during the period. Hartford Investment Management Co.’s holdings in General Dynamics were worth $4,199,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Creative Planning boosted its position in shares of General Dynamics by 4.2% during the 3rd quarter. Creative Planning now owns 46,948 shares of the aerospace company’s stock worth $14,188,000 after acquiring an additional 1,906 shares in the last quarter. Jamison Private Wealth Management Inc. increased its stake in General Dynamics by 11.9% in the third quarter. Jamison Private Wealth Management Inc. now owns 7,828 shares of the aerospace company’s stock valued at $2,366,000 after purchasing an additional 831 shares during the last quarter. Griffin Asset Management Inc. raised its holdings in General Dynamics by 1.1% during the third quarter. Griffin Asset Management Inc. now owns 6,707 shares of the aerospace company’s stock worth $2,027,000 after purchasing an additional 73 shares in the last quarter. McKinley Carter Wealth Services Inc. raised its stake in General Dynamics by 3.8% during the 3rd quarter. McKinley Carter Wealth Services Inc. now owns 7,171 shares of the aerospace company’s stock worth $2,167,000 after acquiring an additional 263 shares in the last quarter. Finally, Cornerstone Wealth Management LLC grew its holdings in shares of General Dynamics by 2.9% during the third quarter. Cornerstone Wealth Management LLC now owns 5,775 shares of the aerospace company’s stock worth $1,745,000 after purchasing an additional 162 shares during the last quarter. 86.14% of the stock is currently owned by institutional investors and hedge funds.

General Dynamics Stock Performance

Shares of GD stock opened at $251.26 on Thursday. The stock has a market cap of $69.09 billion, a PE ratio of 18.42, a P/E/G ratio of 1.61 and a beta of 0.61. General Dynamics Co. has a 1 year low of $247.01 and a 1 year high of $316.90. The stock has a fifty day moving average price of $263.66 and a 200 day moving average price of $285.08. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.82 and a current ratio of 1.37.

General Dynamics (NYSE:GD) last announced its quarterly earnings results on Wednesday, January 29th. The aerospace company reported $4.15 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.29 by ($0.14). General Dynamics had a net margin of 7.93% and a return on equity of 17.10%. Sell-side analysts forecast that General Dynamics Co. will post 14.84 earnings per share for the current fiscal year.

General Dynamics Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 7th. Stockholders of record on Friday, January 17th were given a $1.42 dividend. The ex-dividend date was Friday, January 17th. This represents a $5.68 annualized dividend and a dividend yield of 2.26%. General Dynamics’s dividend payout ratio is currently 41.64%.

General Dynamics declared that its Board of Directors has approved a stock repurchase program on Wednesday, December 4th that authorizes the company to buyback 10,000,000 shares. This buyback authorization authorizes the aerospace company to buy shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

Analyst Ratings Changes

A number of analysts recently issued reports on GD shares. Barclays decreased their target price on General Dynamics from $305.00 to $285.00 and set an “overweight” rating for the company in a research report on Tuesday, February 4th. JPMorgan Chase & Co. dropped their price objective on shares of General Dynamics from $307.00 to $284.00 and set an “overweight” rating on the stock in a research note on Thursday, January 30th. Robert W. Baird reissued a “neutral” rating and set a $283.00 price target (down previously from $345.00) on shares of General Dynamics in a report on Tuesday, January 14th. Baird R W downgraded General Dynamics from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 14th. Finally, UBS Group lowered their price objective on shares of General Dynamics from $337.00 to $281.00 and set a “neutral” rating on the stock in a research report on Tuesday, January 28th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $298.59.

Insider Activity at General Dynamics

In related news, Director Laura J. Schumacher sold 1,796 shares of the company’s stock in a transaction 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 transaction, the director now directly owns 11,175 shares in the company, valued at approximately $2,857,224. This represents a 13.85 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Christopher J. Brady sold 5,540 shares of the firm’s stock in a transaction dated 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 completion of the sale, the vice president now directly owns 20,296 shares in the company, valued at approximately $5,701,349.36. The trade was a 21.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate 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.