Investment Management Corp of Ontario Increases Stake in General Dynamics Co. by 48.2%

Investment Management Corp of Ontario has increased its investment in General Dynamics Co. (NYSE:GD) by an impressive 48.2% during the third quarter of the year. This information was revealed in the firm's latest disclosure to the Securities & Exchange Commission. After acquiring an additional 2,500 shares, the firm now owns a total of 7,690 shares of the aerospace and defense company's stock, which is valued at approximately $2,324,000.

Several other institutions and hedge funds have also made moves in General Dynamics recently. For example, Itau Unibanco Holding S.A. established a new position in General Dynamics during the third quarter, valued at about $7,253,000. Similarly, HighTower Advisors LLC increased its holdings by 9.5%, ending the quarter with 250,705 shares worth $75,774,000 after purchasing an additional 21,805 shares.

Hilltop Holdings Inc. experienced a notable surge in its investment, growing its stake by a remarkable 702.4%. It now holds 16,698 shares valued at $5,046,000 after adding 14,617 shares to its portfolio in the last quarter.

Chevy Chase Trust Holdings LLC also raised its position in the stock by 11.3%, owning 139,657 shares valued at $42,204,000 after acquiring an additional 14,149 shares. In addition, ClearAlpha Technologies LP entered the fray, obtaining a new position in General Dynamics with a valuation of around $299,000. Institutional investors collectively own approximately 86.14% of General Dynamics' shares.

Analysts Update Price Targets

Recent reports from various equity analysts on General Dynamics (GD) have prompted them to revise their price targets. Susquehanna raised its price target from $333.00 to $352.00 and designated the stock as "positive" in a report issued on October 17th. Morgan Stanley upgraded General Dynamics from "equal weight" to "overweight," also elevating its target price from $293.00 to $345.00 on August 9th.

Furthermore, Barclays increased its price target for General Dynamics from $325.00 to $330.00, rating the stock as "overweight" on October 29th. TD Cowen upgraded the company to a "strong-buy" rating on October 8th. Wells Fargo & Company also adjusted its target price from $317.00 to $322.00 while maintaining an "equal weight" rating as of October 24th. The stock has received a mix of ratings, with seven analysts recommending a hold, eleven recommending a buy, and one suggesting a strong buy. According to MarketBeat, General Dynamics currently holds an average rating of "Moderate Buy" and has an average target price of $323.69.

General Dynamics Stock Overview

On Thursday, shares of General Dynamics opened at $277.66. The firm has a debt-to-equity ratio of 0.32 and a current ratio of 1.32. The stock's 50-day moving average stands at $296.50, while the 200-day moving average is $295.17. The company's market capitalization is approximately $76.35 billion, with a price-to-earnings ratio of 21.15 and a P/E/G ratio of 1.67. Over the past year, General Dynamics' stock has reached a low of $247.36 and a high of $316.90.

General Dynamics recently disclosed its earnings results for the quarter ended October 23rd. The company reported earnings per share (EPS) of $3.35, falling short of the anticipated $3.48 by $0.13. With revenue reaching $11.67 billion, it slightly surpassed analyst expectations of $11.65 billion. The company posted a net margin of 7.90% and a return on equity of 16.59%, showcasing a year-over-year revenue increase of 10.4% compared to the same quarter in the preceding year, when it earned $3.04 per share. Analysts forecast that General Dynamics will report an EPS of 13.98 for the current fiscal period.

Dividend and Share Buyback News

In addition, General Dynamics has announced the payment of a quarterly dividend, set for February 7th. Shareholders on record by January 17th will receive a dividend payout of $1.42 per share, equating to an annualized total of $5.68 and a yield of 2.05%. The company's current dividend payout ratio (DPR) is 43.26%.

Moreover, General Dynamics' Board of Directors has initiated a share repurchase program allowing for the buyback of up to 10,000,000 shares. This move is typically viewed positively, suggesting that the board believes the stock may be undervalued.

Insider Activity at General Dynamics

In related news, Vice President Christopher J. Brady sold 5,540 shares of General Dynamics on November 22nd, at an average price of $280.91, amassing a total of $1,556,241.40. Following this sale, Brady holds 20,296 shares, valued at approximately $5,701,349.36, marking a 21.44% decrease in his position. The details of this transaction have been filed with the SEC.

Additionally, Director Peter A. Wall executed a sale of 1,320 shares on September 16th at an average price of $308.05, resulting in a total consideration of $406,626.00. Post-sale, Wall now possesses 3,592 shares valued at about $1,106,515.60, representing a 26.87% decline in his holdings. Documentation for these transactions has also been submitted to the relevant authorities. Overall, company insiders own about 1.52% of General Dynamics' shares.

About General Dynamics Corporation

General Dynamics Corporation is a leading aerospace and defense enterprise that operates on a global scale. The company is structured into four primary segments: Aerospace, Marine Systems, Combat Systems, and Technologies. Within the Aerospace segment, General Dynamics is involved in the production and sale of business jets and provides various related services, including maintenance and repair, management, and fixed-base operator operations.

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