Miracle Mile Advisors LLC Buys 523 Shares of General Dynamics Co. (NYSE:GD)

Miracle Mile Advisors LLC lifted its stake in General Dynamics Co. (NYSE:GD) by 26.6% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 2,486 shares of the aerospace company’s stock after acquiring an additional 523 shares during the period. Miracle Mile Advisors LLC’s holdings in General Dynamics were worth $751,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in GD. Massachusetts Financial Services Co. MA grew its position in shares of General Dynamics by 4.0% in the second quarter. Massachusetts Financial Services Co. MA now owns 7,639,758 shares of the aerospace company’s stock valued at $2,216,599,000 after purchasing an additional 293,316 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in General Dynamics by 2.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 4,782,612 shares of the aerospace company’s stock valued at $1,351,041,000 after buying an additional 115,063 shares during the last quarter. Ameriprise Financial Inc. increased its position in General Dynamics by 2.4% in the 2nd quarter. Ameriprise Financial Inc. now owns 2,071,803 shares of the aerospace company’s stock worth $601,756,000 after buying an additional 47,915 shares during the period. Boston Partners boosted its position in shares of General Dynamics by 1.4% in the first quarter. Boston Partners now owns 1,680,666 shares of the aerospace company’s stock valued at $474,927,000 after acquiring an additional 23,262 shares during the period. Finally, Bank of New York Mellon Corp grew its stake in shares of General Dynamics by 1.5% in the second quarter. Bank of New York Mellon Corp now owns 1,606,289 shares of the aerospace company’s stock worth $466,049,000 after acquiring an additional 23,304 shares during the last quarter. 86.14% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. BTIG Research initiated coverage on shares of General Dynamics in a report on Wednesday, June 26th. They issued a “buy” rating and a $345.00 price target for the company. Morgan Stanley raised General Dynamics from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $293.00 to $345.00 in a research report on Friday, August 9th. Wells Fargo & Company cut General Dynamics from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $334.00 to $317.00 in a report on Tuesday, October 1st. Royal Bank of Canada reissued an “outperform” rating and set a $320.00 price objective on shares of General Dynamics in a report on Thursday, July 25th. Finally, Deutsche Bank Aktiengesellschaft cut their target price on General Dynamics from $320.00 to $314.00 and set a “hold” rating for the company in a research note on Thursday, October 3rd. Six analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $317.06.

Insider Buying and Selling at General Dynamics

In other General Dynamics news, Director Peter A. Wall sold 1,320 shares of the stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $308.05, for a total value of $406,626.00. Following the transaction, the director now owns 3,592 shares of the company’s stock, valued at approximately $1,106,515.60. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 1.52% of the company’s stock.

General Dynamics Stock Performance

NYSE:GD opened at $296.90 on Wednesday. The company has a current ratio of 1.33, a quick ratio of 0.80 and a debt-to-equity ratio of 0.33. The stock has a market capitalization of $81.46 billion, a P/E ratio of 24.22, a price-to-earnings-growth ratio of 1.68 and a beta of 0.61. The firm has a 50 day moving average of $297.43 and a 200-day moving average of $293.21. General Dynamics Co. has a 1 year low of $228.50 and a 1 year high of $309.97.

General Dynamics (NYSE:GD) last announced its earnings results on Wednesday, July 24th. The aerospace company reported $3.26 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.30 by ($0.04). The company had revenue of $11.98 billion for the quarter, compared to analyst estimates of $11.46 billion. General Dynamics had a return on equity of 16.74% and a net margin of 7.89%. General Dynamics’s revenue for the quarter was up 18.0% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.70 earnings per share. As a group, sell-side analysts anticipate that General Dynamics Co. will post 14.52 EPS for the current fiscal year.

General Dynamics Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Friday, October 11th will be paid a $1.42 dividend. This represents a $5.68 annualized dividend and a dividend yield of 1.91%. The ex-dividend date is Friday, October 11th. General Dynamics’s dividend payout ratio (DPR) is presently 46.33%.

General Dynamics 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.