General Dynamics (NYSE:GD) Issues Quarterly Earnings Results

General Dynamics (NYSE:GD) released its quarterly earnings results on Wednesday. The aerospace company reported $3.35 earnings per share for the quarter, missing the consensus estimate of $3.48 by ($0.13), Briefing.com reports. The firm had revenue of $11.67 billion for the quarter, compared to analysts’ expectations of $11.65 billion. General Dynamics had a net margin of 7.89% and a return on equity of 16.74%. The business’s quarterly revenue was up 10.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $3.04 EPS. General Dynamics updated its FY24 guidance to $14.00 EPS and its FY 2024 guidance to 14.000-14.000 EPS.

General Dynamics Stock Up 0.4 %

NYSE GD traded up $1.25 on Friday, hitting $302.52. The stock had a trading volume of 1,405,397 shares, compared to its average volume of 1,095,718. The business’s fifty day moving average price is $300.40 and its 200 day moving average price is $294.67. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.33 and a quick ratio of 0.80. General Dynamics has a 52-week low of $236.58 and a 52-week high of $313.11. The stock has a market cap of $83.00 billion, a price-to-earnings ratio of 24.68, a price-to-earnings-growth ratio of 1.67 and a beta of 0.61.

General Dynamics Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Friday, October 11th will be issued a dividend of $1.42 per share. This represents a $5.68 annualized dividend and a yield of 1.88%. The ex-dividend date of this dividend is Friday, October 11th. General Dynamics’s payout ratio is 46.33%.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on GD shares. TD Cowen raised General Dynamics to a “strong-buy” rating in a research note on Tuesday, October 8th. Citigroup raised their price objective on General Dynamics from $331.00 to $354.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. Seaport Res Ptn lowered General Dynamics from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 11th. Royal Bank of Canada raised their price objective on General Dynamics from $320.00 to $330.00 and gave the company an “outperform” rating in a research note on Thursday. Finally, Robert W. Baird reaffirmed an “outperform” rating and issued a $345.00 price objective on shares of General Dynamics in a research report on Tuesday, July 2nd. Seven research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $323.88.

Insiders Place Their Bets

In other General Dynamics news, Director Peter A. Wall sold 1,320 shares of General Dynamics stock in a transaction on Monday, September 16th. The shares were sold at an average price of $308.05, for a total value of $406,626.00. Following the transaction, the director now directly owns 3,592 shares of the company’s stock, valued at approximately $1,106,515.60. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 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.