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

General Dynamics (NYSE:GD) announced its quarterly earnings data on Wednesday. The aerospace company reported $3.26 EPS for the quarter, missing analysts’ consensus estimates of $3.30 by ($0.04), Briefing.com reports. 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 16.48% and a net margin of 7.85%. The business’s quarterly revenue was up 18.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.70 earnings per share. General Dynamics updated its FY24 guidance to $14.40-14.50 EPS.

General Dynamics Stock Performance

General Dynamics stock traded up $6.45 during mid-day trading on Thursday, reaching $291.12. 1,809,771 shares of the company were exchanged, compared to its average volume of 1,072,623. The firm’s 50-day simple moving average is $292.82 and its two-hundred day simple moving average is $281.91. General Dynamics has a twelve month low of $214.53 and a twelve month high of $302.75. The firm has a market cap of $79.87 billion, a PE ratio of 23.75, a price-to-earnings-growth ratio of 1.68 and a beta of 0.60. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.87 and a current ratio of 1.44.

General Dynamics Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 9th. Investors of record on Friday, July 5th will be given a $1.42 dividend. This represents a $5.68 annualized dividend and a yield of 1.95%. The ex-dividend date of this dividend is Friday, July 5th. General Dynamics’s dividend payout ratio (DPR) is presently 46.33%.

Analyst Upgrades and Downgrades

GD has been the subject of several analyst reports. BTIG Research started coverage on shares of General Dynamics in a report on Wednesday, June 26th. They set a “buy” rating and a $345.00 price target for the company. JPMorgan Chase & Co. increased their target price on General Dynamics from $280.00 to $298.00 and gave the company an “overweight” rating in a report on Thursday, April 25th. Barclays lifted their price target on General Dynamics from $285.00 to $310.00 and gave the stock an “overweight” rating in a report on Monday, April 15th. Citigroup increased their price objective on General Dynamics from $300.00 to $320.00 and gave the company a “buy” rating in a report on Thursday, April 25th. Finally, Jefferies Financial Group upgraded General Dynamics from a “hold” rating to a “buy” rating and boosted their target price for the stock from $305.00 to $335.00 in a research note on Monday, April 29th. Six research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, General Dynamics has a consensus rating of “Moderate Buy” and a consensus price target of $311.33.

Insider Activity

In related news, CFO Kimberly A. Kuryea sold 13,344 shares of the stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $298.16, for a total transaction of $3,978,647.04. Following the completion of the sale, the chief financial officer now directly owns 79,255 shares of the company’s stock, valued at $23,630,670.80. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, CFO Kimberly A. Kuryea sold 13,344 shares of the stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $298.16, for a total transaction of $3,978,647.04. Following the completion of the transaction, the chief financial officer now directly owns 79,255 shares of the company’s stock, valued at $23,630,670.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP William A. Moss sold 21,050 shares of General Dynamics stock in a transaction that occurred on Monday, May 13th. The shares were sold at an average price of $294.85, for a total value of $6,206,592.50. Following the completion of the sale, the vice president now directly owns 16,624 shares in the company, valued at approximately $4,901,586.40. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 118,486 shares of company stock valued at $34,391,642. Company 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.