General Dynamics Corporation (NYSE:GD) Downgraded to “Hold” at Zacks Investment Research

General Dynamics Corporation (NYSE:GD) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Friday, October 27th.

According to Zacks, “General Dynamics ended the third quarter on a mixed note. While the company’s bottom line surpassed the Zacks Consensus Estimate in the reported quarter, the top line failed to meet the mark.  Revenues declined year over year.  Being one of the only two contractors in the world equipped to build nuclear-powered submarines, General Dynamics’ diverse portfolio of products and services along with its wide customer base provides it with an opportunity to generate solid revenues from different sources. Moreover, the fiscal 2018 defense policy bill, which includes provision to spend $6 billion in Navy shipbuilding, will surely boost the company's growth trajectory. However, the company operates in a highly competitive market and has to rely on other companies to provide materials, components and subsystems for its products. Also it faces foreign currency fluctuations. The company underperformed the broader industry in last one year.”

Several other brokerages also recently commented on GD. Jefferies Group LLC restated a “buy” rating on shares of General Dynamics Corporation in a research report on Friday, August 11th. Cowen and Company reiterated a “buy” rating and set a $230.00 price target on shares of General Dynamics Corporation in a report on Thursday, October 19th. Deutsche Bank AG restated a “hold” rating and issued a $210.00 price objective (up from $200.00) on shares of General Dynamics Corporation in a report on Monday, October 2nd. BidaskClub upgraded General Dynamics Corporation from a “hold” rating to a “buy” rating in a report on Tuesday, August 8th. Finally, Stifel Nicolaus increased their price objective on General Dynamics Corporation from $200.00 to $210.00 and gave the company a “hold” rating in a report on Thursday, October 26th. Two analysts have rated the stock with a sell rating, five have given a hold rating and ten have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $217.19.

General Dynamics Corporation (NYSE:GD) traded up $0.09 on Friday, hitting $200.22. The company’s stock had a trading volume of 813,600 shares, compared to its average volume of 1,151,676. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.37 and a quick ratio of 0.93. The firm has a market cap of $59,755.40, a P/E ratio of 19.87, a price-to-earnings-growth ratio of 2.40 and a beta of 0.73. General Dynamics Corporation has a 1 year low of $164.97 and a 1 year high of $214.81.

General Dynamics Corporation (NYSE:GD) last posted its quarterly earnings results on Wednesday, October 25th. The aerospace company reported $2.52 EPS for the quarter, topping analysts’ consensus estimates of $2.43 by $0.09. General Dynamics Corporation had a return on equity of 27.98% and a net margin of 9.94%. The business had revenue of $7.58 billion during the quarter, compared to analysts’ expectations of $7.94 billion. During the same quarter last year, the company posted $2.36 earnings per share. General Dynamics Corporation’s quarterly revenue was down 1.0% on a year-over-year basis. research analysts expect that General Dynamics Corporation will post 9.82 EPS for the current year.

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In other General Dynamics Corporation news, VP Gregory S. Gallopoulos sold 78,370 shares of the firm’s stock in a transaction on Monday, November 6th. The shares were sold at an average price of $202.93, for a total value of $15,903,624.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider John Patrick Casey sold 34,945 shares of the firm’s stock in a transaction on Wednesday, November 1st. The shares were sold at an average price of $201.38, for a total transaction of $7,037,224.10. Following the completion of the transaction, the insider now directly owns 144,378 shares of the company’s stock, valued at $29,074,841.64. The disclosure for this sale can be found here. 6.70% of the stock is currently owned by company insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. BlackRock Inc. raised its position in General Dynamics Corporation by 2,645.5% in the 1st quarter. BlackRock Inc. now owns 15,509,344 shares of the aerospace company’s stock worth $2,903,351,000 after purchasing an additional 14,944,453 shares during the period. Janus Henderson Group PLC raised its position in General Dynamics Corporation by 44,941.4% in the 2nd quarter. Janus Henderson Group PLC now owns 4,998,693 shares of the aerospace company’s stock worth $990,241,000 after purchasing an additional 4,987,595 shares during the period. Caisse DE Depot ET Placement DU Quebec raised its position in General Dynamics Corporation by 2,097.3% in the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,711,597 shares of the aerospace company’s stock worth $353,351,000 after purchasing an additional 1,633,700 shares during the period. Vanguard Group Inc. raised its position in General Dynamics Corporation by 4.7% in the 1st quarter. Vanguard Group Inc. now owns 19,799,817 shares of the aerospace company’s stock worth $3,706,525,000 after purchasing an additional 894,177 shares during the period. Finally, Janus Capital Management LLC raised its position in General Dynamics Corporation by 22.1% in the 1st quarter. Janus Capital Management LLC now owns 4,148,390 shares of the aerospace company’s stock worth $776,563,000 after purchasing an additional 749,793 shares during the period. 85.79% of the stock is owned by institutional investors.

About General Dynamics Corporation

General Dynamics Corporation is a global aerospace and defense company. The Company offers a portfolio of products and services in business aviation; combat vehicles, weapons systems and munitions; information technology (IT) services and C4ISR (command, control, communications, computers, intelligence, surveillance and reconnaissance) solutions, and shipbuilding and ship repair.

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