General Dynamics (NYSE:GD) Issues FY23 Earnings Guidance

General Dynamics (NYSE:GD – Get Rating) issued an update on its FY23 earnings guidance on Wednesday morning. The company provided earnings per share guidance of $12.60-12.65 for the period, compared to the consensus earnings per share estimate of $13.87. The company issued revenue guidance of $41.2-41.3 billion, compared to the consensus revenue estimate of $41.96 billion.

General Dynamics Stock Down 4.6 %

Shares of NYSE:GD traded down $10.82 during trading hours on Wednesday, hitting $224.63. The company’s stock had a trading volume of 857,486 shares, compared to its average volume of 1,189,055. The firm’s fifty day moving average price is $246.64 and its 200 day moving average price is $236.41. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.34 and a quick ratio of 0.94. The company has a market capitalization of $61.67 billion, a price-to-earnings ratio of 19.60, a P/E/G ratio of 1.95 and a beta of 0.88. General Dynamics has a 52 week low of $200.79 and a 52 week high of $256.86.

General Dynamics (NYSE:GD – Get Rating) last announced its quarterly earnings data on Wednesday, October 26th. The aerospace company reported $3.26 earnings per share for the quarter, beating analysts’ consensus estimates of $3.16 by $0.10. General Dynamics had a net margin of 8.62% and a return on equity of 18.96%. The firm had revenue of $9.98 billion for the quarter, compared to analyst estimates of $9.93 billion. During the same period in the previous year, the company earned $3.07 earnings per share. The business’s quarterly revenue was up 4.3% compared to the same quarter last year. As a group, research analysts expect that General Dynamics will post 12.14 EPS for the current year.

General Dynamics Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, February 10th. Stockholders of record on Friday, January 20th will be issued a dividend of $1.26 per share. The ex-dividend date of this dividend is Thursday, January 19th. This represents a $5.04 dividend on an annualized basis and a dividend yield of 2.24%. General Dynamics’s dividend payout ratio is currently 41.97%.

Analysts Set New Price Targets

Several research analysts have recently commented on GD shares. Cowen raised their price objective on shares of General Dynamics to $260.00 in a research note on Thursday, October 27th. Royal Bank of Canada lifted their target price on shares of General Dynamics from $270.00 to $275.00 in a report on Thursday, October 27th. Cowen lifted their price target on General Dynamics from $260.00 to $285.00 in a research note on Tuesday, January 3rd. Wells Fargo & Company reduced their target price on General Dynamics from $256.00 to $249.00 and set an overweight rating on the stock in a research report on Wednesday, September 28th. Finally, StockNews.com upgraded General Dynamics from a buy rating to a strong-buy rating in a report on Tuesday. Two analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, General Dynamics currently has a consensus rating of Moderate Buy and an average price target of $273.64.

Hedge Funds Weigh In On General Dynamics

Several institutional investors and hedge funds have recently made changes to their positions in the company. Certified Advisory Corp acquired a new stake in General Dynamics in the first quarter valued at $25,000. Nelson Van Denburg & Campbell Wealth Management Group LLC grew its position in General Dynamics by 158.9% in the 1st quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC now owns 233 shares of the aerospace company’s stock valued at $56,000 after purchasing an additional 143 shares during the period. Zions Bancorporation N.A. increased its position in shares of General Dynamics by 294.2% during the first quarter. Zions Bancorporation N.A. now owns 540 shares of the aerospace company’s stock worth $130,000 after acquiring an additional 403 shares in the last quarter. IHT Wealth Management LLC bought a new stake in shares of General Dynamics in the 1st quarter worth $217,000. Finally, Nations Financial Group Inc. IA ADV bought a new position in shares of General Dynamics in the first quarter valued at approximately $218,000. Institutional investors and hedge funds own 84.83% of the company’s stock.

General Dynamics Company Profile

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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 designs, manufactures, and sells business jets; and offers aircraft maintenance and repair, management, charter, aircraft-on-ground support and completion, staffing, and fixed-base operator services.