PNC Financial Services Group Inc. Sells 3,596 Shares of General Dynamics Corporation $GD

PNC Financial Services Group Inc. reduced its holdings in shares of General Dynamics Corporation (NYSE:GD) by 1.8% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 200,099 shares of the aerospace company’s stock after selling 3,596 shares during the quarter. PNC Financial Services Group Inc.’s holdings in General Dynamics were worth $58,361,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in GD. Quarry LP boosted its holdings in General Dynamics by 783.3% during the first quarter. Quarry LP now owns 106 shares of the aerospace company’s stock worth $29,000 after purchasing an additional 94 shares during the last quarter. Nova Wealth Management Inc. bought a new stake in General Dynamics during the 1st quarter worth about $33,000. NewSquare Capital LLC boosted its stake in shares of General Dynamics by 64.7% during the 2nd quarter. NewSquare Capital LLC now owns 112 shares of the aerospace company’s stock worth $33,000 after buying an additional 44 shares during the last quarter. Harbor Asset Planning Inc. bought a new position in shares of General Dynamics in the 2nd quarter valued at about $35,000. Finally, Access Investment Management LLC bought a new position in shares of General Dynamics in the 2nd quarter valued at about $35,000. 86.14% of the stock is currently owned by institutional investors and hedge funds.

General Dynamics Stock Down 1.6%

Shares of GD opened at $343.98 on Friday. The firm has a market cap of $92.92 billion, a P/E ratio of 22.29, a price-to-earnings-growth ratio of 2.05 and a beta of 0.46. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.87 and a current ratio of 1.40. General Dynamics Corporation has a 52 week low of $239.20 and a 52 week high of $360.50. The firm’s 50-day simple moving average is $336.48 and its 200 day simple moving average is $309.06.

General Dynamics (NYSE:GD) last issued its quarterly earnings data on Friday, October 24th. The aerospace company reported $3.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.69 by $0.19. General Dynamics had a return on equity of 18.27% and a net margin of 8.18%.The company had revenue of $12.91 billion during the quarter, compared to analysts’ expectations of $12.49 billion. During the same quarter in the previous year, the company posted $3.35 earnings per share. The business’s revenue was up 10.6% on a year-over-year basis. General Dynamics has set its FY 2025 guidance at 15.300-15.35 EPS. On average, analysts forecast that General Dynamics Corporation will post 14.83 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research analysts recently commented on GD shares. Morgan Stanley set a $385.00 price target on General Dynamics in a research report on Monday, October 27th. Barclays upped their price objective on General Dynamics from $285.00 to $350.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 29th. The Goldman Sachs Group raised their target price on shares of General Dynamics from $280.00 to $293.00 and gave the company a “sell” rating in a research note on Friday, October 10th. JPMorgan Chase & Co. upped their price target on shares of General Dynamics from $345.00 to $380.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 28th. Finally, Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $400.00 price target on shares of General Dynamics in a research note on Wednesday, October 8th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $350.89.

Insider Activity at General Dynamics

In other news, Director Mark Malcolm sold 3,220 shares of the business’s stock in a transaction dated Friday, September 12th. The shares were sold at an average price of $329.45, for a total value of $1,060,829.00. Following the completion of the sale, the director owned 10,186 shares of the company’s stock, valued at approximately $3,355,777.70. The trade was a 24.02% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Phebe N. Novakovic sold 129,090 shares of the company’s stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $313.57, for a total transaction of $40,478,751.30. Following the completion of the transaction, the chief executive officer owned 769,607 shares in the company, valued at $241,325,666.99. This trade represents a 14.36% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 141,670 shares of company stock worth $44,543,236 in the last ninety days. 1.50% of the stock is owned by company insiders.

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.