General Dynamics (NYSE:GD) Posts Quarterly Earnings Results, Misses Estimates By $0.13 EPS

General Dynamics (NYSE:GD) announced 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 company had revenue of $11.67 billion during 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%. General Dynamics’s revenue for the quarter was up 10.4% compared to the same quarter last year. During the same quarter last year, the firm posted $3.04 earnings per share. General Dynamics updated its FY24 guidance to $14.00 EPS and its FY 2024 guidance to 14.000-14.000 EPS.

General Dynamics Price Performance

GD stock traded up $1.25 during trading on Friday, reaching $302.52. The company’s stock had a trading volume of 1,404,138 shares, compared to its average volume of 1,095,718. General Dynamics has a 1 year low of $236.58 and a 1 year high of $313.11. The company has a quick ratio of 0.80, a current ratio of 1.33 and a debt-to-equity ratio of 0.33. The company has a market capitalization of $83.00 billion, a P/E ratio of 24.68, a price-to-earnings-growth ratio of 1.67 and a beta of 0.61. The company’s fifty day moving average is $300.28 and its 200-day moving average is $294.60.

General Dynamics Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Friday, October 11th will be paid a $1.42 dividend. The ex-dividend date is Friday, October 11th. This represents a $5.68 annualized dividend and a dividend yield of 1.88%. General Dynamics’s dividend payout ratio (DPR) is 46.33%.

Insiders Place Their Bets

In other news, Director Peter A. Wall sold 1,320 shares of the firm’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $308.05, for a total transaction of $406,626.00. Following the completion of the transaction, the director now owns 3,592 shares in the company, valued at $1,106,515.60. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 1.52% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. Seaport Res Ptn lowered General Dynamics from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 11th. Susquehanna boosted their target price on General Dynamics from $333.00 to $352.00 and gave the company a “positive” rating in a research note on Thursday, October 17th. Deutsche Bank Aktiengesellschaft lowered their target price on General Dynamics from $320.00 to $314.00 and set a “hold” rating for the company in a research note on Thursday, October 3rd. Royal Bank of Canada boosted their price target on General Dynamics from $320.00 to $330.00 and gave the company an “outperform” rating in a report on Thursday. Finally, Citigroup boosted their price target on General Dynamics from $331.00 to $354.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Seven research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, General Dynamics presently has a consensus rating of “Moderate Buy” and an average target price of $323.88.

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.