General Dynamics (NYSE:GD) Downgraded by Wells Fargo & Company to “Equal Weight”

General Dynamics (NYSE:GD) was downgraded by stock analysts at Wells Fargo & Company from an “overweight” rating to an “equal weight” rating in a research report issued to clients and investors on Tuesday, FinViz reports. They presently have a $317.00 price objective on the aerospace company’s stock, down from their previous price objective of $334.00. Wells Fargo & Company‘s target price indicates a potential upside of 4.90% from the stock’s previous close.

A number of other research analysts have also commented on GD. Morgan Stanley upgraded General Dynamics from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $293.00 to $345.00 in a report on Friday, August 9th. Robert W. Baird reissued an “outperform” rating and issued a $345.00 price target on shares of General Dynamics in a report on Tuesday, July 2nd. BTIG Research began coverage on shares of General Dynamics in a research report on Wednesday, June 26th. They set a “buy” rating and a $345.00 price objective for the company. Deutsche Bank Aktiengesellschaft restated a “hold” rating on shares of General Dynamics in a research note on Monday, July 29th. Finally, Barclays lifted their price objective on General Dynamics from $310.00 to $325.00 and gave the stock an “overweight” rating in a report on Tuesday, July 30th. Six research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $317.41.

General Dynamics Price Performance

NYSE GD opened at $302.20 on Tuesday. General Dynamics has a 1 year low of $214.53 and a 1 year high of $309.97. The company has a fifty day simple moving average of $296.30 and a 200 day simple moving average of $292.43. The company has a current ratio of 1.33, a quick ratio of 0.80 and a debt-to-equity ratio of 0.33. The company has a market cap of $82.91 billion, a P/E ratio of 24.65, a P/E/G ratio of 1.68 and a beta of 0.61.

General Dynamics (NYSE:GD) last released its quarterly earnings results on Wednesday, July 24th. The aerospace company reported $3.26 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.30 by ($0.04). The firm had revenue of $11.98 billion for the quarter, compared to the consensus estimate of $11.46 billion. General Dynamics had a net margin of 7.89% and a return on equity of 16.74%. The firm’s revenue was up 18.0% on a year-over-year basis. During the same quarter last year, the company earned $2.70 earnings per share. On average, sell-side analysts predict that General Dynamics will post 14.52 EPS for the current year.

Insider Activity at General Dynamics

In other news, Director Peter A. Wall sold 1,320 shares of the stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $308.05, for a total transaction of $406,626.00. Following the sale, the director now directly owns 3,592 shares of the company’s stock, valued at $1,106,515.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.52% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On General Dynamics

Several large investors have recently bought and sold shares of GD. Richardson Financial Services Inc. bought a new position in General Dynamics during the 4th quarter worth approximately $25,000. Redmont Wealth Advisors LLC acquired a new position in shares of General Dynamics in the 1st quarter valued at $25,000. Financial Synergies Wealth Advisors Inc. bought a new stake in shares of General Dynamics in the 1st quarter valued at $29,000. New Covenant Trust Company N.A. bought a new position in General Dynamics during the first quarter worth about $29,000. Finally, American Capital Advisory LLC acquired a new position in General Dynamics in the second quarter valued at about $29,000. 86.14% of the stock is currently owned by institutional investors and hedge funds.

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.