General Dynamics (NYSE:GD) Updates FY24 Earnings Guidance

General Dynamics (NYSE:GD) updated its FY24 earnings guidance on Wednesday. The company provided earnings per share guidance of $14.00 for the period, compared to the consensus earnings per share estimate of $14.15. General Dynamics also updated its FY 2024 guidance to 14.000-14.000 EPS.

General Dynamics Trading Up 0.8 %

Shares of NYSE:GD traded up $2.33 during midday trading on Friday, hitting $303.60. 354,637 shares of the stock traded hands, compared to its average volume of 1,090,643. The business’s 50 day moving average is $300.17 and its two-hundred day moving average is $294.55. The stock has a market capitalization of $83.30 billion, a PE ratio of 24.57, a P/E/G ratio of 1.67 and a beta of 0.61. The company has a quick ratio of 0.80, a current ratio of 1.33 and a debt-to-equity ratio of 0.33. General Dynamics has a one year low of $236.58 and a one year high of $313.11.

General Dynamics (NYSE:GD) last posted its earnings results on Wednesday, October 23rd. The aerospace company reported $3.35 earnings per share for the quarter, missing analysts’ consensus estimates of $3.48 by ($0.13). The firm had revenue of $11.67 billion for the quarter, compared to analysts’ expectations of $11.65 billion. General Dynamics had a return on equity of 16.74% and a net margin of 7.89%. The firm’s revenue was up 10.4% on a year-over-year basis. During the same quarter last year, the company posted $3.04 EPS. As a group, research analysts forecast that General Dynamics will post 14.38 earnings per share for the current year.

General Dynamics Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Friday, October 11th will be paid a dividend of $1.42 per share. This represents a $5.68 dividend on an annualized basis and a dividend yield of 1.87%. The ex-dividend date is Friday, October 11th. General Dynamics’s dividend payout ratio is 46.33%.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the company. Sanford C. Bernstein reduced their price objective on General Dynamics from $343.00 to $331.00 and set a “market perform” rating for the company in a research report on Thursday. Morgan Stanley raised shares of General Dynamics from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $293.00 to $345.00 in a research report on Friday, August 9th. Barclays lifted their target price on shares of General Dynamics from $310.00 to $325.00 and gave the stock an “overweight” rating in a report on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft reduced their price target on shares of General Dynamics from $320.00 to $314.00 and set a “hold” rating for the company in a research report on Thursday, October 3rd. Finally, Seaport Res Ptn cut General Dynamics from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 11th. Seven investment 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 company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $323.88.

Insider Activity

In other news, Director Peter A. Wall sold 1,320 shares of the company’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $308.05, for a total value of $406,626.00. Following the completion of the sale, the director now directly owns 3,592 shares in the company, valued at $1,106,515.60. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Insiders own 1.52% of the company’s stock.

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.