General Dynamics (NYSE:GD) Issues FY24 Earnings Guidance

General Dynamics (NYSE:GD) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of $14.00 for the period, compared to the consensus estimate of $14.15.

General Dynamics Price Performance

Shares of NYSE GD traded down $3.30 during trading on Wednesday, reaching $302.69. The company had a trading volume of 403,204 shares, compared to its average volume of 1,087,675. The stock has a market capitalization of $83.05 billion, a PE ratio of 24.95, a price-to-earnings-growth ratio of 1.67 and a beta of 0.61. The stock has a 50-day moving average price of $299.96 and a two-hundred day moving average price of $294.48. General Dynamics has a twelve month low of $232.29 and a twelve month high of $312.47. The company has a current ratio of 1.33, a quick ratio of 0.80 and a debt-to-equity ratio of 0.33.

General Dynamics (NYSE:GD) last posted its quarterly earnings data on Wednesday, July 24th. The aerospace company reported $3.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.30 by ($0.04). The business had revenue of $11.98 billion for the quarter, compared to analyst estimates of $11.46 billion. General Dynamics had a return on equity of 16.74% and a net margin of 7.89%. General Dynamics’s revenue for the quarter was up 18.0% compared to the same quarter last year. During the same quarter last year, the business earned $2.70 EPS. As a group, sell-side analysts predict that General Dynamics will post 14.38 earnings per share for the current year.

General Dynamics Announces Dividend

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

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on GD shares. Deutsche Bank Aktiengesellschaft lowered their target price on shares of General Dynamics from $320.00 to $314.00 and set a “hold” rating for the company in a report on Thursday, October 3rd. Robert W. Baird restated an “outperform” rating and set a $345.00 price objective on shares of General Dynamics in a report on Tuesday, July 2nd. Morgan Stanley raised General Dynamics from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $293.00 to $345.00 in a research report on Friday, August 9th. BTIG Research initiated coverage on General Dynamics in a research note on Wednesday, June 26th. They set a “buy” rating and a $345.00 price target for the company. Finally, Citigroup increased 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, twelve have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, General Dynamics currently has an average rating of “Moderate Buy” and an average target price of $320.18.

Insider Buying and Selling at General Dynamics

In related news, Director Peter A. Wall sold 1,320 shares of the firm’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $308.05, for a total transaction of $406,626.00. Following the transaction, the director now directly 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 through this hyperlink. 1.52% of the stock is currently owned by insiders.

General Dynamics Company 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.