General Dynamics (NYSE:GD) Issues FY 2024 Earnings Guidance

General Dynamics (NYSE:GD) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of 14.000-14.000 for the period, compared to the consensus estimate of 14.180. The company issued revenue guidance of $48.0 billion-$48.0 billion, compared to the consensus revenue estimate of $47.6 billion. General Dynamics also updated its FY24 guidance to $14.00 EPS.

Analyst Ratings Changes

A number of research analysts recently commented on the company. Wells Fargo & Company lowered General Dynamics from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $334.00 to $317.00 in a research note on Tuesday, October 1st. Robert W. Baird reaffirmed an “outperform” rating and set a $345.00 price objective on shares of General Dynamics in a report on Tuesday, July 2nd. Deutsche Bank Aktiengesellschaft lowered their price target on General Dynamics from $320.00 to $314.00 and set a “hold” rating on the stock in a research report on Thursday, October 3rd. Morgan Stanley raised shares of General Dynamics from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $293.00 to $345.00 in a report on Friday, August 9th. Finally, BTIG Research began coverage on General Dynamics in a research note on Wednesday, June 26th. They issued a “buy” rating and a $345.00 price objective on the stock. Seven research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $320.18.

General Dynamics Trading Down 0.5 %

Shares of NYSE:GD traded down $1.59 during midday trading on Wednesday, hitting $304.40. The company had a trading volume of 1,504,890 shares, compared to its average volume of 1,093,057. 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 has a 12 month low of $232.29 and a 12 month high of $313.11. The firm has a fifty day simple moving average of $300.17 and a 200 day simple moving average of $294.55. The stock has a market cap of $83.52 billion, a price-to-earnings ratio of 24.83, a PEG ratio of 1.67 and a beta of 0.61.

General Dynamics (NYSE:GD) last issued its 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 company had revenue of $11.98 billion for the quarter, compared to the consensus estimate of $11.46 billion. General Dynamics had a return on equity of 16.74% and a net margin of 7.89%. General Dynamics’s quarterly revenue was up 18.0% on a year-over-year basis. During the same quarter last year, the business posted $2.70 EPS. On average, analysts predict that General Dynamics will post 14.38 EPS for the current year.

General Dynamics Dividend Announcement

The company 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 $1.42 dividend. This represents a $5.68 annualized dividend and a yield of 1.87%. The ex-dividend date is Friday, October 11th. General Dynamics’s payout ratio is presently 46.33%.

Insiders Place Their Bets

In other General Dynamics news, Director Peter A. Wall sold 1,320 shares of General Dynamics 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 transaction, the director now directly owns 3,592 shares in the company, valued at approximately $1,106,515.60. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company 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.