3. General Dynamics Corporation (NYSE:GD)
Investors with Long Positions (as of June 30): 40
Aggregate Value of Investors’ Holdings (as of June 30): $6.39 Billion
General Dynamics Corporation (NYSE:GD) saw a decline in its popularity among hedge funds from the end of March, when there were 45 funds with aggregate investments worth $6.75 billion in the company. However, it’s the only company in our list whose stock appreciated during the second quarter, ending the quarter up by 5.4%. The company came out with better-than-expected second quarter results on July 29, reporting EPS of $2.27 on revenue of $7.90 billion, compared to analysts’ estimates of EPS of $2.06 on revenue of $7.68 billion. At the end of June, James A. Star‘s Longview Asset Management continued to remain the largest shareholder of General Dynamics Corporation (NYSE:GD) among the hedge funds we track, holding over 33.32 million shares.
2. Boeing Co (NYSE:BA)
Investors with Long Positions (as of June 30): 44
Aggregate Value of Investors’ Holdings (as of June 30): $1.60 Billion
After a 15.4% rise in the first quarter, shares of aerospace behemoth Boeing Co (NYSE:BA) saw a decline of 7% during the second quarter. At the same time, the number of hedge funds that owned a stake in the company declined by six, though the aggregate value of hedge funds’ holdings appreciated by $270 million. According to recent reports, the company is trying to slow the pace of the mergers and acquisitions happening among its supplier base. Boeing Co (NYSE:BA) recently announced that it has completed the configuration of its 777-9 jet, thereby letting investors know that it’s on track to deliver the first aircraft on schedule. Experts believe that the launch of its long-range 777X jets will help it boost its market share. Doug Silverman and Alexander Klabin‘s Senator Investment Group became the second-largest shareholder of Boeing Co (NYSE:BA) among the hedge funds tracked by us, purchasing 1.5 million shares of the company during the second quarter.
1. United Technologies Corporation (NYSE:UTX)
Investors with Long Positions (as of June 30): 57
Aggregate Value of Investors’ Holdings (as of June 30): $2.94 Billion
Even though its ownership among hedge funds fell by three and the aggregate value of investors’ holdings declined by 8.4% during the second quarter, United Technologies Corporation (NYSE:UTX) turned out to be hedge funds’ favorite stock in the aerospace and defense sectors as of June 30. Whether it can hold on to its top position during the third quarter is a big question mark right now as since the beginning of July its shares have endured a decline of over 18%. On August 31, analysts at Barclays downgraded United Technologies Corporation (NYSE:UTX)’s stock to ‘Equal-Weight’ from ‘Overweight’ and also reduced their price target to $100 from $120, which now represents a potential upside of 11% from the stock’s current price. Among the funds we cover, each of the top five shareholders of the company at the end of June reported increasing their stakes in it during the second quarter, including Ric Dillon‘s Diamond Hill Capital , which owned slightly above 3.47 million shares.
Disclosure: None
