General Dynamics Corporation $GD Shares Sold by Allstate Corp

Key Points

• Allstate Corp has reduced its stake in General Dynamics Corp by 45.3% in the first quarter, now holding 3,788 shares worth approximately $1,033,000.
• Insider selling has been significant, with CEO Phebe N. Novakovic selling 129,090 shares valued at over $40 million in August, a 14.36% decrease in their ownership.
• Analysts are optimistic, with Deutsche Bank upgrading General Dynamics to a "buy" rating and raising the target price to $342, amid a stock that has recently been rated mostly as a Hold.

Allstate Corp reduced its stake in shares of General Dynamics Corporation (NYSE:GD - Free Report) by 45.3% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 3,788 shares of the aerospace company's stock after selling 3,138 shares during the period. Allstate Corp's holdings in General Dynamics were worth $1,033,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Rialto Wealth Management LLC grew its stake in General Dynamics by 213.8% in the 1st quarter. Rialto Wealth Management LLC now owns 91 shares of the aerospace company's stock valued at $25,000 after buying an additional 62 shares in the last quarter. Inlight Wealth Management LLC bought a new stake in shares of General Dynamics during the 1st quarter valued at $26,000. Smallwood Wealth Investment Management LLC bought a new position in General Dynamics in the 1st quarter worth about $27,000. Copia Wealth Management bought a new stake in shares of General Dynamics during the fourth quarter valued at about $27,000. Finally, Heck Capital Advisors LLC bought a new position in shares of General Dynamics in the fourth quarter valued at approximately $28,000. 86.14% of the stock is owned by institutional investors.

Insider Activity

In other General Dynamics news, CEO Phebe N. Novakovic sold 129,090 shares of the business's stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $313.57, for a total transaction of $40,478,751.30. Following the completion of the sale, the chief executive officer directly owned 769,607 shares in the company, valued at $241,325,666.99. The trade was a 14.36% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP William A. Moss sold 17,700 shares of the firm's stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $316.40, for a total transaction of $5,600,280.00. Following the completion of the transaction, the vice president directly owned 16,627 shares in the company, valued at approximately $5,260,782.80. This represents a 51.56% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 458,260 shares of company stock worth $138,125,545. Insiders own 1.50% of the company's stock.

General Dynamics Trading Down 0.2%

Shares of GD stock traded down $0.59 during mid-day trading on Friday, hitting $324.32. 330,026 shares of the company's stock were exchanged, compared to its average volume of 1,413,812. General Dynamics Corporation has a fifty-two week low of $239.20 and a fifty-two week high of $326.02. The stock has a 50-day simple moving average of $306.06 and a two-hundred day simple moving average of $281.06. The company has a quick ratio of 0.83, a current ratio of 1.36 and a debt-to-equity ratio of 0.32. The stock has a market cap of $87.24 billion, a price-to-earnings ratio of 21.79, a PEG ratio of 2.00 and a beta of 0.48.

General Dynamics (NYSE:GD - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The aerospace company reported $3.74 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.47 by $0.27. General Dynamics had a net margin of 8.13% and a return on equity of 17.99%. The company had revenue of $13.04 billion during the quarter, compared to analysts' expectations of $12.13 billion. During the same period in the previous year, the company earned $3.26 EPS. The business's quarterly revenue was up 8.9% compared to the same quarter last year. General Dynamics has set its FY 2025 guidance at 15.050-15.150 EPS. Equities analysts expect that General Dynamics Corporation will post 14.83 EPS for the current fiscal year.

General Dynamics Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Friday, October 10th will be issued a dividend of $1.50 per share. The ex-dividend date is Friday, October 10th. This represents a $6.00 dividend on an annualized basis and a dividend yield of 1.9%. General Dynamics's payout ratio is presently 40.27%.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. TD Cowen boosted their target price on General Dynamics from $290.00 to $300.00 and gave the stock a "buy" rating in a research report on Wednesday, June 25th. Barclays boosted their price target on shares of General Dynamics from $285.00 to $350.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 29th. Cowen reaffirmed a "buy" rating on shares of General Dynamics in a report on Wednesday, June 25th. Jefferies Financial Group set a $325.00 price target on General Dynamics and gave the company a "hold" rating in a research report on Wednesday, July 9th. Finally, Deutsche Bank Aktiengesellschaft upgraded General Dynamics from a "hold" rating to a "buy" rating and increased their price objective for the company from $298.00 to $342.00 in a research report on Tuesday, July 8th. Nine investment analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $315.78.

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.