Allstate Corp Sells 7,003 Shares of General Dynamics Corporation $GD

Key Points

• Allstate reduced its General Dynamics stake by 27.8%, selling 7,003 shares and retaining 18,185 shares valued at approximately $6.44 million. Institutional investors collectively own 86.14% of GD.
• General Dynamics insiders sold 100,228 shares worth about $38.1 million over the past 90 days, including significant sales by Director Mark Malcolm and EVP Marguerite Amy Gilliland.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $410.89. The company recently beat quarterly earnings and revenue estimates and declared a quarterly dividend of $1.59 per share, yielding about 1.7%.

Allstate Corp lessened its stake in shares of General Dynamics Corporation (NYSE:GD - Free Report) by 27.8% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 18,185 shares of the aerospace company's stock after selling 7,003 shares during the period. Allstate Corp's holdings in General Dynamics were worth $6,442,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of the stock. Brighton Jones LLC raised its position in shares of General Dynamics by 16.9% in the 4th quarter. Brighton Jones LLC now owns 2,885 shares of the aerospace company's stock valued at $760,000 after buying an additional 417 shares in the last quarter. Acadian Asset Management LLC boosted its position in shares of General Dynamics by 140.2% during the 1st quarter. Acadian Asset Management LLC now owns 3,445 shares of the aerospace company's stock worth $938,000 after acquiring an additional 2,011 shares in the last quarter. Sivia Capital Partners LLC bought a new position in General Dynamics in the second quarter valued at approximately $240,000. Flow Traders U.S. LLC acquired a new position in General Dynamics during the second quarter valued at approximately $352,000. Finally, Jump Financial LLC acquired a new position in General Dynamics during the second quarter valued at approximately $1,284,000. 86.14% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, Director Mark Malcolm sold 5,480 shares of the company's stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $365.00, for a total value of $2,000,200.00. Following the sale, the director directly owned 10,643 shares in the company, valued at $3,884,695. This represents a 33.99% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Marguerite Amy Gilliland sold 43,180 shares of the stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $378.04, for a total transaction of $16,323,767.20. Following the sale, the executive vice president directly owned 44,767 shares of the company's stock, valued at $16,923,716.68. This represents a 49.10% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 100,228 shares of company stock valued at $38,052,853 over the last ninety days. 1.40% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of brokerages have weighed in on GD. Morgan Stanley raised their target price on General Dynamics from $435.00 to $465.00 and gave the company an "overweight" rating in a report on Thursday, July 30th. Robert W. Baird set a $430.00 price target on General Dynamics in a report on Thursday, July 30th. TD Cowen upped their price objective on General Dynamics from $390.00 to $420.00 and gave the stock a "buy" rating in a research report on Thursday, July 30th. Wall Street Zen lowered General Dynamics from a "strong-buy" rating to a "buy" rating in a research note on Saturday, August 1st. Finally, DA Davidson decreased their target price on General Dynamics from $384.00 to $375.00 in a research report on Thursday, April 30th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, General Dynamics presently has a consensus rating of "Moderate Buy" and a consensus price target of $410.89.

General Dynamics Price Performance

Shares of NYSE:GD opened at $384.50 on Monday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.96 and a current ratio of 1.44. General Dynamics Corporation has a 52 week low of $306.77 and a 52 week high of $400.00. The firm has a market cap of $104.03 billion, a PE ratio of 23.46, a price-to-earnings-growth ratio of 2.22 and a beta of 0.32. The firm's fifty day moving average is $374.15 and its 200-day moving average is $355.88.

General Dynamics (NYSE:GD - Get Free Report) last posted its quarterly earnings data on Wednesday, July 29th. The aerospace company reported $4.24 earnings per share for the quarter, beating analysts' consensus estimates of $3.96 by $0.28. General Dynamics had a return on equity of 17.43% and a net margin of 8.18%.The business had revenue of $14.09 billion during the quarter, compared to the consensus estimate of $13.52 billion. During the same period in the prior year, the business posted $3.74 earnings per share. General Dynamics's quarterly revenue was up 8.1% on a year-over-year basis. General Dynamics has set its FY 2026 guidance at 16.800-16.900 EPS. Sell-side analysts predict that General Dynamics Corporation will post 16.97 earnings per share for the current year.

General Dynamics Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 13th. Investors of record on Friday, October 9th will be paid a $1.59 dividend. This represents a $6.36 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date of this dividend is Friday, October 9th. General Dynamics's payout ratio is currently 38.80%.

General Dynamics Company Profile

General Dynamics is a major American aerospace and defense contractor that designs, manufactures and supports a broad range of products and services for government and commercial customers worldwide. Headquartered in the United States (Reston, Virginia), the company supplies platforms and systems used by armed forces, civil authorities and private operators across multiple domains including air, land, sea and cyber.

Its principal activities span several operating businesses: a business aviation unit that develops and supports Gulfstream business jets; land systems that produce armored combat vehicles and related logistics and sustainment services; marine systems that design and construct submarines and surface ships for navies; and mission systems and information technology operations that provide command-and-control, communications, cybersecurity and systems-integration services.

Want to see what other hedge funds are holding GD? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for General Dynamics Corporation (NYSE:GD - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source