Axxcess Wealth Management LLC Sells 3,858 Shares of General Dynamics Corporation $GD

Key Points

• Axxcess Wealth Management reduced its General Dynamics stake by 43.4% in the third quarter, selling 3,858 shares and retaining 5,036 shares valued at approximately $1.67 million. Institutional investors collectively own 86.14% of GD.
• General Dynamics insiders sold 102,188 shares worth about $38.6 million over the past quarter, including significant sales by Director Robert K. Steel and CEO Phebe Novakovic.
• Analysts maintain a “Moderate Buy” consensus rating with an average price target of $402.32, while GD recently traded at $349.29. The company also reported quarterly EPS and revenue above estimates and declared a $1.59-per-share quarterly dividend.

Axxcess Wealth Management LLC cut its stake in General Dynamics Corporation (NYSE:GD - Free Report) by 43.4% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,036 shares of the aerospace company's stock after selling 3,858 shares during the quarter. Axxcess Wealth Management LLC's holdings in General Dynamics were worth $1,671,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. BlackRock Inc. purchased a new position in shares of General Dynamics during the 2nd quarter worth approximately $6,840,590,000. State Street Corp raised its position in shares of General Dynamics by 3.3% in the 2nd quarter. State Street Corp now owns 11,811,099 shares of the aerospace company's stock worth $4,183,964,000 after acquiring an additional 374,682 shares in the last quarter. Bank of America Corp DE bought a new position in shares of General Dynamics in the 2nd quarter worth approximately $2,603,527,000. Corient Private Wealth LP lifted its stake in shares of General Dynamics by 806.3% in the 2nd quarter. Corient Private Wealth LP now owns 1,661,702 shares of the aerospace company's stock valued at $588,641,000 after purchasing an additional 1,478,353 shares during the period. Finally, Dimensional Fund Advisors LP lifted its stake in shares of General Dynamics by 1.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,579,959 shares of the aerospace company's stock valued at $542,274,000 after purchasing an additional 28,249 shares during the period. 86.14% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at General Dynamics

In other news, Director Robert K. Steel sold 7,440 shares of the firm's stock in a transaction that occurred on Wednesday, September 23rd. The shares were sold at an average price of $346.05, for a total value of $2,574,612.00. Following the completion of the transaction, the director owned 3,096 shares of the company's stock, valued at approximately $1,071,370.80. This trade represents a 70.62% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Phebe Novakovic sold 51,568 shares of the company's stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $382.58, for a total transaction of $19,728,885.44. Following the sale, the chief executive officer directly owned 766,457 shares in the company, valued at approximately $293,231,119.06. The trade was a 6.30% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 102,188 shares of company stock valued at $38,627,265. 1.40% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

GD has been the subject of a number of research reports. Royal Bank Of Canada decreased their price objective on General Dynamics from $410.00 to $360.00 and set a "sector perform" rating for the company in a report on Thursday, October 15th. Citigroup dropped their target price on shares of General Dynamics from $404.00 to $374.00 and set a "neutral" rating on the stock in a report on Wednesday, October 7th. Wall Street Zen cut shares of General Dynamics from a "strong-buy" rating to a "buy" rating in a report on Saturday, August 1st. Susquehanna upped their price objective on shares of General Dynamics from $420.00 to $455.00 and gave the stock a "positive" rating in a report on Thursday, July 30th. Finally, Wells Fargo & Company boosted their target price on General Dynamics from $400.00 to $440.00 and gave the stock an "overweight" rating in a report on Tuesday, August 4th. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $402.32.

General Dynamics Stock Down 0.4%

Shares of NYSE GD opened at $349.29 on Friday. The firm has a market cap of $94.50 billion, a price-to-earnings ratio of 21.40, a price-to-earnings-growth ratio of 2.05 and a beta of 0.33. The company's 50-day simple moving average is $353.71 and its 200-day simple moving average is $354.99. The company has a quick ratio of 0.96, a current ratio of 1.44 and a debt-to-equity ratio of 0.23. General Dynamics Corporation has a 52-week low of $306.77 and a 52-week high of $400.00.

General Dynamics (NYSE:GD - Get Free Report) last issued its quarterly earnings results 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. The firm had revenue of $14.09 billion for the quarter, compared to analyst estimates of $13.52 billion. General Dynamics had a net margin of 8.18% and a return on equity of 17.43%. General Dynamics's quarterly revenue was up 8.1% compared to the same quarter last year. During the same period last year, the company posted $3.74 EPS. General Dynamics has set its FY 2026 guidance at 16.800-16.900 EPS. Equities analysts predict that General Dynamics Corporation will post 16.99 EPS for the current fiscal year.

General Dynamics Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 13th. Shareholders of record on Friday, October 9th will be paid a dividend of $1.59 per share. The ex-dividend date is Friday, October 9th. This represents a $6.36 dividend on an annualized basis and a yield of 1.8%. General Dynamics's dividend payout ratio is 38.80%.

General Dynamics Profile

General Dynamics Corporation NYSE: GD is a global aerospace and defense company that develops, manufactures and supports products and services for government and commercial customers. Its operations serve the U.S. government, allied nations and other customers worldwide, with a significant focus on national security, military modernization and mission support.

The company operates through four primary business areas. Aerospace provides Gulfstream business jets and related aircraft services through Gulfstream Aerospace, as well as aircraft management, charter, maintenance and completions services through Jet Aviation.

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.