Envestnet Asset Management Inc. Sells 33,336 Shares of General Dynamics Corporation $GD

Key Points

• Envestnet Asset Management reduced its General Dynamics stake by 3.5%, selling 33,336 shares and retaining 915,683 shares valued at approximately $324.4 million. Institutional investors collectively own 86.14% of the company.
• General Dynamics reported quarterly earnings of $4.24 per share and revenue of $14.09 billion, exceeding analyst expectations, while revenue rose 8.1% year over year.
• Analysts maintain a consensus “Moderate Buy” rating with a $410.84 price target. The company also declared a quarterly dividend of $1.59 per share, equivalent to a 1.9% annual yield.

Envestnet Asset Management Inc. cut its stake in General Dynamics Corporation (NYSE:GD - Free Report) by 3.5% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 915,683 shares of the aerospace company's stock after selling 33,336 shares during the quarter. Envestnet Asset Management Inc. owned about 0.34% of General Dynamics worth $324,370,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. BlackRock Inc. purchased a new stake in General Dynamics in the second quarter valued at approximately $6,840,590,000. State Street Corp grew its stake in 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 buying 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 $2,603,527,000. Geode Capital Management LLC increased its holdings in shares of General Dynamics by 3.3% in the 4th quarter. Geode Capital Management LLC now owns 6,065,462 shares of the aerospace company's stock worth $2,039,742,000 after buying an additional 195,604 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its position in shares of General Dynamics by 2.2% during the 4th quarter. JPMorgan Chase & Co. now owns 5,307,389 shares of the aerospace company's stock valued at $1,786,786,000 after buying an additional 114,647 shares in the last quarter. 86.14% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at General Dynamics

In related news, CEO Phebe Novakovic sold 51,568 shares of General Dynamics 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 $293,231,119.06. The trade was a 6.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Marguerite Gilliland sold 43,180 shares of the stock in a transaction on Friday, July 31st. The stock was sold at an average price of $378.04, for a total value of $16,323,767.20. Following the completion of the transaction, the executive vice president owned 44,767 shares of the company's stock, valued at approximately $16,923,716.68. This trade represents a 49.10% decrease in their position. The SEC filing for this sale provides additional information. 1.40% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on GD shares. Sanford C. Bernstein reduced their target price on General Dynamics from $421.00 to $407.00 and set a "market perform" rating on the stock in a research note on Wednesday. Citigroup increased their price objective on General Dynamics from $364.00 to $404.00 and gave the company a "neutral" rating in a research report on Thursday, July 30th. UBS Group upped their target price on General Dynamics from $395.00 to $408.00 and gave the stock a "neutral" rating in a research note on Tuesday, September 8th. Bank of America lifted their price target on shares of General Dynamics from $400.00 to $415.00 and gave the stock a "buy" rating in a research note on Monday, July 6th. Finally, Wall Street Zen cut General Dynamics from a "strong-buy" rating to a "buy" rating in a report on Saturday, August 1st. One analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $410.84.

General Dynamics Trading Down 0.1%

NYSE GD opened at $343.20 on Thursday. The stock has a market cap of $92.86 billion, a P/E ratio of 20.94, a price-to-earnings-growth ratio of 1.98 and a beta of 0.32. General Dynamics Corporation has a fifty-two week low of $306.77 and a fifty-two week high of $400.00. The stock has a 50 day simple moving average of $374.71 and a two-hundred day simple moving average of $357.37. 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 (NYSE:GD - Get Free Report) last announced its quarterly earnings results on Wednesday, July 29th. The aerospace company reported $4.24 EPS for the quarter, topping 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 company had revenue of $14.09 billion during the quarter, compared to analyst estimates of $13.52 billion. During the same quarter last year, the firm posted $3.74 earnings per share. The firm's 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. On average, analysts forecast that General Dynamics Corporation will post 16.99 earnings per share for the current year.

General Dynamics Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 13th. Stockholders of record on Friday, October 9th will be given a $1.59 dividend. The ex-dividend date of this dividend is Friday, October 9th. This represents a $6.36 annualized dividend and a dividend yield of 1.9%. General Dynamics's dividend payout ratio is currently 38.80%.

About General Dynamics

General Dynamics Corporation NYSE: GD is an aerospace and defense company that develops and delivers products and services for government and commercial customers. Its operations are organized across four principal business areas: Aerospace, Marine Systems, Combat Systems and Technologies.

Through its Aerospace business, General Dynamics manufactures Gulfstream business jets and provides aircraft maintenance, repair and refurbishment services. Its Marine Systems businesses design and build nuclear-powered submarines and surface ships, while Combat Systems produces military vehicles, weapons systems and munitions.

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