General Dynamics Corporation $GD Shares Sold by Corebridge Financial Inc.

Key Points

• Corebridge Financial Inc. has reduced its stake in General Dynamics by 4.6%, selling 2,715 shares, which brings its total holdings to 56,595 shares valued at approximately $15.4 million.
• Several hedge funds have increased their positions in General Dynamics during the first quarter, with Matrix Asset Advisors leading with a 31.6% increase, now owning 33,644 shares valued at $9.17 million.
• General Dynamics recently announced a quarterly dividend of $1.50 per share, with an annualized dividend yield of 1.9%, scheduled for payment on November 14th to stockholders of record on October 10th.

Corebridge Financial Inc. lowered its stake in shares of General Dynamics Corporation (NYSE:GD - Free Report) by 4.6% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 56,595 shares of the aerospace company's stock after selling 2,715 shares during the period. Corebridge Financial Inc.'s holdings in General Dynamics were worth $15,427,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also made changes to their positions in the company. Rialto Wealth Management LLC increased its position in shares of General Dynamics by 213.8% during the first quarter. Rialto Wealth Management LLC now owns 91 shares of the aerospace company's stock worth $25,000 after purchasing an additional 62 shares in the last quarter. Inlight Wealth Management LLC purchased a new stake in shares of General Dynamics during the first quarter worth $26,000. Copia Wealth Management acquired a new stake in shares of General Dynamics in the fourth quarter valued at about $27,000. Smallwood Wealth Investment Management LLC purchased a new position in shares of General Dynamics in the first quarter worth about $27,000. Finally, Heck Capital Advisors LLC acquired a new position in General Dynamics during the fourth quarter worth about $28,000. Institutional investors and hedge funds own 86.14% of the company's stock.

Insiders Place Their Bets

In related news, CEO Phebe N. Novakovic sold 129,090 shares of the company's stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $313.57, for a total value of $40,478,751.30. Following the completion of the sale, the chief executive officer directly owned 769,607 shares of the company's stock, valued at $241,325,666.99. This represents a 14.36% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Christopher J. Brady sold 8,150 shares of General Dynamics stock in a transaction that occurred on Monday, August 25th. The stock was sold at an average price of $321.18, for a total value of $2,617,617.00. Following the transaction, the vice president directly owned 22,818 shares in the company, valued at approximately $7,328,685.24. This trade represents a 26.32% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 458,260 shares of company stock worth $138,125,545. 1.50% of the stock is currently owned by insiders.

General Dynamics Trading Down 0.1%

GD traded down $0.27 on Friday, hitting $324.64. The company had a trading volume of 670,140 shares, compared to its average volume of 1,415,969. The firm has a market cap of $87.33 billion, a P/E ratio of 21.79, a PEG ratio of 2.00 and a beta of 0.48. General Dynamics Corporation has a 1 year low of $239.20 and a 1 year high of $326.02. The company's fifty day moving average price is $306.06 and its 200 day moving average price is $281.06. The company has a current ratio of 1.36, a quick ratio of 0.83 and a debt-to-equity ratio of 0.32.

General Dynamics (NYSE:GD - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The aerospace company reported $3.74 earnings per share 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 firm had revenue of $13.04 billion during the quarter, compared to the consensus estimate of $12.13 billion. During the same quarter last year, the firm earned $3.26 EPS. The firm's revenue for the quarter was up 8.9% on a year-over-year basis. General Dynamics has set its FY 2025 guidance at 15.050-15.150 EPS. As a group, equities analysts expect that General Dynamics Corporation will post 14.83 earnings per share for the current year.

General Dynamics Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Shareholders of record on Friday, October 10th will be issued a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a yield of 1.8%. The ex-dividend date is Friday, October 10th. General Dynamics's payout ratio is 40.27%.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. Argus set a $295.00 price objective on shares of General Dynamics in a report on Tuesday, May 6th. JPMorgan Chase & Co. increased their price target on General Dynamics from $284.00 to $345.00 and gave the company an "overweight" rating in a report on Thursday, July 24th. TD Cowen increased their price target on General Dynamics from $290.00 to $300.00 and gave the company a "buy" rating in a report on Wednesday, June 25th. Cowen reissued a "buy" rating on shares of General Dynamics in a research report on Wednesday, June 25th. Finally, Deutsche Bank Aktiengesellschaft raised shares of General Dynamics from a "hold" rating to a "buy" rating and boosted their price target for the company from $298.00 to $342.00 in a research report on Tuesday, July 8th. Nine analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, General Dynamics currently has an average rating of "Hold" and an average price target of $315.78.

General Dynamics Profile

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.