General Dynamics Corporation $GD Shares Sold by Cullen Capital Management LLC

Key Points

• Cullen Capital Management reduced its General Dynamics stake by 3.6% in the fourth quarter, selling 25,835 shares and leaving it with 695,181 shares valued at about $234 million.
• General Dynamics executive vice president Mark Lagrand Burns sold 36,480 shares for about $12.6 million, cutting his ownership by 48.35%.
• The company reported better-than-expected quarterly results, with EPS of $4.10 and revenue of $13.48 billion, and it also announced a quarterly dividend of $1.59 per share.

Cullen Capital Management LLC lowered its stake in shares of General Dynamics Corporation (NYSE:GD - Free Report) by 3.6% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 695,181 shares of the aerospace company's stock after selling 25,835 shares during the quarter. General Dynamics makes up approximately 2.6% of Cullen Capital Management LLC's holdings, making the stock its 10th largest position. Cullen Capital Management LLC owned approximately 0.26% of General Dynamics worth $234,040,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Korea Investment CORP boosted its position in General Dynamics by 26.8% during the 4th quarter. Korea Investment CORP now owns 208,029 shares of the aerospace company's stock valued at $70,035,000 after purchasing an additional 44,020 shares during the period. Y Intercept Hong Kong Ltd bought a new stake in General Dynamics during the 4th quarter valued at $8,825,000. Wealthspire Advisors LLC raised its stake in General Dynamics by 97.7% during the 4th quarter. Wealthspire Advisors LLC now owns 3,283 shares of the aerospace company's stock valued at $1,105,000 after acquiring an additional 1,622 shares in the last quarter. Allianz SE raised its stake in General Dynamics by 38.3% during the 4th quarter. Allianz SE now owns 1,578 shares of the aerospace company's stock valued at $531,000 after acquiring an additional 437 shares in the last quarter. Finally, Gerber Kawasaki Wealth & Investment Management raised its stake in General Dynamics by 11.3% during the 4th quarter. Gerber Kawasaki Wealth & Investment Management now owns 2,009 shares of the aerospace company's stock valued at $676,000 after acquiring an additional 204 shares in the last quarter. Institutional investors and hedge funds own 86.14% of the company's stock.

Insider Activity

In other news, EVP Mark Lagrand Burns sold 36,480 shares of General Dynamics stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $345.29, for a total transaction of $12,596,179.20. Following the transaction, the executive vice president owned 38,975 shares in the company, valued at approximately $13,457,677.75. The trade was a 48.35% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 1.40% of the stock is owned by company insiders.

General Dynamics Stock Up 0.3%

Shares of General Dynamics stock opened at $359.92 on Friday. The stock's fifty day moving average is $340.32 and its 200-day moving average is $346.59. The firm has a market capitalization of $97.33 billion, a PE ratio of 22.65, a price-to-earnings-growth ratio of 2.23 and a beta of 0.34. The company has a quick ratio of 0.90, a current ratio of 1.38 and a debt-to-equity ratio of 0.24. General Dynamics Corporation has a 12-month low of $275.49 and a 12-month high of $369.70.

General Dynamics (NYSE:GD - Get Free Report) last announced its earnings results on Wednesday, April 29th. The aerospace company reported $4.10 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.67 by $0.43. The company had revenue of $13.48 billion for the quarter, compared to analyst estimates of $12.70 billion. General Dynamics had a return on equity of 17.41% and a net margin of 8.07%.General Dynamics's revenue for the quarter was up 10.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $3.66 earnings per share. Equities analysts anticipate that General Dynamics Corporation will post 16.62 earnings per share for the current year.

General Dynamics Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 7th. Stockholders of record on Thursday, July 2nd will be given a dividend of $1.59 per share. The ex-dividend date of this dividend is Thursday, July 2nd. This represents a $6.36 dividend on an annualized basis and a dividend yield of 1.8%. General Dynamics's payout ratio is 40.03%.

Analyst Upgrades and Downgrades

GD has been the topic of several recent analyst reports. BNP Paribas Exane cut their target price on General Dynamics from $430.00 to $390.00 and set an "outperform" rating on the stock in a research note on Thursday, April 30th. Deutsche Bank Aktiengesellschaft cut their target price on General Dynamics from $387.00 to $377.00 and set a "hold" rating on the stock in a research note on Wednesday, May 6th. The Goldman Sachs Group dropped their price objective on General Dynamics from $327.00 to $313.00 and set a "sell" rating on the stock in a research note on Monday, May 4th. Morgan Stanley boosted their price objective on General Dynamics from $410.00 to $435.00 and gave the stock an "overweight" rating in a research note on Thursday, April 30th. Finally, JPMorgan Chase & Co. boosted their price objective on General Dynamics from $385.00 to $400.00 and gave the stock an "overweight" rating in a research note on Thursday, April 30th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $388.40.

About General Dynamics

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.

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