Corebridge Financial Inc. Sells 2,798 Shares of General Dynamics Co. (NYSE:GD)

Corebridge Financial Inc. lowered its position in shares of General Dynamics Co. (NYSE:GD) by 4.5% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 59,310 shares of the aerospace company’s stock after selling 2,798 shares during the quarter. Corebridge Financial Inc.’s holdings in General Dynamics were worth $15,628,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Community Bank N.A. boosted its position in General Dynamics by 0.6% in the third quarter. Community Bank N.A. now owns 5,461 shares of the aerospace company’s stock worth $1,650,000 after purchasing an additional 35 shares during the last quarter. Freedom Investment Management Inc. boosted its holdings in shares of General Dynamics by 0.9% in the 3rd quarter. Freedom Investment Management Inc. now owns 4,344 shares of the aerospace company’s stock worth $1,313,000 after buying an additional 37 shares during the last quarter. Purus Wealth Management LLC grew its position in General Dynamics by 1.5% during the fourth quarter. Purus Wealth Management LLC now owns 2,660 shares of the aerospace company’s stock valued at $701,000 after buying an additional 39 shares during the period. Armstrong Advisory Group Inc. raised its position in General Dynamics by 4.0% in the fourth quarter. Armstrong Advisory Group Inc. now owns 1,051 shares of the aerospace company’s stock worth $277,000 after acquiring an additional 40 shares during the period. Finally, Cobblestone Capital Advisors LLC NY boosted its stake in General Dynamics by 4.2% in the third quarter. Cobblestone Capital Advisors LLC NY now owns 1,012 shares of the aerospace company’s stock valued at $306,000 after acquiring an additional 41 shares during the last quarter. Hedge funds and other institutional investors own 86.14% of the company’s stock.

General Dynamics Stock Up 1.0 %

GD stock opened at $265.94 on Tuesday. The company’s 50 day moving average is $258.54 and its 200 day moving average is $277.45. The stock has a market cap of $71.90 billion, a price-to-earnings ratio of 19.50, a price-to-earnings-growth ratio of 1.69 and a beta of 0.59. The company has a current ratio of 1.37, a quick ratio of 0.82 and a debt-to-equity ratio of 0.33. General Dynamics Co. has a 1-year low of $239.87 and a 1-year high of $316.90.

General Dynamics (NYSE:GD) last issued its quarterly earnings results on Wednesday, January 29th. The aerospace company reported $4.15 EPS for the quarter, missing analysts’ consensus estimates of $4.29 by ($0.14). General Dynamics had a return on equity of 17.10% and a net margin of 7.93%. Sell-side analysts predict that General Dynamics Co. will post 14.83 EPS for the current fiscal year.

General Dynamics announced that its board has authorized a share repurchase plan on Wednesday, December 4th that authorizes the company to buyback 10,000,000 shares. This buyback authorization authorizes the aerospace company to reacquire shares of its stock through open market purchases. Shares buyback plans are usually an indication that the company’s board believes its stock is undervalued.

General Dynamics Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 9th. Stockholders of record on Friday, April 11th will be issued a $1.50 dividend. This is a boost from General Dynamics’s previous quarterly dividend of $1.42. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.26%. The ex-dividend date of this dividend is Friday, April 11th. General Dynamics’s dividend payout ratio is presently 43.99%.

Insider Activity

In related news, Director Laura J. Schumacher sold 1,796 shares of the stock in a transaction on Friday, January 31st. The shares were sold at an average price of $255.68, for a total transaction of $459,201.28. Following the transaction, the director now owns 11,175 shares of the company’s stock, valued at approximately $2,857,224. This trade represents a 13.85 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Marguerite Amy Gilliland sold 27,562 shares of the business’s stock in a transaction on Monday, March 10th. The stock was sold at an average price of $272.11, for a total transaction of $7,499,895.82. Following the completion of the sale, the senior vice president now directly owns 45,192 shares of the company’s stock, valued at $12,297,195.12. This represents a 37.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.52% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently commented on GD shares. Jefferies Financial Group reaffirmed a “hold” rating and issued a $300.00 price target (down previously from $345.00) on shares of General Dynamics in a report on Thursday, December 12th. BTIG Research cut General Dynamics from a “buy” rating to a “neutral” rating in a research report on Thursday, February 13th. Susquehanna decreased their price objective on General Dynamics from $315.00 to $300.00 and set a “positive” rating for the company in a report on Thursday, January 30th. Wolfe Research downgraded shares of General Dynamics from an “outperform” rating to a “peer perform” rating in a report on Wednesday, December 11th. Finally, Vertical Research downgraded shares of General Dynamics from a “buy” rating to a “hold” rating and reduced their target price for the stock from $352.00 to $290.00 in a research note on Monday, January 6th. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $297.71.

About General Dynamics

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.