Corebridge Financial Inc. Reduces Stock Position in General Dynamics Co. (NYSE:GD)

Corebridge Financial Inc. lessened its holdings in shares of General Dynamics Co. (NYSE:GD) by 4.5% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 59,310 shares of the aerospace company’s stock after selling 2,798 shares during the period. Corebridge Financial Inc.’s holdings in General Dynamics were worth $15,628,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of GD. Empowered Funds LLC boosted its stake in shares of General Dynamics by 15.3% during the 4th quarter. Empowered Funds LLC now owns 9,689 shares of the aerospace company’s stock valued at $2,553,000 after purchasing an additional 1,283 shares in the last quarter. Kentucky Trust Co bought a new stake in General Dynamics during the 4th quarter valued at approximately $607,000. Hickory Point Bank & Trust purchased a new position in shares of General Dynamics during the 4th quarter worth approximately $692,000. Wealth Enhancement Advisory Services LLC raised its position in shares of General Dynamics by 69.1% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 261,992 shares of the aerospace company’s stock worth $69,032,000 after acquiring an additional 107,095 shares in the last quarter. Finally, Atlas Legacy Advisors LLC purchased a new position in shares of General Dynamics in the 4th quarter valued at approximately $550,000. Hedge funds and other institutional investors own 86.14% of the company’s stock.

General Dynamics Trading Up 1.0 %

NYSE:GD opened at $265.94 on Tuesday. The company has a 50 day simple moving average of $258.54 and a two-hundred day simple moving average of $277.45. The company has a market cap of $71.90 billion, a PE 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 12 month low of $239.87 and a 12 month high of $316.90.

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

General Dynamics announced that its Board of Directors has approved a stock buyback plan on Wednesday, December 4th that permits the company to buyback 10,000,000 outstanding shares. This buyback authorization permits the aerospace company to repurchase shares of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its shares are undervalued.

General Dynamics Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 9th. Investors of record on Friday, April 11th will be given a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a yield of 2.26%. This is a positive change from General Dynamics’s previous quarterly dividend of $1.42. The ex-dividend date is Friday, April 11th. General Dynamics’s payout ratio is 43.99%.

Insider Buying and Selling at General Dynamics

In other General Dynamics news, Director Laura J. Schumacher sold 1,796 shares of the company’s stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $255.68, for a total value of $459,201.28. Following the completion of the sale, the director now owns 11,175 shares in the company, valued at $2,857,224. This represents a 13.85 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, SVP Marguerite Amy Gilliland sold 27,562 shares of General Dynamics stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $272.11, for a total value of $7,499,895.82. Following the transaction, the senior vice president now directly owns 45,192 shares in the company, valued at approximately $12,297,195.12. The trade was a 37.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.52% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on GD shares. BTIG Research cut General Dynamics from a “buy” rating to a “neutral” rating in a research note on Thursday, February 13th. Deutsche Bank Aktiengesellschaft decreased their price target on shares of General Dynamics from $303.00 to $295.00 and set a “hold” rating for the company in a research note on Thursday, January 2nd. Jefferies Financial Group reissued a “hold” rating and set a $300.00 price objective (down previously from $345.00) on shares of General Dynamics in a research note on Thursday, December 12th. Barclays decreased their target price on shares of General Dynamics from $305.00 to $285.00 and set an “overweight” rating for the company in a research note on Tuesday, February 4th. Finally, The Goldman Sachs Group dropped their price target on General Dynamics from $245.00 to $241.00 and set a “sell” rating on the stock in a research report on Tuesday, January 28th. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus 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.