Truist Financial Corp Cuts Position in General Dynamics Corporation (NYSE:GD)

Truist Financial Corp cut its position in shares of General Dynamics Corporation (NYSE:GD) by 4.5% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 285,086 shares of the aerospace company’s stock after selling 13,378 shares during the quarter. Truist Financial Corp’s holdings in General Dynamics were worth $77,709,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Capital Investment Advisory Services LLC boosted its position in General Dynamics by 15.2% during the first quarter. Capital Investment Advisory Services LLC now owns 2,174 shares of the aerospace company’s stock worth $593,000 after acquiring an additional 287 shares during the last quarter. Brookstone Capital Management grew its stake in General Dynamics by 51.8% during the first quarter. Brookstone Capital Management now owns 27,943 shares of the aerospace company’s stock worth $7,617,000 after buying an additional 9,533 shares during the period. Catalyst Capital Advisors LLC increased its holdings in General Dynamics by 45.2% in the 1st quarter. Catalyst Capital Advisors LLC now owns 527 shares of the aerospace company’s stock valued at $144,000 after purchasing an additional 164 shares in the last quarter. Global Wealth Management Investment Advisory Inc. grew its stake in shares of General Dynamics by 11.5% in the first quarter. Global Wealth Management Investment Advisory Inc. now owns 16,522 shares of the aerospace company’s stock valued at $4,504,000 after buying an additional 1,704 shares in the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. raised its stake in shares of General Dynamics by 35.3% during the first quarter. Harel Insurance Investments & Financial Services Ltd. now owns 28,103 shares of the aerospace company’s stock valued at $7,660,000 after purchasing an additional 7,333 shares during the period. Institutional investors and hedge funds own 86.14% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. Susquehanna lifted their price objective on General Dynamics from $300.00 to $315.00 and gave the stock a “positive” rating in a report on Wednesday, April 2nd. Argus set a $295.00 price objective on shares of General Dynamics in a research note on Tuesday, May 6th. TD Securities raised their target price on General Dynamics from $275.00 to $290.00 and gave the company a “buy” rating in a research note on Thursday, April 24th. Cowen reaffirmed a “buy” rating on shares of General Dynamics in a report on Wednesday, June 25th. Finally, Citigroup cut their price objective on shares of General Dynamics from $335.00 to $330.00 and set a “buy” rating on the stock in a research note on Thursday, April 10th. One investment analyst has rated the stock with a sell rating, fourteen have issued a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $290.24.

Insider Buying and Selling

In other news, CEO Phebe N. Novakovic sold 178,821 shares of the company’s stock in a transaction that occurred on Friday, June 13th. The stock was sold at an average price of $283.13, for a total value of $50,629,589.73. Following the transaction, the chief executive officer owned 769,607 shares of the company’s stock, valued at approximately $217,898,829.91. This represents a 18.85% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.50% of the stock is currently owned by company insiders.

General Dynamics Stock Performance

GD stock opened at $294.00 on Friday. General Dynamics Corporation has a 1-year low of $239.20 and a 1-year high of $316.90. The company has a current ratio of 1.34, a quick ratio of 0.82 and a debt-to-equity ratio of 0.33. The firm has a market cap of $78.91 billion, a PE ratio of 20.39, a P/E/G ratio of 1.98 and a beta of 0.46. The business’s 50-day moving average price is $278.76 and its two-hundred day moving average price is $268.09.

General Dynamics (NYSE:GD) last released its quarterly earnings results on Wednesday, April 23rd. The aerospace company reported $3.66 earnings per share for the quarter, topping analysts’ consensus estimates of $3.43 by $0.23. General Dynamics had a return on equity of 17.82% and a net margin of 8.08%. The firm had revenue of $12.22 billion during the quarter, compared to the consensus estimate of $11.92 billion. During the same quarter in the prior year, the firm posted $2.88 EPS. The business’s revenue was up 13.9% on a year-over-year basis. As a group, research analysts forecast that General Dynamics Corporation will post 14.83 earnings per share for the current year.

General Dynamics Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 8th. Stockholders of record on Thursday, July 3rd will be paid a dividend of $1.50 per share. The ex-dividend date of this dividend is Thursday, July 3rd. This represents a $6.00 annualized dividend and a dividend yield of 2.04%. General Dynamics’s dividend payout ratio is currently 41.61%.

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.