Truist Financial Corp Cuts Stock Position in General Dynamics Co. (NYSE:GD)

Truist Financial Corp cut its holdings in shares of General Dynamics Co. (NYSE:GD) by 3.0% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 298,464 shares of the aerospace company’s stock after selling 9,237 shares during the quarter. Truist Financial Corp owned approximately 0.11% of General Dynamics worth $78,642,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. CIBC Asset Management Inc raised its stake in shares of General Dynamics by 3.1% in the fourth quarter. CIBC Asset Management Inc now owns 58,289 shares of the aerospace company’s stock valued at $15,348,000 after buying an additional 1,772 shares during the period. Pittenger & Anderson Inc. increased its holdings in General Dynamics by 3.1% in the 4th quarter. Pittenger & Anderson Inc. now owns 3,810 shares of the aerospace company’s stock worth $1,004,000 after acquiring an additional 113 shares during the last quarter. Highview Capital Management LLC DE lifted its holdings in General Dynamics by 5.5% during the fourth quarter. Highview Capital Management LLC DE now owns 5,346 shares of the aerospace company’s stock valued at $1,409,000 after purchasing an additional 277 shares during the last quarter. Catalyst Capital Advisors LLC bought a new position in General Dynamics during the fourth quarter worth about $96,000. Finally, Sierra Ocean LLC purchased a new position in shares of General Dynamics in the fourth quarter worth about $231,000. 86.14% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently commented on GD. Barclays dropped their price target on shares of General Dynamics from $305.00 to $285.00 and set an “overweight” rating on the stock in a research note on Tuesday, February 4th. Sanford C. Bernstein cut their price target on General Dynamics from $343.00 to $331.00 and set a “market perform” rating for the company in a report on Thursday, October 24th. Citigroup decreased their price objective on General Dynamics from $360.00 to $335.00 and set a “buy” rating on the stock in a research note on Monday, February 10th. BTIG Research downgraded General Dynamics from a “buy” rating to a “neutral” rating in a research note on Thursday, February 13th. Finally, Royal Bank of Canada decreased their price target on General Dynamics from $290.00 to $280.00 and set a “sector perform” rating on the stock in a research report on Thursday, January 30th. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $298.59.

Insider Buying and Selling at General Dynamics

In other General Dynamics news, VP Christopher J. Brady sold 5,540 shares of the business’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $280.91, for a total value of $1,556,241.40. Following the completion of the sale, the vice president now owns 20,296 shares in the company, valued at approximately $5,701,349.36. The trade was a 21.44 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Laura J. Schumacher sold 1,796 shares of the stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $255.68, for a total value of $459,201.28. Following the sale, the director now directly 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 disclosure for this sale can be found here. Company insiders own 1.52% of the company’s stock.

General Dynamics Price Performance

GD opened at $241.98 on Tuesday. The stock has a market capitalization of $66.54 billion, a P/E ratio of 17.74, a PEG ratio of 1.61 and a beta of 0.61. 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. The stock has a 50-day moving average price of $261.96 and a 200-day moving average price of $284.09.

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 net margin of 7.93% and a return on equity of 17.10%. Equities analysts predict that General Dynamics Co. will post 14.84 earnings per share for the current fiscal year.

General Dynamics Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, February 7th. Shareholders of record on Friday, January 17th were paid a $1.42 dividend. This represents a $5.68 annualized dividend and a yield of 2.35%. The ex-dividend date of this dividend was Friday, January 17th. General Dynamics’s dividend payout ratio is presently 41.64%.

General Dynamics announced that its Board of Directors has authorized a stock buyback plan on Wednesday, December 4th that permits the company to buyback 10,000,000 shares. This buyback authorization permits the aerospace company to buy shares of its stock through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its stock is undervalued.

General Dynamics Company 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.