SouthState Corp Lowers Stock Holdings in General Dynamics Co. (NYSE:GD)

SouthState Corp cut its stake in shares of General Dynamics Co. (NYSE:GD) by 4.1% during the fourth quarter, HoldingsChannel.com reports. The fund owned 2,018 shares of the aerospace company’s stock after selling 86 shares during the quarter. SouthState Corp’s holdings in General Dynamics were worth $532,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of GD. Empowered Funds LLC lifted its stake in General Dynamics by 15.3% in the fourth quarter. Empowered Funds LLC now owns 9,689 shares of the aerospace company’s stock worth $2,553,000 after acquiring an additional 1,283 shares during the period. Fifth Third Wealth Advisors LLC lifted its position in shares of General Dynamics by 67.6% in the 3rd quarter. Fifth Third Wealth Advisors LLC now owns 8,546 shares of the aerospace company’s stock worth $2,583,000 after purchasing an additional 3,448 shares during the period. Kentucky Trust Co bought a new position in shares of General Dynamics during the fourth quarter valued at approximately $607,000. Hickory Point Bank & Trust purchased a new position in General Dynamics during the fourth quarter valued at approximately $692,000. Finally, Wealth Enhancement Advisory Services LLC raised its stake in General Dynamics by 69.1% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 261,992 shares of the aerospace company’s stock worth $69,032,000 after buying an additional 107,095 shares in the last quarter. Institutional investors own 86.14% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on GD. Deutsche Bank Aktiengesellschaft cut their price target on General Dynamics from $303.00 to $295.00 and set a “hold” rating on the stock in a report on Thursday, January 2nd. TD Cowen reduced their target price on shares of General Dynamics from $315.00 to $295.00 in a report on Tuesday, January 28th. Wolfe Research downgraded shares of General Dynamics from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, December 11th. Robert W. Baird reiterated a “neutral” rating and set a $283.00 price objective (down previously from $345.00) on shares of General Dynamics in a research note on Tuesday, January 14th. Finally, William Blair downgraded shares of General Dynamics from an “outperform” rating to a “market perform” rating in a research note on Friday, February 21st. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $297.71.

General Dynamics Trading Up 1.3 %

Shares of General Dynamics stock opened at $265.33 on Tuesday. The stock has a market cap of $71.73 billion, a PE ratio of 19.45, a price-to-earnings-growth ratio of 1.69 and a beta of 0.59. The firm has a fifty day moving average price of $258.04 and a 200 day moving average price of $278.54. General Dynamics Co. has a 1 year low of $239.87 and a 1 year high of $316.90. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.37 and a quick ratio of 0.82.

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

General Dynamics Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, May 9th. Stockholders of record on Friday, April 11th will be issued a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a dividend 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%.

General Dynamics announced that its board has initiated a share repurchase plan on Wednesday, December 4th that authorizes the company to repurchase 10,000,000 outstanding shares. This repurchase authorization authorizes the aerospace company to buy shares of its stock through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Insider Activity at General Dynamics

In related 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 transaction, the director now owns 11,175 shares of the company’s stock, valued at approximately $2,857,224. This represents a 13.85 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Marguerite Amy Gilliland sold 27,562 shares of the firm’s stock in a transaction that occurred on 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 completion of the sale, 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. Company insiders own 1.52% of the company’s stock.

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.