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

Corebridge Financial Inc. cut its holdings in General Dynamics Co. (NYSE:GD - Free Report) by 4.5% during the fourth quarter, according to its most recent 13F 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 quarter. Corebridge Financial Inc.'s holdings in General Dynamics were worth $15,628,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the business. Financial Life Planners purchased a new position in General Dynamics in the fourth quarter worth about $25,000. Whipplewood Advisors LLC purchased a new position in General Dynamics in the 4th quarter worth approximately $26,000. Kohmann Bosshard Financial Services LLC purchased a new stake in General Dynamics during the 4th quarter valued at $26,000. Sugar Maple Asset Management LLC bought a new stake in shares of General Dynamics in the 4th quarter worth $28,000. Finally, Heck Capital Advisors LLC bought a new position in shares of General Dynamics during the fourth quarter valued at $28,000. 86.14% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

GD has been the subject of a number of recent analyst reports. Vertical Research lowered General Dynamics from a "buy" rating to a "hold" rating and decreased their target price for the stock from $352.00 to $290.00 in a research report on Monday, January 6th. William Blair downgraded shares of General Dynamics from an "outperform" rating to a "market perform" rating in a research report on Friday, February 21st. UBS Group lowered their price target on General Dynamics from $337.00 to $281.00 and set a "neutral" rating on the stock in a report on Tuesday, January 28th. Robert W. Baird reaffirmed a "neutral" rating and issued a $283.00 price objective (down previously from $345.00) on shares of General Dynamics in a report on Tuesday, January 14th. Finally, The Goldman Sachs Group lowered their target price on General Dynamics from $245.00 to $241.00 and set a "sell" rating on the stock in a report on Tuesday, January 28th. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $297.71.

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General Dynamics Price Performance

NYSE:GD traded down $0.50 on Friday, reaching $268.99. 1,240,268 shares of the company's stock traded hands, compared to its average volume of 1,316,521. 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 simple moving average of $258.73 and a 200-day simple moving average of $276.76. The company has a quick ratio of 0.82, a current ratio of 1.37 and a debt-to-equity ratio of 0.33. The firm has a market cap of $72.72 billion, a PE ratio of 19.72, a P/E/G ratio of 1.69 and a beta of 0.59.

General Dynamics (NYSE:GD - Get Free Report) last issued its quarterly earnings data 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%. Equities research analysts forecast 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 given a dividend of $1.50 per share. This is an increase 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 2.23%. The ex-dividend date of this dividend is Friday, April 11th. General Dynamics's dividend payout ratio is currently 43.99%.

General Dynamics announced that its Board of Directors has authorized a stock buyback plan on Wednesday, December 4th that permits the company to repurchase 10,000,000 outstanding shares. This repurchase authorization permits the aerospace company to buy shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company's management believes its stock is undervalued.

Insider Activity at General Dynamics

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

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.