Truist Financial Corp Trims Stake in General Dynamics Co. (NYSE:GD)

Truist Financial Corp reduced its position in shares of General Dynamics Co. (NYSE:GD) by 0.7% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 313,777 shares of the aerospace company’s stock after selling 2,181 shares during the period. Truist Financial Corp owned approximately 0.11% of General Dynamics worth $81,479,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in GD. Impact Partnership Wealth LLC lifted its holdings in shares of General Dynamics by 411.5% during the 3rd quarter. Impact Partnership Wealth LLC now owns 133 shares of the aerospace company’s stock worth $29,000 after acquiring an additional 107 shares during the last quarter. Exchange Traded Concepts LLC lifted its holdings in shares of General Dynamics by 1,406.1% during the 3rd quarter. Exchange Traded Concepts LLC now owns 2,696 shares of the aerospace company’s stock worth $596,000 after acquiring an additional 2,517 shares during the last quarter. Asset Management One Co. Ltd. lifted its stake in General Dynamics by 0.3% in the third quarter. Asset Management One Co. Ltd. now owns 93,437 shares of the aerospace company’s stock worth $20,647,000 after purchasing an additional 280 shares during the last quarter. Aaron Wealth Advisors LLC lifted its stake in General Dynamics by 8.9% in the third quarter. Aaron Wealth Advisors LLC now owns 1,267 shares of the aerospace company’s stock worth $280,000 after purchasing an additional 104 shares during the last quarter. Finally, Patriot Financial Group Insurance Agency LLC lifted its stake in General Dynamics by 19.1% in the third quarter. Patriot Financial Group Insurance Agency LLC now owns 1,693 shares of the aerospace company’s stock worth $374,000 after purchasing an additional 272 shares during the last quarter. 86.14% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other General Dynamics news, CEO Phebe N. Novakovic sold 32,355 shares of the company’s stock in a transaction dated Monday, January 29th. The shares were sold at an average price of $264.31, for a total value of $8,551,750.05. Following the sale, the chief executive officer now owns 773,977 shares in the company, valued at $204,569,860.87. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 1.52% of the company’s stock.

General Dynamics Trading Down 0.2 %

Shares of NYSE GD traded down $0.49 during midday trading on Friday, hitting $284.41. 1,244,205 shares of the company traded hands, compared to its average volume of 1,231,567. General Dynamics Co. has a 12-month low of $202.35 and a 12-month high of $296.50. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.92 and a current ratio of 1.44. The stock has a 50-day moving average price of $280.86 and a 200 day moving average price of $261.71. The firm has a market cap of $78.03 billion, a P/E ratio of 23.20, a P/E/G ratio of 1.81 and a beta of 0.68.

General Dynamics (NYSE:GD) last announced its quarterly earnings results on Wednesday, April 24th. The aerospace company reported $2.88 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.89 by ($0.01). General Dynamics had a net margin of 7.85% and a return on equity of 16.48%. The company had revenue of $10.73 billion for the quarter, compared to analysts’ expectations of $10.26 billion. During the same quarter in the prior year, the firm earned $2.64 EPS. General Dynamics’s quarterly revenue was up 8.6% compared to the same quarter last year. As a group, analysts expect that General Dynamics Co. will post 14.56 earnings per share for the current year.

General Dynamics Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 10th. Shareholders of record on Friday, April 12th will be issued a $1.42 dividend. This represents a $5.68 dividend on an annualized basis and a yield of 2.00%. The ex-dividend date is Thursday, April 11th. This is a boost from General Dynamics’s previous quarterly dividend of $1.32. General Dynamics’s dividend payout ratio is 46.33%.

Analysts Set New Price Targets

Several analysts have weighed in on GD shares. The Goldman Sachs Group boosted their price target on shares of General Dynamics from $253.00 to $284.00 and gave the stock a “neutral” rating in a research note on Tuesday, April 16th. Wells Fargo & Company boosted their price target on shares of General Dynamics from $291.00 to $322.00 and gave the stock an “overweight” rating in a research note on Thursday, April 4th. Royal Bank of Canada lowered their price target on shares of General Dynamics from $325.00 to $320.00 and set an “outperform” rating for the company in a research note on Thursday. UBS Group upped their price objective on shares of General Dynamics from $286.00 to $296.00 and gave the company a “neutral” rating in a research note on Monday, January 29th. Finally, Citigroup upped their price objective on shares of General Dynamics from $300.00 to $320.00 and gave the company a “buy” rating in a research note on Thursday. Four analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $285.63.

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.