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General Dynamics (NYSE:GD), the $84.4 billion aerospace and defense giant, saw Executive Vice President Mark Lagrand Burns sell a total of 76,420 shares of common stock for approximately $23.9 million, according to a Form 4 filing with the Securities and Exchange Commission. The company’s stock has shown impressive momentum, gaining over 25% in the past six months. The sales occurred on July 25 and July 28, with prices ranging from $311.853 to $314.173. According to InvestingPro analysis, the stock is currently trading near its 52-week high of $322.50, with technical indicators suggesting overbought conditions.
The filing also indicates that on the same dates, Burns exercised options to acquire a total of 76,420 shares of General Dynamics common stock. 32,560 shares were acquired at an exercise price of $223.93, and 43,860 shares were acquired at an exercise price of $167.61, for a total value of $14,642,535.
Following these transactions, Burns directly owns 39,875.154 shares of General Dynamics, and indirectly owns 34,896.198 shares.
In other recent news, General Dynamics reported second-quarter earnings per share of $3.74, surpassing expectations by 5%, and achieved a 9% increase in revenue compared to the previous year. The company posted revenues of $13 billion, exceeding the consensus estimate of $12.39 billion. This strong performance led Citi to raise its price target for General Dynamics to $368, maintaining a Buy rating. Similarly, RBC Capital increased its price target to $330 while keeping a Sector Perform rating, and Bernstein raised its target to $335 with a Market Perform rating. Wolfe Research upgraded General Dynamics to Outperform, citing improvements in the company’s Gulfstream business jet operations. Additionally, General Dynamics secured a $98 million contract extension from the U.S. Department of Defense, extending its work with the U.S. Air Forces Central Command until September 2026. This contract modification raises the total lifecycle value to $814 million. These developments highlight the company’s strong financial performance and strategic positioning in the defense sector.
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