US defense giant’s top holder dumps nearly $1 billion of stock
General Dynamics’ largest shareholder, a family office that first acquired shares in the massive US defense contractor in 1959, has slashed its stake by nearly $1 billion and was responsible for 9.6% of all General Dynamics stock that traded during the month of September. Those sales have cut its stake in the $89 billion military equipment provider by approximately 10% since August 26. Manager of the Henry Crown family fortune, Longview Asset Management, sold roughly one out of every 10 General Dynamics shares that traded last month: 2,638,137 shares of September’s 27,591,000 in total volume. Longview’s filings with the SEC show the fund dropping its stake from 27,096,788 shares of GD, General Dynamics’ NYSE-listed common stock, as of August 26, to 24,388,917 by October 1. The timing has been brutal. General Dynamics has declined 13% since August 26, making the selling only more conspicuous, especially when broad indices like the S&P 500 have actually ra...
