CX Institutional increased its stake in shares of Northrop Grumman Co. (NYSE:NOC – Free Report) by 6.8% in the 4th quarter, Holdings Channel reports. The firm owned 789 shares of the aerospace company’s stock after buying an additional 50 shares during the period. CX Institutional’s holdings in Northrop Grumman were worth $370,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds have also recently made changes to their positions in the company. Two Sigma Advisers LP raised its position in Northrop Grumman by 102.6% in the third quarter. Two Sigma Advisers LP now owns 735,600 shares of the aerospace company’s stock worth $388,448,000 after acquiring an additional 372,500 shares during the period. Franklin Resources Inc. raised its position in Northrop Grumman by 6.2% in the third quarter. Franklin Resources Inc. now owns 2,426,270 shares of the aerospace company’s stock worth $1,315,729,000 after acquiring an additional 141,816 shares during the period. Wedge Capital Management L L P NC bought a new position in Northrop Grumman in the fourth quarter worth approximately $66,171,000. International Assets Investment Management LLC bought a new position in Northrop Grumman in the fourth quarter worth approximately $622,000. Finally, National Bank of Canada FI raised its position in Northrop Grumman by 154.7% in the third quarter. National Bank of Canada FI now owns 157,601 shares of the aerospace company’s stock worth $83,224,000 after acquiring an additional 95,724 shares during the period. 83.40% of the stock is owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
Several analysts have recently commented on NOC shares. Truist Financial started coverage on shares of Northrop Grumman in a research report on Tuesday, January 14th. They set a “buy” rating and a $544.00 price objective on the stock. StockNews.com upgraded shares of Northrop Grumman from a “buy” rating to a “strong-buy” rating in a research report on Sunday, January 19th. Wells Fargo & Company upgraded shares of Northrop Grumman from an “equal weight” rating to an “overweight” rating and set a $595.00 price objective on the stock in a research report on Wednesday, January 8th. UBS Group raised their price objective on shares of Northrop Grumman from $614.00 to $643.00 and gave the company a “buy” rating in a research report on Friday, October 25th. Finally, Royal Bank of Canada raised their price objective on shares of Northrop Grumman from $500.00 to $540.00 and gave the company a “sector perform” rating in a research report on Friday, October 25th. Eight analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $550.94.
Northrop Grumman Stock Performance
Shares of NYSE:NOC opened at $497.13 on Monday. Northrop Grumman Co. has a 52 week low of $418.60 and a 52 week high of $555.57. The stock has a market capitalization of $72.43 billion, a P/E ratio of 30.80, a PEG ratio of 0.95 and a beta of 0.35. The firm has a fifty day simple moving average of $478.66 and a two-hundred day simple moving average of $496.36. The company has a quick ratio of 0.97, a current ratio of 1.09 and a debt-to-equity ratio of 1.00.
Northrop Grumman (NYSE:NOC – Get Free Report) last issued its quarterly earnings data on Thursday, October 24th. The aerospace company reported $7.00 EPS for the quarter, topping analysts’ consensus estimates of $6.07 by $0.93. Northrop Grumman had a net margin of 5.79% and a return on equity of 26.57%. The business had revenue of $10 billion during the quarter, compared to analysts’ expectations of $10.18 billion. During the same period last year, the company posted $6.18 EPS. The business’s revenue was up 2.3% on a year-over-year basis. On average, analysts expect that Northrop Grumman Co. will post 25.96 earnings per share for the current fiscal year.
Northrop Grumman Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, December 18th. Shareholders of record on Monday, December 2nd were paid a $2.06 dividend. The ex-dividend date was Monday, December 2nd. This represents a $8.24 dividend on an annualized basis and a dividend yield of 1.66%. Northrop Grumman’s payout ratio is currently 51.05%.
Northrop Grumman announced that its board has initiated a stock buyback program on Wednesday, December 11th that permits the company to repurchase $3.00 billion in shares. This repurchase authorization permits the aerospace company to buy up to 4.3% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued.
Insiders Place Their Bets
In other news, VP Benjamin R. Davies sold 1,156 shares of the firm’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $532.93, for a total value of $616,067.08. Following the completion of the sale, the vice president now owns 537 shares in the company, valued at approximately $286,183.41. This trade represents a 68.28 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold 1,255 shares of company stock valued at $663,859 in the last three months. Corporate insiders own 0.22% of the company’s stock.
About Northrop Grumman
Northrop Grumman Corporation operates as an aerospace and defense technology company in the United States, Asia/Pacific, Europe, and internationally. The company’s Aeronautics Systems segment designs, develops, manufactures, integrates, and sustains aircraft systems. This segment also offers unmanned autonomous aircraft systems, including high-altitude long-endurance strategic ISR systems and vertical take-off and landing tactical ISR systems; and strategic long-range strike aircraft, tactical fighter and air dominance aircraft, and airborne battle management and command and control systems.
Recommended Stories
- Five stocks we like better than Northrop Grumman
- How to buy stock: A step-by-step guide for beginners
- MP Materials: Rare Earth Elements Powering the EV Boom
- 3 Stocks to Protect Your Portfolio from the Coronavirus Contagion
- Verizon’s Turnaround Gains Traction: New Highs Are Likely in 2025
- What is an Earnings Surprise?
- Bloom Energy: Powering the Future With Decentralized Energy
Want to see what other hedge funds are holding NOC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Northrop Grumman Co. (NYSE:NOC – Free Report).
Receive News & Ratings for Northrop Grumman Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Northrop Grumman and related companies with MarketBeat.com's FREE daily email newsletter.