Terra Nova Asset Management LLC Lowers Position in Northrop Grumman Co. (NOC)

Terra Nova Asset Management LLC trimmed its position in shares of Northrop Grumman Co. (NYSE:NOC) by 16.6% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 4,132 shares of the aerospace company’s stock after selling 823 shares during the quarter. Northrop Grumman comprises about 2.7% of Terra Nova Asset Management LLC’s investment portfolio, making the stock its 18th largest holding. Terra Nova Asset Management LLC’s holdings in Northrop Grumman were worth $1,012,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in NOC. Canada Pension Plan Investment Board lifted its position in shares of Northrop Grumman by 633.6% during the third quarter. Canada Pension Plan Investment Board now owns 92,510 shares of the aerospace company’s stock valued at $29,360,000 after buying an additional 79,900 shares during the last quarter. Schroder Investment Management Group increased its holdings in shares of Northrop Grumman by 33.7% during the third quarter. Schroder Investment Management Group now owns 11,502 shares of the aerospace company’s stock valued at $3,650,000 after acquiring an additional 2,900 shares in the last quarter. Pinnacle Associates Ltd. increased its holdings in shares of Northrop Grumman by 18.2% during the third quarter. Pinnacle Associates Ltd. now owns 8,065 shares of the aerospace company’s stock valued at $2,560,000 after acquiring an additional 1,239 shares in the last quarter. Westpac Banking Corp increased its holdings in shares of Northrop Grumman by 7.7% during the third quarter. Westpac Banking Corp now owns 48,306 shares of the aerospace company’s stock valued at $15,331,000 after acquiring an additional 3,450 shares in the last quarter. Finally, D.A. Davidson & CO. increased its holdings in shares of Northrop Grumman by 6.7% during the third quarter. D.A. Davidson & CO. now owns 12,682 shares of the aerospace company’s stock valued at $4,025,000 after acquiring an additional 792 shares in the last quarter. 84.04% of the stock is owned by institutional investors and hedge funds.

In other news, VP Mark A. Caylor sold 9,501 shares of the stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $285.45, for a total transaction of $2,712,060.45. Following the transaction, the vice president now owns 25,280 shares in the company, valued at approximately $7,216,176. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Michael A. Hardesty sold 259 shares of the stock in a transaction that occurred on Thursday, February 21st. The shares were sold at an average price of $288.38, for a total value of $74,690.42. Following the transaction, the chief accounting officer now owns 6,253 shares in the company, valued at approximately $1,803,240.14. The disclosure for this sale can be found here. Insiders have sold a total of 119,289 shares of company stock worth $34,274,861 in the last ninety days. Corporate insiders own 0.62% of the company’s stock.

Several equities analysts recently weighed in on the stock. Credit Suisse Group reiterated a “buy” rating on shares of Northrop Grumman in a report on Thursday, January 31st. Citigroup cut their price target on shares of Northrop Grumman from $350.00 to $333.00 and set a “buy” rating on the stock in a report on Monday, January 14th. Drexel Hamilton reiterated a “buy” rating and issued a $335.00 price target on shares of Northrop Grumman in a report on Wednesday, December 19th. Bank of America reiterated a “buy” rating and issued a $355.00 price target (down previously from $360.00) on shares of Northrop Grumman in a report on Friday, February 1st. Finally, Argus reiterated a “buy” rating on shares of Northrop Grumman in a report on Friday, February 1st. One analyst has rated the stock with a sell rating, seven have given a hold rating and twelve have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $336.39.

Shares of NYSE NOC traded down $0.33 during midday trading on Monday, reaching $268.03. 74,278 shares of the stock were exchanged, compared to its average volume of 914,995. The stock has a market capitalization of $45.55 billion, a price-to-earnings ratio of 12.57, a PEG ratio of 1.10 and a beta of 0.89. Northrop Grumman Co. has a twelve month low of $223.63 and a twelve month high of $360.88. The company has a debt-to-equity ratio of 1.70, a current ratio of 1.17 and a quick ratio of 1.09.

Northrop Grumman (NYSE:NOC) last issued its quarterly earnings data on Thursday, January 31st. The aerospace company reported $4.93 EPS for the quarter, topping analysts’ consensus estimates of $4.45 by $0.48. The business had revenue of $8.16 billion for the quarter, compared to analysts’ expectations of $8.11 billion. Northrop Grumman had a net margin of 9.73% and a return on equity of 41.24%. During the same quarter last year, the company earned $2.82 EPS. Analysts anticipate that Northrop Grumman Co. will post 18.94 earnings per share for the current fiscal year.

Northrop Grumman declared that its Board of Directors has initiated a share repurchase plan on Tuesday, December 4th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the aerospace company to buy up to 6.9% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 13th. Stockholders of record on Monday, February 25th were paid a dividend of $1.20 per share. The ex-dividend date was Friday, February 22nd. This represents a $4.80 dividend on an annualized basis and a dividend yield of 1.79%. Northrop Grumman’s payout ratio is 22.50%.

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Northrop Grumman Company Profile

Northrop Grumman Corporation, a security company, provides products in the areas of autonomous systems, cyber, space, strikes, and logistics and modernizations in the United States, the Asia Pacific, and internationally. The company operates through four segments: Aerospace Systems, Innovation Systems, Mission Systems, and Technology Services.

Further Reading: Reverse Stock Split

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Institutional Ownership by Quarter for Northrop Grumman (NYSE:NOC)

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