AGF Investments LLC cut its stake in shares of Northrop Grumman Co. (NYSE:NOC) by 56.7% in the first quarter, Holdings Channel reports. The fund owned 2,302 shares of the aerospace company’s stock after selling 3,017 shares during the period. AGF Investments LLC’s holdings in Northrop Grumman were worth $696,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently modified their holdings of the business. Capital International Investors raised its holdings in shares of Northrop Grumman by 5.7% in the fourth quarter. Capital International Investors now owns 16,203,570 shares of the aerospace company’s stock valued at $5,573,546,000 after buying an additional 877,311 shares during the last quarter. Capital World Investors raised its stake in shares of Northrop Grumman by 1.5% during the 4th quarter. Capital World Investors now owns 6,873,765 shares of the aerospace company’s stock worth $2,364,372,000 after purchasing an additional 99,714 shares in the last quarter. Macquarie Group Ltd. increased its holdings in shares of Northrop Grumman by 11.1% during the 4th quarter. Macquarie Group Ltd. now owns 2,490,685 shares of the aerospace company’s stock worth $856,721,000 after acquiring an additional 248,217 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Northrop Grumman by 9.2% during the 4th quarter. Geode Capital Management LLC now owns 2,374,504 shares of the aerospace company’s stock worth $815,047,000 after acquiring an additional 199,460 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in shares of Northrop Grumman by 3.0% during the 4th quarter. Bank of New York Mellon Corp now owns 1,360,274 shares of the aerospace company’s stock worth $467,894,000 after acquiring an additional 39,736 shares during the last quarter. 82.58% of the stock is owned by institutional investors.
A number of brokerages have commented on NOC. Morgan Stanley upped their price objective on Northrop Grumman from $380.00 to $412.00 and gave the company an “overweight” rating in a report on Tuesday, April 14th. Seaport Global Securities began coverage on Northrop Grumman in a report on Tuesday. They issued a “buy” rating and a $398.00 price objective on the stock. Goldman Sachs Group lowered Northrop Grumman from a “buy” rating to a “sell” rating and reduced their target price for the stock from $409.00 to $337.00 in a report on Monday, February 3rd. Royal Bank of Canada began coverage on Northrop Grumman in a report on Wednesday. They set a “sector perform” rating and a $366.00 target price on the stock. They noted that the move was a valuation call. Finally, Cowen raised Northrop Grumman from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $360.00 to $370.00 in a report on Friday, May 15th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and nine have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $387.92.
Shares of NOC stock opened at $325.91 on Friday. The company has a quick ratio of 1.21, a current ratio of 1.29 and a debt-to-equity ratio of 1.72. Northrop Grumman Co. has a twelve month low of $263.31 and a twelve month high of $385.01. The company has a market cap of $54.70 billion, a P/E ratio of 24.56 and a beta of 0.81. The business has a fifty day simple moving average of $331.34 and a 200 day simple moving average of $344.60.
Northrop Grumman (NYSE:NOC) last announced its quarterly earnings data on Wednesday, April 29th. The aerospace company reported $5.15 earnings per share for the quarter, missing the consensus estimate of $5.51 by ($0.36). The business had revenue of $8.62 billion for the quarter, compared to the consensus estimate of $8.54 billion. Northrop Grumman had a return on equity of 39.22% and a net margin of 6.57%. Northrop Grumman’s quarterly revenue was up 5.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $5.06 earnings per share. As a group, equities research analysts anticipate that Northrop Grumman Co. will post 22.12 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 17th. Shareholders of record on Monday, June 1st will be given a $1.45 dividend. The ex-dividend date of this dividend is Friday, May 29th. This is an increase from Northrop Grumman’s previous quarterly dividend of $1.32. This represents a $5.80 annualized dividend and a yield of 1.78%. Northrop Grumman’s dividend payout ratio (DPR) is currently 24.89%.
In other Northrop Grumman news, VP Mark A. Caylor sold 3,340 shares of the stock in a transaction dated Tuesday, March 10th. The stock was sold at an average price of $324.69, for a total value of $1,084,464.60. Following the completion of the transaction, the vice president now directly owns 14,415 shares in the company, valued at $4,680,406.35. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Mark A. Caylor sold 4,805 shares of the stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $361.07, for a total value of $1,734,941.35. Following the completion of the transaction, the vice president now owns 17,755 shares of the company’s stock, valued at $6,410,797.85. The disclosure for this sale can be found here. 0.27% of the stock is currently owned by company insiders.
About Northrop Grumman
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.
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