Procyon Advisors LLC Grows Stake in Northrop Grumman Co. (NYSE:NOC)

Procyon Advisors LLC raised its position in shares of Northrop Grumman Co. (NYSE:NOC) by 43.7% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 5,926 shares of the aerospace company’s stock after buying an additional 1,801 shares during the period. Procyon Advisors LLC’s holdings in Northrop Grumman were worth $2,781,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Two Sigma Advisers LP grew its holdings 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 purchasing an additional 372,500 shares during the last quarter. Marshall Wace LLP purchased a new position in Northrop Grumman during the 2nd quarter worth $74,206,000. Canada Pension Plan Investment Board grew its stake in Northrop Grumman by 113.6% during the 2nd quarter. Canada Pension Plan Investment Board now owns 296,844 shares of the aerospace company’s stock worth $129,409,000 after buying an additional 157,854 shares during the last quarter. Legal & General Group Plc increased its position in Northrop Grumman by 16.0% during the 2nd quarter. Legal & General Group Plc now owns 1,087,913 shares of the aerospace company’s stock valued at $474,276,000 after buying an additional 150,367 shares in the last quarter. Finally, Franklin Resources Inc. raised its stake 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 valued at $1,315,729,000 after buying an additional 141,816 shares during the last quarter. Hedge funds and other institutional investors own 83.40% of the company’s stock.

Northrop Grumman Stock Up 1.7 %

Shares of NOC opened at $480.29 on Friday. The stock has a 50 day moving average price of $482.29 and a 200 day moving average price of $493.47. Northrop Grumman Co. has a one year low of $418.60 and a one year high of $555.57. The company has a debt-to-equity ratio of 1.00, a quick ratio of 0.97 and a current ratio of 1.09. The stock has a market capitalization of $69.98 billion, a price-to-earnings ratio of 29.76, a PEG ratio of 0.87 and a beta of 0.35.

Northrop Grumman (NYSE:NOC) last issued its quarterly earnings data on Thursday, October 24th. The aerospace company reported $7.00 earnings per share for the quarter, topping the consensus estimate of $6.07 by $0.93. The company had revenue of $10 billion during the quarter, compared to analyst estimates of $10.18 billion. Northrop Grumman had a return on equity of 26.57% and a net margin of 5.79%. The firm’s revenue for the quarter was up 2.3% compared to the same quarter last year. During the same period in the prior year, the business posted $6.18 earnings per share. Equities research analysts forecast that Northrop Grumman Co. will post 25.93 earnings per share for the current fiscal year.

Northrop Grumman declared that its Board of Directors has initiated a share repurchase program on Wednesday, December 11th that permits the company to repurchase $3.00 billion in shares. This repurchase authorization permits the aerospace company to reacquire up to 4.3% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its shares are undervalued.

Northrop Grumman Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, December 18th. Investors of record on Monday, December 2nd were issued a $2.06 dividend. The ex-dividend date was Monday, December 2nd. This represents a $8.24 annualized dividend and a yield of 1.72%. Northrop Grumman’s dividend payout ratio (DPR) is currently 51.05%.

Insiders Place Their Bets

In other news, VP Benjamin R. Davies sold 1,156 shares of Northrop Grumman stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $532.93, for a total value of $616,067.08. Following the completion of the transaction, 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 sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders sold a total of 1,255 shares of company stock valued at $663,859 over the last 90 days. 0.22% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Truist Financial initiated coverage on shares of Northrop Grumman in a research report on Tuesday. They issued a “buy” rating and a $544.00 price objective for the company. JPMorgan Chase & Co. lifted their price objective on shares of Northrop Grumman from $500.00 to $560.00 and gave the stock a “neutral” rating in a research note on Monday, October 14th. Barclays cut their target price on Northrop Grumman from $550.00 to $500.00 and set an “equal weight” rating on the stock in a research report on Monday, January 6th. Susquehanna lowered their price target on Northrop Grumman from $625.00 to $557.00 and set a “positive” rating for the company in a research report on Wednesday, January 8th. Finally, Citigroup increased their price target on shares of Northrop Grumman from $521.00 to $587.00 and gave the stock a “neutral” rating in a report on Thursday, October 10th. Nine research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $550.94.

Northrop Grumman Profile

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.