Victory Capital Management Inc. increased its stake in Northrop Grumman Co. (NYSE:NOC) by 70.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 23,345 shares of the aerospace company’s stock after purchasing an additional 9,679 shares during the quarter. Victory Capital Management Inc.’s holdings in Northrop Grumman were worth $7,183,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors and hedge funds also recently modified their holdings of NOC. Cornerstone Wealth Management LLC increased its stake in Northrop Grumman by 31,477.7% in the 2nd quarter. Cornerstone Wealth Management LLC now owns 779,970 shares of the aerospace company’s stock worth $2,525,000 after purchasing an additional 777,500 shares in the last quarter. Lord Abbett & CO. LLC increased its stake in Northrop Grumman by 289.9% in the 1st quarter. Lord Abbett & CO. LLC now owns 408,550 shares of the aerospace company’s stock worth $142,633,000 after purchasing an additional 303,769 shares in the last quarter. PointState Capital LP purchased a new position in Northrop Grumman in the 1st quarter worth about $99,988,000. Summit Trail Advisors LLC increased its stake in Northrop Grumman by 31,127.3% in the 1st quarter. Summit Trail Advisors LLC now owns 211,721 shares of the aerospace company’s stock worth $212,000 after purchasing an additional 211,043 shares in the last quarter. Finally, AustralianSuper Pty Ltd purchased a new position in Northrop Grumman in the 1st quarter worth about $73,455,000. 81.67% of the stock is currently owned by hedge funds and other institutional investors.
A number of brokerages recently weighed in on NOC. Zacks Investment Research cut Northrop Grumman from a “buy” rating to a “hold” rating in a research note on Tuesday, August 7th. UBS Group started coverage on Northrop Grumman in a research report on Wednesday, August 15th. They set a “neutral” rating and a $315.00 price objective for the company. ValuEngine lowered Northrop Grumman from a “buy” rating to a “hold” rating in a research report on Tuesday, June 12th. Credit Suisse Group raised their price objective on Northrop Grumman from $326.00 to $341.00 and gave the stock a “neutral” rating in a research report on Wednesday, June 27th. Finally, JPMorgan Chase & Co. decreased their price objective on Northrop Grumman from $375.00 to $360.00 and set an “overweight” rating for the company in a research report on Friday, July 27th. Eight investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company’s stock. Northrop Grumman has a consensus rating of “Buy” and a consensus price target of $362.16.
Shares of NYSE NOC opened at $297.50 on Tuesday. Northrop Grumman Co. has a one year low of $264.35 and a one year high of $360.88. The stock has a market cap of $51.26 billion, a price-to-earnings ratio of 22.40, a price-to-earnings-growth ratio of 1.56 and a beta of 0.68. The company has a debt-to-equity ratio of 1.75, a current ratio of 1.24 and a quick ratio of 1.15.
Northrop Grumman (NYSE:NOC) last announced its quarterly earnings results on Wednesday, July 25th. The aerospace company reported $3.93 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $3.84 by $0.09. The business had revenue of $7.12 billion during the quarter, compared to analyst estimates of $7.10 billion. Northrop Grumman had a return on equity of 34.88% and a net margin of 8.33%. The firm’s revenue was up 10.0% on a year-over-year basis. During the same period in the previous year, the company earned $3.16 EPS. equities analysts expect that Northrop Grumman Co. will post 16.84 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 12th. Stockholders of record on Monday, August 27th will be issued a dividend of $1.20 per share. The ex-dividend date of this dividend is Friday, August 24th. This represents a $4.80 annualized dividend and a dividend yield of 1.61%. Northrop Grumman’s dividend payout ratio is 36.14%.
In other news, CFO Kenneth L. Bedingfield sold 1,442 shares of Northrop Grumman stock in a transaction dated Wednesday, August 1st. The stock was sold at an average price of $300.00, for a total transaction of $432,600.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP David T. Perry sold 4,425 shares of Northrop Grumman stock in a transaction dated Monday, July 30th. The shares were sold at an average price of $300.27, for a total value of $1,328,694.75. Following the sale, the vice president now owns 28,112 shares of the company’s stock, valued at $8,441,190.24. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 25,867 shares of company stock valued at $7,719,495. 0.62% of the stock is owned by corporate insiders.
About Northrop Grumman
Northrop Grumman Corporation operates as a security company for government and commercial customers worldwide. It provides products, systems, and solutions in autonomous systems; cyber; command, control, communications and computers, intelligence, surveillance, and reconnaissance (C4ISR); strike; and logistics and modernization.
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