Zurich Insurance Group Ltd FI lessened its holdings in shares of Northrop Grumman Co. (NYSE:NOC) by 29.6% in the second quarter, HoldingsChannel.com reports. The fund owned 32,924 shares of the aerospace company’s stock after selling 13,862 shares during the quarter. Zurich Insurance Group Ltd FI’s holdings in Northrop Grumman were worth $10,131,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in NOC. Bay Colony Advisory Group Inc d b a Bay Colony Advisors acquired a new stake in Northrop Grumman during the 2nd quarter worth $114,000. Meeder Asset Management Inc. acquired a new stake in Northrop Grumman during the 2nd quarter worth $115,000. Fort L.P. acquired a new stake in Northrop Grumman during the 2nd quarter worth $117,000. Kaizen Advisory LLC grew its holdings in Northrop Grumman by 156.2% during the 2nd quarter. Kaizen Advisory LLC now owns 433 shares of the aerospace company’s stock worth $133,000 after acquiring an additional 264 shares during the period. Finally, Sun Life Financial INC grew its holdings in Northrop Grumman by 71.0% during the 2nd quarter. Sun Life Financial INC now owns 472 shares of the aerospace company’s stock worth $145,000 after acquiring an additional 196 shares during the period. 81.48% of the stock is owned by hedge funds and other institutional investors.
NOC has been the subject of a number of analyst reports. Royal Bank of Canada lifted their target price on shares of Northrop Grumman to $431.00 and gave the stock an “outperform” rating in a report on Friday, May 18th. Credit Suisse Group lowered their target price on shares of Northrop Grumman from $342.00 to $326.00 and set a “neutral” rating for the company in a report on Tuesday, May 22nd. Zacks Investment Research raised shares of Northrop Grumman from a “hold” rating to a “buy” rating and set a $379.00 target price for the company in a report on Monday, June 11th. ValuEngine lowered shares of Northrop Grumman from a “buy” rating to a “hold” rating in a report on Tuesday, June 12th. Finally, Goldman Sachs Group decreased their price target on shares of Northrop Grumman to $414.00 and set a “conviction-buy” rating for the company in a report on Thursday, July 26th. Eight equities research 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. The stock has a consensus rating of “Buy” and an average target price of $362.16.
In related news, VP Mark A. Caylor sold 4,543 shares of the business’s stock in a transaction on Thursday, August 30th. The shares were sold at an average price of $297.45, for a total value of $1,351,315.35. Following the sale, the vice president now directly owns 24,592 shares of the company’s stock, valued at approximately $7,314,890.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman Wesley G. Bush sold 20,000 shares of the business’s stock in a transaction on Thursday, August 2nd. The shares were sold at an average price of $297.91, for a total transaction of $5,958,200.00. Following the completion of the sale, the chairman now directly owns 18,701 shares in the company, valued at $5,571,214.91. The disclosure for this sale can be found here. Insiders sold a total of 31,475 shares of company stock worth $9,390,331 over the last ninety days. 0.62% of the stock is currently owned by insiders.
Shares of NOC stock opened at $303.41 on Friday. Northrop Grumman Co. has a 12-month low of $264.69 and a 12-month high of $360.88. The firm has a market capitalization of $52.85 billion, a PE ratio of 22.85, a PEG ratio of 1.61 and a beta of 0.67. 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 consensus estimate of $3.84 by $0.09. The company had revenue of $7.12 billion during the quarter, compared to analyst estimates of $7.10 billion. Northrop Grumman had a net margin of 8.33% and a return on equity of 34.88%. The firm’s revenue was up 10.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $3.16 EPS. equities analysts expect that Northrop Grumman Co. will post 16.84 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 12th. Investors of record on Monday, August 27th were given a $1.20 dividend. The ex-dividend date of this dividend was Friday, August 24th. This represents a $4.80 annualized dividend and a yield of 1.58%. Northrop Grumman’s dividend payout ratio is currently 36.14%.
Northrop Grumman Company Profile
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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