Parcion Private Wealth LLC lifted its position in Northrop Grumman Corporation (NYSE:NOC – Free Report) by 1,712.0% during the 3rd quarter, Holdings Channel reports. The firm owned 8,136 shares of the aerospace company’s stock after acquiring an additional 7,687 shares during the period. Parcion Private Wealth LLC’s holdings in Northrop Grumman were worth $3,933,000 at the end of the most recent quarter.
Several other hedge funds also recently made changes to their positions in NOC. State Street Corp raised its holdings in Northrop Grumman by 1.3% during the 2nd quarter. State Street Corp now owns 13,169,195 shares of the aerospace company’s stock valued at $6,707,203,000 after buying an additional 168,267 shares during the last quarter. BlackRock Inc. purchased a new stake in Northrop Grumman during the 2nd quarter valued at $6,001,616,000. Bank of America Corp DE purchased a new stake in Northrop Grumman during the 2nd quarter valued at $1,298,141,000. Dimensional Fund Advisors LP grew its holdings in Northrop Grumman by 0.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 960,690 shares of the aerospace company’s stock worth $655,373,000 after acquiring an additional 5,811 shares during the last quarter. Finally, Legal & General Group Plc grew its holdings in Northrop Grumman by 2.2% in the 2nd quarter. Legal & General Group Plc now owns 747,121 shares of the aerospace company’s stock worth $380,516,000 after acquiring an additional 16,195 shares during the last quarter. 83.40% of the stock is owned by hedge funds and other institutional investors.
Insider Activity at Northrop Grumman
In other news, Director Mark Welsh, III sold 95 shares of the company’s stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $547.53, for a total value of $52,015.35. Following the sale, the director directly owned 4,393 shares of the company’s stock, valued at $2,405,299.29. This represents a 2.12% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.21% of the company’s stock.
Northrop Grumman Trading Down 0.6%
NOC opened at $558.79 on Friday. The company has a quick ratio of 1.14, a current ratio of 1.23 and a debt-to-equity ratio of 0.77. Northrop Grumman Corporation has a 52 week low of $470.06 and a 52 week high of $774.00. The stock has a market cap of $79.38 billion, a PE ratio of 17.63, a PEG ratio of 3.02 and a beta of -0.11. The business has a 50 day moving average of $520.51 and a 200-day moving average of $591.78.
Northrop Grumman (NYSE:NOC – Get Free Report) last issued its quarterly earnings results on Tuesday, October 20th. The aerospace company reported $7.89 earnings per share for the quarter, topping the consensus estimate of $7.18 by $0.71. The company had revenue of $11.12 billion for the quarter, compared to analysts’ expectations of $11.14 billion. Northrop Grumman had a return on equity of 23.46% and a net margin of 10.37%. The firm’s revenue for the quarter was up 6.7% on a year-over-year basis. During the same period in the prior year, the firm earned $7.67 earnings per share. Equities research analysts predict that Northrop Grumman Corporation will post 29.63 earnings per share for the current fiscal year.
Northrop Grumman Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 16th. Stockholders of record on Monday, August 31st were issued a dividend of $2.47 per share. This represents a $9.88 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date was Monday, August 31st. Northrop Grumman’s payout ratio is 31.17%.
Analyst Ratings Changes
A number of research firms have issued reports on NOC. Jefferies Financial Group restated a “hold” rating and issued a $585.00 price objective on shares of Northrop Grumman in a research report on Sunday, October 25th. BNP Paribas Exane increased their target price on shares of Northrop Grumman from $540.00 to $600.00 and gave the stock an “outperform” rating in a report on Wednesday, October 21st. Susquehanna dropped their target price on shares of Northrop Grumman from $785.00 to $655.00 and set a “positive” rating for the company in a report on Wednesday, July 22nd. JPMorgan Chase & Co. raised their target price on Northrop Grumman from $600.00 to $605.00 and gave the stock a “neutral” rating in a research note on Monday, October 26th. Finally, Citigroup boosted their price target on Northrop Grumman from $617.00 to $667.00 and gave the company a “buy” rating in a report on Thursday, August 13th. Fifteen research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Northrop Grumman currently has a consensus rating of “Moderate Buy” and an average price target of $643.74.
About Northrop Grumman
Northrop Grumman Corporation (NYSE:NOC) is a global aerospace and defense company that develops and produces systems for government and commercial customers, with the U.S. government representing its primary customer base. The company operates across aerospace, defense, space, cybersecurity and advanced technology markets.
Its products and services include military aircraft and autonomous systems, space systems and satellites, missile defense technologies, command-and-control systems, cyber solutions, sensors, communications networks and other mission-critical systems.
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