Cornerstone Capital Management Holdings LLC. trimmed its position in Northrop Grumman Co. (NYSE:NOC) by 12.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 40,005 shares of the aerospace company’s stock after selling 5,614 shares during the period. Cornerstone Capital Management Holdings LLC.’s holdings in Northrop Grumman were worth $12,277,000 at the end of the most recent quarter.
Other institutional investors have also recently modified their holdings of the company. Icon Wealth Partners LLC bought a new stake in shares of Northrop Grumman in the fourth quarter valued at about $100,000. Truewealth LLC bought a new stake in shares of Northrop Grumman in the fourth quarter valued at about $110,000. Ropes Wealth Advisors LLC bought a new stake in shares of Northrop Grumman in the third quarter valued at about $144,000. Crewe Advisors LLC bought a new stake in shares of Northrop Grumman in the fourth quarter valued at about $159,000. Finally, Hanseatic Management Services Inc. lifted its holdings in shares of Northrop Grumman by 39.7% in the third quarter. Hanseatic Management Services Inc. now owns 591 shares of the aerospace company’s stock valued at $170,000 after purchasing an additional 168 shares in the last quarter. Institutional investors own 80.69% of the company’s stock.
NOC has been the topic of a number of research reports. Royal Bank of Canada set a $389.00 price target on Northrop Grumman and gave the company a “buy” rating in a report on Tuesday, January 23rd. Robert W. Baird restated a “buy” rating and issued a $394.00 price target on shares of Northrop Grumman in a report on Friday, January 26th. ValuEngine upgraded Northrop Grumman from a “hold” rating to a “buy” rating in a report on Sunday, December 31st. Zacks Investment Research upgraded Northrop Grumman from a “hold” rating to a “buy” rating and set a $347.00 target price on the stock in a report on Friday, January 12th. Finally, Jefferies Group upgraded Northrop Grumman from a “hold” rating to a “buy” rating and set a $400.00 target price on the stock in a report on Wednesday, February 14th. Four research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $358.64.
Northrop Grumman (NYSE:NOC) last released its earnings results on Thursday, January 25th. The aerospace company reported $2.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.75 by $0.07. The business had revenue of $6.63 billion for the quarter, compared to analyst estimates of $6.34 billion. Northrop Grumman had a return on equity of 37.28% and a net margin of 7.81%. Northrop Grumman’s revenue was up 3.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.96 earnings per share. analysts expect that Northrop Grumman Co. will post 15.25 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 21st. Shareholders of record on Monday, March 5th will be given a dividend of $1.10 per share. This represents a $4.40 dividend on an annualized basis and a yield of 1.30%. The ex-dividend date is Friday, March 2nd. This is an increase from Northrop Grumman’s previous quarterly dividend of $1.00. Northrop Grumman’s payout ratio is 33.38%.
In other Northrop Grumman news, VP Denise M. Peppard sold 2,539 shares of the business’s stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $335.12, for a total transaction of $850,869.68. Following the transaction, the vice president now owns 38,613 shares of the company’s stock, valued at $12,939,988.56. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, VP Michael A. Hardesty sold 1,296 shares of the business’s stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $353.20, for a total value of $457,747.20. Following the transaction, the vice president now directly owns 6,677 shares in the company, valued at approximately $2,358,316.40. The disclosure for this sale can be found here. In the last three months, insiders have sold 8,344 shares of company stock worth $2,896,627. Company insiders own 0.70% of the company’s stock.
Northrop Grumman Profile
Northrop Grumman Corporation is a global security company. The Company provides products, systems and solutions in autonomous systems; cyber; command, control, communications and computers, intelligence, surveillance and reconnaissance (C4ISR); strike, and logistics and modernization. The Company’s segments include Aerospace Systems, Mission Systems and Technology Services.
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