Investec Asset Management LTD lifted its stake in Northrop Grumman Corporation (NYSE:NOC) by 75.4% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 41,673 shares of the aerospace company’s stock after acquiring an additional 17,915 shares during the period. Investec Asset Management LTD’s holdings in Northrop Grumman Corporation were worth $10,698,000 at the end of the most recent reporting period.
Other institutional investors also recently made changes to their positions in the company. BlackRock Inc. lifted its position in Northrop Grumman Corporation by 2,871.7% in the first quarter. BlackRock Inc. now owns 12,775,397 shares of the aerospace company’s stock worth $3,038,501,000 after purchasing an additional 12,345,491 shares during the period. Alliancebernstein L.P. lifted its position in Northrop Grumman Corporation by 64.6% in the first quarter. Alliancebernstein L.P. now owns 3,149,678 shares of the aerospace company’s stock worth $749,119,000 after purchasing an additional 1,235,985 shares during the period. Winslow Capital Management LLC bought a new position in Northrop Grumman Corporation in the first quarter worth $198,691,000. Renaissance Technologies LLC lifted its position in Northrop Grumman Corporation by 331.4% in the first quarter. Renaissance Technologies LLC now owns 989,200 shares of the aerospace company’s stock worth $235,271,000 after purchasing an additional 759,900 shares during the period. Finally, Vanguard Group Inc. lifted its position in Northrop Grumman Corporation by 4.3% in the first quarter. Vanguard Group Inc. now owns 12,764,239 shares of the aerospace company’s stock worth $3,035,847,000 after purchasing an additional 531,824 shares during the period. Institutional investors and hedge funds own 81.37% of the company’s stock.
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Shares of Northrop Grumman Corporation (NOC) traded up 0.43% during mid-day trading on Tuesday, reaching $277.17. The company had a trading volume of 299,284 shares. The firm’s 50-day moving average price is $268.95 and its 200 day moving average price is $255.33. The company has a market cap of $48.25 billion, a price-to-earnings ratio of 21.17 and a beta of 0.66. Northrop Grumman Corporation has a 52-week low of $210.60 and a 52-week high of $277.18.
Northrop Grumman Corporation (NYSE:NOC) last posted its earnings results on Wednesday, July 26th. The aerospace company reported $3.15 EPS for the quarter, beating the consensus estimate of $2.84 by $0.31. The firm had revenue of $6.38 billion during the quarter, compared to the consensus estimate of $6.21 billion. Northrop Grumman Corporation had a return on equity of 39.22% and a net margin of 9.20%. The business’s quarterly revenue was up 6.3% on a year-over-year basis. During the same period last year, the company earned $2.85 earnings per share. Equities analysts expect that Northrop Grumman Corporation will post $12.55 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, September 13th. Stockholders of record on Monday, August 28th were paid a $1.00 dividend. The ex-dividend date was Thursday, August 24th. This represents a $4.00 annualized dividend and a dividend yield of 1.45%. Northrop Grumman Corporation’s payout ratio is 30.56%.
In other news, VP Lisa R. Davis sold 367 shares of the stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $263.25, for a total value of $96,612.75. Following the completion of the sale, the vice president now owns 961 shares of the company’s stock, valued at $252,983.25. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 0.70% of the company’s stock.
NOC has been the subject of several research reports. Jefferies Group LLC reaffirmed a “hold” rating and issued a $243.00 target price on shares of Northrop Grumman Corporation in a research report on Wednesday, June 21st. Cowen and Company reissued a “hold” rating and set a $275.00 price objective on shares of Northrop Grumman Corporation in a report on Monday, July 17th. Stifel Nicolaus reissued a “hold” rating and set a $255.00 price objective (up from $245.00) on shares of Northrop Grumman Corporation in a report on Thursday, July 27th. Deutsche Bank AG reissued a “buy” rating and set a $285.00 price objective (up from $275.00) on shares of Northrop Grumman Corporation in a report on Thursday, July 27th. Finally, BidaskClub cut Northrop Grumman Corporation from a “buy” rating to a “hold” rating in a report on Monday, July 31st. Seven analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. Northrop Grumman Corporation currently has an average rating of “Buy” and an average price target of $269.43.
Northrop Grumman Corporation Company 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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