Penobscot Investment Management Company Inc. raised its stake in Northrop Grumman Co. (NYSE:NOC) by 6.1% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,494 shares of the aerospace company’s stock after acquiring an additional 200 shares during the quarter. Penobscot Investment Management Company Inc.’s holdings in Northrop Grumman were worth $1,129,000 as of its most recent SEC filing.
Several other hedge funds also recently bought and sold shares of the company. Employers Holdings Inc. bought a new position in Northrop Grumman in the 2nd quarter valued at approximately $549,000. Landmark Bank bought a new position in Northrop Grumman in the 2nd quarter valued at approximately $203,000. Capital Wealth Planning LLC bought a new position in Northrop Grumman in the 2nd quarter valued at approximately $363,000. Icon Advisers Inc. Co. raised its holdings in Northrop Grumman by 691.3% in the 2nd quarter. Icon Advisers Inc. Co. now owns 56,974 shares of the aerospace company’s stock valued at $18,409,000 after buying an additional 49,774 shares during the last quarter. Finally, Envestnet Asset Management Inc. raised its holdings in Northrop Grumman by 5.1% in the 2nd quarter. Envestnet Asset Management Inc. now owns 51,200 shares of the aerospace company’s stock valued at $16,543,000 after buying an additional 2,500 shares during the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.
Several research analysts have issued reports on the stock. Robert W. Baird raised their price target on shares of Northrop Grumman from $300.00 to $364.00 and gave the stock an “outperform” rating in a report on Wednesday, July 10th. Morgan Stanley raised shares of Northrop Grumman from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $335.00 to $418.00 in a research report on Tuesday, August 6th. Credit Suisse Group raised their price objective on shares of Northrop Grumman from $364.00 to $385.00 and gave the stock an “outperform” rating in a research report on Thursday, July 25th. Bank of America reaffirmed a “buy” rating and set a $405.00 price objective (up previously from $355.00) on shares of Northrop Grumman in a research report on Thursday, July 25th. Finally, UBS Group lifted their price target on shares of Northrop Grumman from $300.00 to $330.00 and gave the company a “neutral” rating in a research report on Wednesday, July 10th. Five investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Northrop Grumman currently has a consensus rating of “Buy” and a consensus target price of $345.93.
Northrop Grumman (NYSE:NOC) last posted its quarterly earnings data on Wednesday, July 24th. The aerospace company reported $5.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.64 by $0.42. The business had revenue of $8.46 billion during the quarter, compared to the consensus estimate of $8.41 billion. Northrop Grumman had a return on equity of 42.21% and a net margin of 9.80%. The firm’s quarterly revenue was up 18.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $4.50 earnings per share. As a group, analysts forecast that Northrop Grumman Co. will post 19.63 EPS for the current year.
In other Northrop Grumman news, Director Madeleine Kleiner sold 971 shares of the firm’s stock in a transaction dated Wednesday, May 22nd. The stock was sold at an average price of $315.16, for a total value of $306,020.36. Following the transaction, the director now directly owns 16,675 shares of the company’s stock, valued at $5,255,293. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Kathy J. Warden sold 6,837 shares of the firm’s stock in a transaction dated Monday, July 29th. The stock was sold at an average price of $353.46, for a total value of $2,416,606.02. Following the completion of the transaction, the chief executive officer now directly owns 99,002 shares in the company, valued at $34,993,246.92. The disclosure for this sale can be found here. Insiders have sold 14,740 shares of company stock worth $5,087,496 over the last ninety days. 0.45% of the stock is currently owned by insiders.
Northrop Grumman Company Profile
Northrop Grumman Corporation, a security company, provides products in the areas of autonomous systems, cyber, space, strikes, and logistics and modernizations in the United States, the Asia Pacific, and internationally. The company operates through four segments: Aerospace Systems, Innovation Systems, Mission Systems, and Technology Services.
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