Strategic Wealth Partners Ltd. lessened its stake in Northrop Grumman Co. (NYSE:NOC) by 5.7% in the second quarter, Holdings Channel reports. The fund owned 825 shares of the aerospace company’s stock after selling 50 shares during the quarter. Strategic Wealth Partners Ltd.’s holdings in Northrop Grumman were worth $266,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in NOC. Stone Ridge Asset Management LLC acquired a new position in shares of Northrop Grumman in the 2nd quarter valued at approximately $3,232,000. Verity Asset Management Inc. acquired a new position in shares of Northrop Grumman in the 2nd quarter valued at approximately $1,150,000. Murphy Pohlad Asset Management LLC acquired a new position in shares of Northrop Grumman in the 2nd quarter valued at approximately $237,000. Savant Capital LLC raised its position in shares of Northrop Grumman by 3.3% in the 2nd quarter. Savant Capital LLC now owns 1,956 shares of the aerospace company’s stock valued at $632,000 after purchasing an additional 62 shares in the last quarter. Finally, IFG Advisory LLC acquired a new position in shares of Northrop Grumman in the 2nd quarter valued at approximately $407,000. Hedge funds and other institutional investors own 83.13% of the company’s stock.
In other Northrop Grumman news, CEO Kathy J. Warden sold 6,837 shares of the stock in a transaction on 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 sale, the chief executive officer now directly owns 99,002 shares of the company’s stock, valued at $34,993,246.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Christopher T. Jones sold 5,000 shares of the stock in a transaction on Monday, July 29th. The stock was sold at an average price of $353.19, for a total value of $1,765,950.00. Following the completion of the sale, the vice president now directly owns 67,422 shares in the company, valued at $23,812,776.18. The disclosure for this sale can be found here. 0.45% of the stock is owned by company insiders.
Northrop Grumman (NYSE:NOC) last posted its quarterly earnings results on Wednesday, July 24th. The aerospace company reported $5.06 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $4.64 by $0.42. The business had revenue of $8.46 billion for the quarter, compared to analyst estimates of $8.41 billion. Northrop Grumman had a return on equity of 42.21% and a net margin of 9.80%. The business’s revenue was up 18.8% compared to the same quarter last year. During the same period in the prior year, the company posted $4.50 EPS. As a group, equities research analysts expect that Northrop Grumman Co. will post 19.63 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 25th. Shareholders of record on Monday, September 9th will be given a $1.32 dividend. This represents a $5.28 annualized dividend and a yield of 1.46%. The ex-dividend date is Friday, September 6th. Northrop Grumman’s dividend payout ratio is presently 24.75%.
A number of equities analysts have issued reports on the company. Barclays upped their target price on Northrop Grumman from $325.00 to $340.00 and gave the company an “overweight” rating in a research report on Thursday, May 16th. ValuEngine raised Northrop Grumman from a “sell” rating to a “hold” rating in a research report on Saturday, August 10th. Bank of America reissued a “buy” rating and set a $405.00 price target (up from $355.00) on shares of Northrop Grumman in a research report on Thursday, July 25th. Morgan Stanley raised Northrop Grumman from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $335.00 to $418.00 in a research report on Tuesday, August 6th. Finally, Credit Suisse Group upped their price target on Northrop Grumman from $364.00 to $385.00 and gave the company an “outperform” rating in a research report on Thursday, July 25th. Five analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $345.93.
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.
Recommended Story: Mutual funds are not immune from market timing
Want to see what other hedge funds are holding NOC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Northrop Grumman Co. (NYSE:NOC).
Receive News & Ratings for Northrop Grumman Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Northrop Grumman and related companies with MarketBeat.com's FREE daily email newsletter.