State of Michigan Retirement System Sells 2,800 Shares of Northrop Grumman Co. (NYSE:NOC)

State of Michigan Retirement System reduced its position in Northrop Grumman Co. (NYSE:NOC) by 6.9% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 37,817 shares of the aerospace company’s stock after selling 2,800 shares during the quarter. State of Michigan Retirement System’s holdings in Northrop Grumman were worth $14,173,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. lifted its holdings in shares of Northrop Grumman by 1.0% during the second quarter. Vanguard Group Inc. now owns 13,897,587 shares of the aerospace company’s stock valued at $4,490,450,000 after acquiring an additional 140,627 shares during the period. Northern Trust Corp lifted its holdings in shares of Northrop Grumman by 0.5% during the second quarter. Northern Trust Corp now owns 1,714,919 shares of the aerospace company’s stock valued at $554,108,000 after acquiring an additional 8,997 shares during the period. Putnam Investments LLC lifted its holdings in shares of Northrop Grumman by 30.7% during the second quarter. Putnam Investments LLC now owns 1,444,136 shares of the aerospace company’s stock valued at $466,615,000 after acquiring an additional 339,169 shares during the period. Nuveen Asset Management LLC lifted its holdings in shares of Northrop Grumman by 32,192.2% during the second quarter. Nuveen Asset Management LLC now owns 1,241,311 shares of the aerospace company’s stock valued at $401,079,000 after acquiring an additional 1,237,467 shares during the period. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Northrop Grumman by 1.0% during the second quarter. Bank of New York Mellon Corp now owns 1,202,611 shares of the aerospace company’s stock valued at $388,576,000 after acquiring an additional 12,059 shares during the period. 83.16% of the stock is owned by hedge funds and other institutional investors.

NOC has been the subject of a number of analyst reports. ValuEngine cut Northrop Grumman from a “sell” rating to a “strong sell” rating in a report on Wednesday, October 2nd. Credit Suisse Group lifted their price objective on Northrop Grumman from $364.00 to $385.00 and gave the company an “outperform” rating in a report on Thursday, July 25th. Zacks Investment Research raised Northrop Grumman from a “hold” rating to a “buy” rating and set a $377.00 price objective for the company in a report on Tuesday, September 10th. UBS Group lifted their price objective on Northrop Grumman from $300.00 to $330.00 and gave the company a “neutral” rating in a report on Wednesday, July 10th. Finally, Morgan Stanley lifted their price objective on Northrop Grumman from $418.00 to $437.00 and gave the company an “overweight” rating in a report on Thursday, October 10th. One research analyst has rated the stock with a sell rating, three have given a hold rating and fourteen have issued a buy rating to the company’s stock. Northrop Grumman has a consensus rating of “Buy” and a consensus price target of $353.87.

Shares of NYSE NOC opened at $353.20 on Thursday. The company has a debt-to-equity ratio of 1.62, a current ratio of 1.25 and a quick ratio of 1.15. The stock’s fifty day moving average price is $365.60 and its two-hundred day moving average price is $331.71. Northrop Grumman Co. has a one year low of $223.63 and a one year high of $383.89. The firm has a market cap of $59.62 billion, a price-to-earnings ratio of 16.56, a P/E/G ratio of 1.44 and a beta of 0.80.

Northrop Grumman (NYSE:NOC) last released its earnings results on Wednesday, July 24th. The aerospace company reported $5.06 earnings per share for the quarter, beating analysts’ consensus estimates of $4.64 by $0.42. The firm 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 company’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. On average, equities analysts anticipate that Northrop Grumman Co. will post 19.63 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 25th. Stockholders of record on Monday, September 9th were given a dividend of $1.32 per share. The ex-dividend date of this dividend was Friday, September 6th. This represents a $5.28 dividend on an annualized basis and a dividend yield of 1.49%. Northrop Grumman’s payout ratio is 24.75%.

In other news, VP Christopher T. Jones sold 5,000 shares of the stock in a transaction dated 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 owns 67,422 shares of the company’s stock, valued at $23,812,776.18. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Kathy J. Warden sold 6,837 shares of the stock in a transaction dated Monday, July 29th. The shares were sold at an average price of $353.46, for a total value of $2,416,606.02. Following the completion of the sale, the chief executive officer now directly owns 99,002 shares of the company’s stock, valued at approximately $34,993,246.92. The disclosure for this sale can be found here. Corporate insiders own 0.45% of the company’s stock.

Northrop Grumman 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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Institutional Ownership by Quarter for Northrop Grumman (NYSE:NOC)

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