JPMorgan Chase & Co. trimmed its position in shares of Northrop Grumman Co. (NYSE:NOC) by 5.6% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,530,370 shares of the aerospace company’s stock after selling 268,507 shares during the period. JPMorgan Chase & Co. owned approximately 2.81% of Northrop Grumman worth $1,466,208,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Childress Capital Advisors LLC acquired a new position in Northrop Grumman during the 4th quarter worth about $25,000. Graves Light Private Wealth Management Inc. purchased a new position in shares of Northrop Grumman in the fourth quarter valued at approximately $28,000. Certified Advisory Corp purchased a new position in shares of Northrop Grumman in the first quarter valued at approximately $33,000. Emerson Wealth Management LLC purchased a new stake in Northrop Grumman during the 1st quarter worth approximately $36,000. Finally, Grandview Asset Management LLC acquired a new stake in Northrop Grumman during the 1st quarter worth approximately $37,000. Institutional investors and hedge funds own 83.30% of the company’s stock.
In related news, CEO Kathy J. Warden sold 4,916 shares of the business’s stock in a transaction dated Monday, May 3rd. The stock was sold at an average price of $352.04, for a total value of $1,730,628.64. Following the transaction, the chief executive officer now owns 114,040 shares in the company, valued at approximately $40,146,641.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Mark A. Caylor sold 2,961 shares of the company’s stock in a transaction that occurred on Monday, May 3rd. The shares were sold at an average price of $352.04, for a total value of $1,042,390.44. Following the sale, the vice president now directly owns 10,019 shares of the company’s stock, valued at $3,527,088.76. The disclosure for this sale can be found here. Insiders own 0.25% of the company’s stock.
Northrop Grumman (NYSE:NOC) last posted its earnings results on Thursday, April 29th. The aerospace company reported $6.57 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $5.48 by $1.09. The business had revenue of $9.16 billion during the quarter, compared to the consensus estimate of $8.49 billion. Northrop Grumman had a return on equity of 40.40% and a net margin of 12.10%. The business’s quarterly revenue was up 6.2% on a year-over-year basis. During the same period in the previous year, the business earned $5.48 EPS. On average, equities analysts expect that Northrop Grumman Co. will post 24.51 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 16th. Stockholders of record on Tuesday, June 1st will be given a dividend of $1.57 per share. The ex-dividend date of this dividend is Friday, May 28th. This is a positive change from Northrop Grumman’s previous quarterly dividend of $1.45. This represents a $6.28 dividend on an annualized basis and a dividend yield of 1.69%. Northrop Grumman’s dividend payout ratio (DPR) is 26.55%.
Several analysts have recently issued reports on the company. Stifel Nicolaus upgraded Northrop Grumman from a “hold” rating to a “buy” rating and increased their price objective for the company from $350.00 to $475.00 in a research note on Friday, June 4th. Wells Fargo & Company assumed coverage on Northrop Grumman in a research report on Tuesday, May 18th. They issued an “underweight” rating and a $330.00 price target on the stock. Morgan Stanley upped their target price on shares of Northrop Grumman from $447.00 to $478.00 and gave the stock an “overweight” rating in a research note on Friday, April 30th. Susquehanna Bancshares lifted their price target on shares of Northrop Grumman from $350.00 to $409.00 and gave the stock a “positive” rating in a research note on Friday, April 30th. Finally, Zacks Investment Research raised shares of Northrop Grumman from a “sell” rating to a “hold” rating and set a $375.00 price objective on the stock in a research report on Monday, May 3rd. One analyst has rated the stock with a sell rating, three have issued a hold rating and eight have assigned a buy rating to the company. The stock has an average rating of “Buy” and an average price target of $393.17.
Northrop Grumman Profile
Northrop Grumman Corporation operates as an aerospace and defense company worldwide. The company operates through four segments: Aeronautics Systems, Defense Systems, Mission Systems, and Space Systems. The Aeronautics Systems segment designs, develops, manufactures, integrates, and sustains aircraft systems for strategic and tactical intelligence, surveillance, and reconnaissance (ISR) missions; and long-range strike aircraft systems, tactical fighter aircrafts, and airborne battle management systems.
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