Stock Yards Bank & Trust Co. Grows Position in Northrop Grumman Co. (NYSE:NOC)

Stock Yards Bank & Trust Co. grew its position in Northrop Grumman Co. (NYSE:NOC) by 9.1% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 745 shares of the aerospace company’s stock after acquiring an additional 62 shares during the quarter. Stock Yards Bank & Trust Co.’s holdings in Northrop Grumman were worth $393,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the business. Van ECK Associates Corp grew its position in Northrop Grumman by 1,915.9% during the 2nd quarter. Van ECK Associates Corp now owns 438,521 shares of the aerospace company’s stock worth $191,173,000 after purchasing an additional 416,768 shares during the last quarter. Two Sigma Advisers LP increased its position in Northrop Grumman by 102.6% in the 3rd quarter. Two Sigma Advisers LP now owns 735,600 shares of the aerospace company’s stock valued at $388,448,000 after acquiring an additional 372,500 shares during the period. Marshall Wace LLP acquired a new position in Northrop Grumman in the 2nd quarter valued at about $74,206,000. Canada Pension Plan Investment Board raised its stake in Northrop Grumman by 113.6% during the 2nd quarter. Canada Pension Plan Investment Board now owns 296,844 shares of the aerospace company’s stock valued at $129,409,000 after acquiring an additional 157,854 shares during the last quarter. Finally, Legal & General Group Plc grew its stake in shares of Northrop Grumman by 16.0% in the 2nd quarter. Legal & General Group Plc now owns 1,087,913 shares of the aerospace company’s stock valued at $474,276,000 after purchasing an additional 150,367 shares during the last quarter. 83.40% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, VP Benjamin R. Davies sold 1,156 shares of the company’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $532.93, for a total transaction of $616,067.08. Following the completion of the transaction, the vice president now owns 537 shares of the company’s stock, valued at $286,183.41. This represents a 68.28 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders have sold a total of 1,255 shares of company stock valued at $666,461 in the last quarter. 0.22% of the stock is currently owned by company insiders.

Northrop Grumman Price Performance

NOC stock opened at $480.00 on Friday. The stock’s 50 day moving average price is $506.77 and its 200 day moving average price is $487.97. The firm has a market cap of $69.94 billion, a P/E ratio of 29.74, a PEG ratio of 0.96 and a beta of 0.33. The company has a debt-to-equity ratio of 1.00, a quick ratio of 0.97 and a current ratio of 1.09. Northrop Grumman Co. has a 1 year low of $418.60 and a 1 year high of $555.57.

Northrop Grumman (NYSE:NOC) last posted its quarterly earnings data on Thursday, October 24th. The aerospace company reported $7.00 EPS for the quarter, topping analysts’ consensus estimates of $6.07 by $0.93. The firm had revenue of $10 billion during the quarter, compared to analysts’ expectations of $10.18 billion. Northrop Grumman had a return on equity of 26.57% and a net margin of 5.79%. The firm’s quarterly revenue was up 2.3% compared to the same quarter last year. During the same quarter last year, the business posted $6.18 EPS. On average, sell-side analysts expect that Northrop Grumman Co. will post 25.93 earnings per share for the current fiscal year.

Northrop Grumman announced that its board has initiated a share repurchase plan on Wednesday, December 11th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the aerospace company to repurchase up to 4.3% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its shares are undervalued.

Northrop Grumman Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Monday, December 2nd will be issued a $2.06 dividend. The ex-dividend date is Monday, December 2nd. This represents a $8.24 annualized dividend and a yield of 1.72%. Northrop Grumman’s dividend payout ratio (DPR) is presently 51.05%.

Analysts Set New Price Targets

NOC has been the subject of a number of analyst reports. TD Cowen upgraded shares of Northrop Grumman to a “hold” rating in a research report on Tuesday, October 8th. StockNews.com cut Northrop Grumman from a “strong-buy” rating to a “buy” rating in a research report on Saturday. Wells Fargo & Company cut their target price on Northrop Grumman from $565.00 to $505.00 and set an “equal weight” rating for the company in a research note on Wednesday. Barclays upped their price objective on Northrop Grumman from $500.00 to $550.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 29th. Finally, JPMorgan Chase & Co. raised their target price on Northrop Grumman from $500.00 to $560.00 and gave the company a “neutral” rating in a report on Monday, October 14th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, Northrop Grumman currently has an average rating of “Hold” and a consensus price target of $546.81.

Northrop Grumman Profile

Northrop Grumman Corporation operates as an aerospace and defense technology company in the United States, Asia/Pacific, Europe, and internationally. The company’s Aeronautics Systems segment designs, develops, manufactures, integrates, and sustains aircraft systems. This segment also offers unmanned autonomous aircraft systems, including high-altitude long-endurance strategic ISR systems and vertical take-off and landing tactical ISR systems; and strategic long-range strike aircraft, tactical fighter and air dominance aircraft, and airborne battle management and command and control systems.