Smith Salley Wealth Management reduced its holdings in shares of Northrop Grumman Co. (NYSE:NOC – Free Report) by 11.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 21,149 shares of the aerospace company’s stock after selling 2,767 shares during the quarter. Smith Salley Wealth Management’s holdings in Northrop Grumman were worth $9,925,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently made changes to their positions in NOC. Federated Hermes Inc. raised its stake in shares of Northrop Grumman by 24.3% in the second quarter. Federated Hermes Inc. now owns 2,387 shares of the aerospace company’s stock worth $1,041,000 after purchasing an additional 467 shares during the last quarter. Renaissance Technologies LLC purchased a new position in Northrop Grumman during the 2nd quarter worth $21,492,000. XTX Topco Ltd grew its stake in shares of Northrop Grumman by 8.1% in the 2nd quarter. XTX Topco Ltd now owns 3,272 shares of the aerospace company’s stock worth $1,426,000 after acquiring an additional 244 shares in the last quarter. Brighton Jones LLC lifted its position in shares of Northrop Grumman by 2.9% during the second quarter. Brighton Jones LLC now owns 1,071 shares of the aerospace company’s stock valued at $467,000 after purchasing an additional 30 shares in the last quarter. Finally, Benjamin F. Edwards & Company Inc. boosted its holdings in Northrop Grumman by 4.5% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 2,206 shares of the aerospace company’s stock worth $961,000 after purchasing an additional 95 shares during the last quarter. 83.40% of the stock is owned by institutional investors.
Northrop Grumman Stock Up 0.3 %
Shares of NYSE NOC opened at $482.49 on Friday. Northrop Grumman Co. has a 52 week low of $418.60 and a 52 week high of $555.57. The company has a market cap of $70.30 billion, a P/E ratio of 29.89, a P/E/G ratio of 0.87 and a beta of 0.35. The company has a quick ratio of 0.97, a current ratio of 1.09 and a debt-to-equity ratio of 1.00. The business has a 50-day simple moving average of $480.55 and a two-hundred day simple moving average of $493.71.
Northrop Grumman Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Wednesday, December 18th. Shareholders of record on Monday, December 2nd were given a dividend of $2.06 per share. The ex-dividend date of this dividend was Monday, December 2nd. This represents a $8.24 annualized dividend and a yield of 1.71%. Northrop Grumman’s payout ratio is presently 51.05%.
Northrop Grumman declared that its board has initiated a share repurchase program on Wednesday, December 11th that permits the company to repurchase $3.00 billion in shares. This repurchase authorization permits the aerospace company to repurchase up to 4.3% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s management believes its shares are undervalued.
Wall Street Analyst Weigh In
NOC has been the topic of several recent analyst reports. StockNews.com raised shares of Northrop Grumman from a “buy” rating to a “strong-buy” rating in a research report on Sunday. UBS Group boosted their price objective on Northrop Grumman from $614.00 to $643.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. Citigroup raised their target price on Northrop Grumman from $521.00 to $587.00 and gave the company a “neutral” rating in a research report on Thursday, October 10th. Royal Bank of Canada boosted their price target on shares of Northrop Grumman from $500.00 to $540.00 and gave the stock a “sector perform” rating in a report on Friday, October 25th. Finally, Barclays decreased their price objective on shares of Northrop Grumman from $550.00 to $500.00 and set an “equal weight” rating for the company in a report on Monday, January 6th. Nine research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Northrop Grumman presently has a consensus rating of “Moderate Buy” and an average target price of $550.94.
Get Our Latest Analysis on Northrop Grumman
Insiders Place Their Bets
In other news, VP Benjamin R. Davies sold 1,156 shares of Northrop Grumman stock in a transaction on 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 sale, the vice president now directly owns 537 shares of the company’s stock, valued at approximately $286,183.41. The trade was a 68.28 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders sold a total of 1,255 shares of company stock valued at $663,859 in the last quarter. Corporate insiders own 0.22% of the company’s stock.
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.
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