Pictet Asset Management Ltd. reduced its position in shares of Northrop Grumman Co. (NYSE:NOC) by 44.6% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 47,355 shares of the aerospace company’s stock after selling 38,135 shares during the period. Pictet Asset Management Ltd.’s holdings in Northrop Grumman were worth $15,029,000 at the end of the most recent quarter.
A number of other hedge funds have also recently made changes to their positions in the stock. Independent Advisor Alliance grew its position in shares of Northrop Grumman by 48.5% during the 3rd quarter. Independent Advisor Alliance now owns 2,512 shares of the aerospace company’s stock worth $725,000 after buying an additional 820 shares during the period. D.A. Davidson & CO. grew its position in shares of Northrop Grumman by 6.7% during the 3rd quarter. D.A. Davidson & CO. now owns 12,682 shares of the aerospace company’s stock worth $4,025,000 after buying an additional 792 shares during the period. Westpac Banking Corp grew its position in shares of Northrop Grumman by 7.7% during the 3rd quarter. Westpac Banking Corp now owns 48,306 shares of the aerospace company’s stock worth $15,331,000 after buying an additional 3,450 shares during the period. Pinnacle Associates Ltd. grew its position in shares of Northrop Grumman by 18.2% during the 3rd quarter. Pinnacle Associates Ltd. now owns 8,065 shares of the aerospace company’s stock worth $2,560,000 after buying an additional 1,239 shares during the period. Finally, Schroder Investment Management Group grew its position in shares of Northrop Grumman by 33.7% during the 3rd quarter. Schroder Investment Management Group now owns 11,502 shares of the aerospace company’s stock worth $3,650,000 after buying an additional 2,900 shares during the period. 82.85% of the stock is owned by hedge funds and other institutional investors.
Shares of NYSE NOC opened at $249.84 on Thursday. The company has a market cap of $43.38 billion, a P/E ratio of 18.81, a PEG ratio of 0.94 and a beta of 0.82. The company has a quick ratio of 1.17, a current ratio of 1.26 and a debt-to-equity ratio of 1.53. Northrop Grumman Co. has a 52-week low of $248.63 and a 52-week high of $360.88.
Northrop Grumman (NYSE:NOC) last issued its quarterly earnings data on Wednesday, October 24th. The aerospace company reported $6.54 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $4.35 by $2.19. The firm had revenue of $8.09 billion during the quarter, compared to analysts’ expectations of $7.99 billion. Northrop Grumman had a net margin of 9.62% and a return on equity of 38.27%. The business’s revenue for the quarter was up 23.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $3.67 earnings per share. As a group, equities research analysts predict that Northrop Grumman Co. will post 19.04 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 19th. Investors of record on Monday, December 3rd will be issued a dividend of $1.20 per share. This represents a $4.80 dividend on an annualized basis and a yield of 1.92%. The ex-dividend date of this dividend is Friday, November 30th. Northrop Grumman’s dividend payout ratio is currently 36.14%.
In other Northrop Grumman news, Chairman Wesley G. Bush sold 10,000 shares of Northrop Grumman stock in a transaction that occurred on Friday, November 2nd. The shares were sold at an average price of $274.73, for a total value of $2,747,300.00. Following the transaction, the chairman now owns 9,600 shares of the company’s stock, valued at $2,637,408. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Lesley A. Kalan sold 4,158 shares of Northrop Grumman stock in a transaction that occurred on Monday, November 12th. The shares were sold at an average price of $285.58, for a total transaction of $1,187,441.64. Following the completion of the transaction, the vice president now directly owns 10,752 shares in the company, valued at approximately $3,070,556.16. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 32,107 shares of company stock valued at $9,521,827. Corporate insiders own 0.62% of the company’s stock.
Several equities research analysts have recently commented on the stock. ValuEngine cut shares of Northrop Grumman from a “hold” rating to a “sell” rating in a research report on Friday, October 26th. Stifel Nicolaus set a $280.00 price target on shares of Northrop Grumman and gave the stock a “hold” rating in a research report on Thursday, October 25th. Zacks Investment Research upgraded shares of Northrop Grumman from a “hold” rating to a “buy” rating and set a $352.00 price target for the company in a research report on Thursday, October 11th. Barclays lowered their price target on shares of Northrop Grumman from $400.00 to $310.00 and set an “overweight” rating for the company in a research report on Tuesday. Finally, Wells Fargo & Co lowered their price target on shares of Northrop Grumman from $360.00 to $340.00 and set an “outperform” rating for the company in a research report on Thursday, October 25th. Eight investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $348.35.
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Northrop Grumman Company Profile
Northrop Grumman Corporation operates as a security company for government and commercial customers worldwide. It provides products, systems, and solutions in autonomous systems; cyber; command, control, communications and computers, intelligence, surveillance, and reconnaissance (C4ISR); strike; and logistics and modernization.
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