Private Advisor Group LLC Raises Stake in Northrop Grumman Co. (NOC)
Private Advisor Group LLC grew its holdings in Northrop Grumman Co. (NYSE:NOC) by 55.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 8,259 shares of the aerospace company’s stock after purchasing an additional 2,951 shares during the period. Private Advisor Group LLC’s holdings in Northrop Grumman were worth $2,551,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also modified their holdings of NOC. Bay Colony Advisory Group Inc d b a Bay Colony Advisors acquired a new position in Northrop Grumman in the second quarter worth approximately $114,000. Meeder Asset Management Inc. acquired a new position in Northrop Grumman in the second quarter worth approximately $115,000. Kaizen Advisory LLC increased its holdings in Northrop Grumman by 156.2% in the second quarter. Kaizen Advisory LLC now owns 433 shares of the aerospace company’s stock worth $133,000 after buying an additional 264 shares during the last quarter. Centaurus Financial Inc. acquired a new position in Northrop Grumman in the first quarter worth approximately $147,000. Finally, Optimum Investment Advisors acquired a new position in Northrop Grumman in the first quarter worth approximately $154,000. Institutional investors own 81.67% of the company’s stock.
In other news, CFO Kenneth L. Bedingfield sold 1,442 shares of the stock in a transaction that occurred on Wednesday, August 1st. The stock was sold at an average price of $300.00, for a total value of $432,600.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Chairman Wesley G. Bush sold 20,000 shares of the stock in a transaction that occurred on Thursday, August 2nd. The shares were sold at an average price of $297.91, for a total value of $5,958,200.00. Following the completion of the sale, the chairman now directly owns 18,701 shares of the company’s stock, valued at $5,571,214.91. The disclosure for this sale can be found here. Insiders sold 25,867 shares of company stock valued at $7,719,495 over the last three months. 0.62% of the stock is owned by company insiders.
Northrop Grumman (NYSE:NOC) last posted its quarterly earnings data on Wednesday, July 25th. The aerospace company reported $3.93 earnings per share for the quarter, beating the consensus estimate of $3.84 by $0.09. Northrop Grumman had a return on equity of 34.88% and a net margin of 8.33%. The company had revenue of $7.12 billion during the quarter, compared to analysts’ expectations of $7.10 billion. During the same period in the prior year, the business earned $3.16 earnings per share. Northrop Grumman’s revenue for the quarter was up 10.0% compared to the same quarter last year. sell-side analysts predict that Northrop Grumman Co. will post 16.84 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 12th. Stockholders of record on Monday, August 27th will be given a $1.20 dividend. The ex-dividend date of this dividend is Friday, August 24th. This represents a $4.80 annualized dividend and a dividend yield of 1.61%. Northrop Grumman’s dividend payout ratio is 36.14%.
A number of research firms recently commented on NOC. Zacks Investment Research downgraded Northrop Grumman from a “buy” rating to a “hold” rating in a report on Tuesday, August 7th. ValuEngine downgraded Northrop Grumman from a “buy” rating to a “hold” rating in a report on Tuesday, June 12th. Credit Suisse Group increased their price objective on Northrop Grumman from $326.00 to $341.00 and gave the stock a “neutral” rating in a report on Wednesday, June 27th. UBS Group began coverage on Northrop Grumman in a report on Wednesday, August 15th. They issued a “neutral” rating and a $315.00 price objective on the stock. Finally, Stifel Nicolaus restated a “hold” rating and issued a $300.00 price objective on shares of Northrop Grumman in a report on Thursday, July 26th. Eight research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. Northrop Grumman presently has a consensus rating of “Buy” and a consensus price target of $362.16.
Northrop Grumman 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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