Meeder Asset Management Inc. grew its holdings in Northrop Grumman Co. (NYSE:NOC) by 15.6% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 2,226 shares of the aerospace company’s stock after acquiring an additional 301 shares during the period. Meeder Asset Management Inc.’s holdings in Northrop Grumman were worth $683,000 at the end of the most recent reporting period.
Several other large investors have also modified their holdings of NOC. Public Employees Retirement Association of Colorado boosted its stake in shares of Northrop Grumman by 5.8% during the 4th quarter. Public Employees Retirement Association of Colorado now owns 30,188 shares of the aerospace company’s stock worth $9,265,000 after purchasing an additional 1,654 shares during the period. Steinberg Global Asset Management boosted its stake in shares of Northrop Grumman by 6.1% during the 4th quarter. Steinberg Global Asset Management now owns 3,287 shares of the aerospace company’s stock worth $1,009,000 after purchasing an additional 190 shares during the period. CIBC Asset Management Inc boosted its stake in shares of Northrop Grumman by 8.4% during the 4th quarter. CIBC Asset Management Inc now owns 18,661 shares of the aerospace company’s stock worth $5,727,000 after purchasing an additional 1,451 shares during the period. Trust Co. of Vermont boosted its stake in shares of Northrop Grumman by 21.4% during the 4th quarter. Trust Co. of Vermont now owns 2,270 shares of the aerospace company’s stock worth $697,000 after purchasing an additional 400 shares during the period. Finally, SeaCrest Wealth Management LLC purchased a new position in shares of Northrop Grumman during the 4th quarter worth about $250,000. 81.23% of the stock is owned by institutional investors and hedge funds.
In other news, COO Gloria A. Flach sold 7,741 shares of the business’s stock in a transaction dated Monday, November 13th. The shares were sold at an average price of $296.45, for a total value of $2,294,819.45. Following the completion of the sale, the chief operating officer now owns 77,200 shares in the company, valued at approximately $22,885,940. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 0.70% of the company’s stock.
Northrop Grumman (NYSE:NOC) last released its quarterly earnings data on Thursday, January 25th. The aerospace company reported $2.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.75 by $0.07. The company had revenue of $6.63 billion during the quarter, compared to analysts’ expectations of $6.34 billion. Northrop Grumman had a net margin of 7.81% and a return on equity of 37.28%. The firm’s quarterly revenue was up 3.7% on a year-over-year basis. During the same period in the previous year, the company earned $2.96 EPS. equities research analysts anticipate that Northrop Grumman Co. will post 15.18 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 21st. Stockholders of record on Monday, March 5th will be issued a $1.10 dividend. The ex-dividend date of this dividend is Friday, March 2nd. This represents a $4.40 annualized dividend and a dividend yield of 1.36%. This is a positive change from Northrop Grumman’s previous quarterly dividend of $1.00. Northrop Grumman’s payout ratio is currently 34.87%.
A number of equities analysts recently commented on NOC shares. Zacks Investment Research cut shares of Northrop Grumman from a “buy” rating to a “hold” rating in a research note on Thursday, November 9th. Bank of America set a $350.00 price target on shares of Northrop Grumman and gave the stock a “buy” rating in a research note on Friday, October 27th. ValuEngine raised shares of Northrop Grumman from a “hold” rating to a “buy” rating in a research note on Sunday, December 31st. JPMorgan Chase & Co. raised shares of Northrop Grumman from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $317.00 to $355.00 in a research note on Tuesday, December 12th. Finally, Royal Bank of Canada set a $374.00 price target on shares of Northrop Grumman and gave the stock a “buy” rating in a research note on Thursday, November 16th. Six research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $317.47.
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Northrop Grumman Profile
Northrop Grumman Corporation is a global security company. The Company provides products, systems and solutions in autonomous systems; cyber; command, control, communications and computers, intelligence, surveillance and reconnaissance (C4ISR); strike, and logistics and modernization. The Company’s segments include Aerospace Systems, Mission Systems and Technology Services.
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