Pinnacle Bank lifted its stake in shares of Northrop Grumman Co. (NYSE:NOC) by 45.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 452 shares of the aerospace company’s stock after acquiring an additional 142 shares during the quarter. Pinnacle Bank’s holdings in Northrop Grumman were worth $139,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors also recently modified their holdings of NOC. Covington Capital Management raised its stake in Northrop Grumman by 3.3% in the fourth quarter. Covington Capital Management now owns 888 shares of the aerospace company’s stock valued at $305,000 after buying an additional 28 shares in the last quarter. Versant Capital Management Inc boosted its position in shares of Northrop Grumman by 54.4% in the first quarter. Versant Capital Management Inc now owns 88 shares of the aerospace company’s stock worth $26,000 after acquiring an additional 31 shares during the last quarter. Kingsview Wealth Management LLC grew its holdings in Northrop Grumman by 3.5% in the first quarter. Kingsview Wealth Management LLC now owns 959 shares of the aerospace company’s stock valued at $290,000 after purchasing an additional 32 shares during the period. GHP Investment Advisors Inc. increased its position in Northrop Grumman by 2.4% during the fourth quarter. GHP Investment Advisors Inc. now owns 1,442 shares of the aerospace company’s stock worth $496,000 after purchasing an additional 34 shares during the last quarter. Finally, AIA Investment Management Private Ltd raised its stake in Northrop Grumman by 6.4% during the first quarter. AIA Investment Management Private Ltd now owns 562 shares of the aerospace company’s stock worth $170,000 after purchasing an additional 34 shares during the period. Institutional investors own 83.94% of the company’s stock.
NOC has been the topic of several research reports. Sanford C. Bernstein raised Northrop Grumman from a “market perform” rating to an “outperform” rating and cut their target price for the stock from $438.00 to $386.00 in a research report on Monday, March 30th. Seaport Global Securities began coverage on Northrop Grumman in a report on Tuesday, May 19th. They issued a “buy” rating and a $398.00 price objective on the stock. Royal Bank of Canada started coverage on Northrop Grumman in a report on Wednesday, May 20th. They set a “sector perform” rating and a $366.00 target price for the company. They noted that the move was a valuation call. Zacks Investment Research upgraded shares of Northrop Grumman from a “sell” rating to a “hold” rating and set a $320.00 price target on the stock in a report on Thursday, June 25th. Finally, UBS Group decreased their price objective on shares of Northrop Grumman from $410.00 to $373.00 and set a “neutral” rating for the company in a research note on Thursday, June 11th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and nine have issued a buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $380.46.
NOC traded down $5.69 during trading hours on Tuesday, reaching $306.71. 13,068 shares of the stock traded hands, compared to its average volume of 871,430. Northrop Grumman Co. has a fifty-two week low of $263.31 and a fifty-two week high of $385.01. The company has a market cap of $52.08 billion, a price-to-earnings ratio of 23.15 and a beta of 0.79. The company has a debt-to-equity ratio of 1.72, a current ratio of 1.29 and a quick ratio of 1.21. The firm’s fifty day simple moving average is $322.40 and its two-hundred day simple moving average is $338.55.
Northrop Grumman (NYSE:NOC) last announced its earnings results on Wednesday, April 29th. The aerospace company reported $5.15 earnings per share for the quarter, missing the consensus estimate of $5.51 by ($0.36). Northrop Grumman had a net margin of 6.57% and a return on equity of 39.22%. The business had revenue of $8.62 billion for the quarter, compared to analyst estimates of $8.54 billion. During the same quarter in the prior year, the business earned $5.06 earnings per share. The firm’s revenue was up 5.3% on a year-over-year basis. On average, research analysts predict that Northrop Grumman Co. will post 22.12 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 17th. Shareholders of record on Monday, June 1st were issued a dividend of $1.45 per share. The ex-dividend date was Friday, May 29th. This is an increase from Northrop Grumman’s previous quarterly dividend of $1.32. This represents a $5.80 annualized dividend and a yield of 1.89%. Northrop Grumman’s payout ratio is currently 27.35%.
Northrop Grumman Company Profile
Northrop Grumman Corporation, a security company, provides products in the areas of autonomous systems, cyber, space, strikes, and logistics and modernizations in the United States, the Asia Pacific, and internationally. The company operates through four segments: Aerospace Systems, Innovation Systems, Mission Systems, and Technology Services.
Further Reading: Oversold
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