Covington Capital Management lifted its position in Northrop Grumman Co. (NYSE:NOC – Get Rating) by 4.7% in the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 644 shares of the aerospace company’s stock after purchasing an additional 29 shares during the period. Covington Capital Management’s holdings in Northrop Grumman were worth $303,000 at the end of the most recent quarter.
A number of other large investors have also recently modified their holdings of the company. Gerber Kawasaki Wealth & Investment Management boosted its holdings in shares of Northrop Grumman by 9.1% in the third quarter. Gerber Kawasaki Wealth & Investment Management now owns 9,641 shares of the aerospace company’s stock valued at $4,556,000 after purchasing an additional 808 shares during the period. Jade Capital Advisors LLC purchased a new stake in shares of Northrop Grumman in the third quarter valued at approximately $1,176,000. Verus Capital Partners LLC purchased a new stake in shares of Northrop Grumman in the third quarter valued at approximately $7,645,000. Wealthsource Partners LLC lifted its holdings in Northrop Grumman by 4.5% during the third quarter. Wealthsource Partners LLC now owns 1,222 shares of the aerospace company’s stock worth $575,000 after buying an additional 53 shares during the period. Finally, Neuberger Berman Group LLC lifted its holdings in Northrop Grumman by 1.6% during the third quarter. Neuberger Berman Group LLC now owns 63,094 shares of the aerospace company’s stock worth $29,726,000 after buying an additional 971 shares during the period. Hedge funds and other institutional investors own 84.32% of the company’s stock.
Analysts Set New Price Targets
A number of analysts have weighed in on the company. Susquehanna lowered their target price on Northrop Grumman from $615.00 to $535.00 and set a “positive” rating for the company in a report on Friday, January 27th. Royal Bank of Canada lowered their target price on Northrop Grumman from $550.00 to $520.00 and set an “outperform” rating for the company in a report on Friday, January 27th. Wolfe Research lowered Northrop Grumman from an “outperform” rating to a “peer perform” rating in a report on Friday, January 27th. The Goldman Sachs Group lowered Northrop Grumman from a “neutral” rating to a “sell” rating and lowered their target price for the stock from $440.00 to $375.00 in a report on Friday, January 13th. Finally, Cowen lowered Northrop Grumman from an “outperform” rating to a “market perform” rating and set a $478.00 target price for the company. in a report on Friday, January 27th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $508.13.
Northrop Grumman Price Performance
Northrop Grumman (NYSE:NOC – Get Rating) last released its earnings results on Thursday, January 26th. The aerospace company reported $7.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $6.57 by $0.93. Northrop Grumman had a return on equity of 28.29% and a net margin of 13.38%. The firm had revenue of $10 billion for the quarter, compared to the consensus estimate of $9.64 billion. During the same period in the prior year, the firm earned $6.00 EPS. The firm’s revenue was up 16.3% on a year-over-year basis. As a group, equities research analysts forecast that Northrop Grumman Co. will post 21.89 earnings per share for the current year.
Northrop Grumman Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Wednesday, March 15th. Investors of record on Monday, February 27th will be given a $1.73 dividend. This represents a $6.92 annualized dividend and a dividend yield of 1.53%. The ex-dividend date is Friday, February 24th. Northrop Grumman’s payout ratio is 21.96%.
Insider Activity at Northrop Grumman
In related news, VP David T. Perry sold 3,999 shares of the company’s stock in a transaction on Monday, March 6th. The stock was sold at an average price of $469.65, for a total value of $1,878,130.35. Following the transaction, the vice president now directly owns 8,717 shares of the company’s stock, valued at approximately $4,093,939.05. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Northrop Grumman news, VP David T. Perry sold 3,999 shares of the stock in a transaction dated Monday, March 6th. The stock was sold at an average price of $469.65, for a total transaction of $1,878,130.35. Following the sale, the vice president now directly owns 8,717 shares of the company’s stock, valued at approximately $4,093,939.05. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Mark A. Caylor sold 2,810 shares of the stock in a transaction dated Friday, March 3rd. The stock was sold at an average price of $467.58, for a total value of $1,313,899.80. Following the sale, the vice president now directly owns 16,240 shares in the company, valued at $7,593,499.20. The disclosure for this sale can be found here. Insiders have sold a total of 10,534 shares of company stock valued at $4,934,622 in the last ninety days. Company insiders own 0.26% of the company’s stock.
About Northrop Grumman
Northrop Grumman Corp. engages in the provision of advanced aircraft systems. It operates through the following segments: Aeronautics Systems, Defense Systems, Mission Systems, and Space Systems. The Aeronautics Systems segment is involved in the design, development, production, integration, sustainment, and modernization of advanced aircraft systems for the U.S.
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