Sequoia Financial Advisors LLC Grows Stake in Northrop Grumman Co. (NYSE:NOC)

Posted by Defense World Staff on Mar 27th, 2023

Sequoia Financial Advisors LLC increased its position in Northrop Grumman Co. (NYSE:NOC – Get Rating) by 67.2% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 2,142 shares of the aerospace company’s stock after purchasing an additional 861 shares during the quarter. Sequoia Financial Advisors LLC’s holdings in Northrop Grumman were worth $1,169,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. King Luther Capital Management Corp lifted its position in shares of Northrop Grumman by 1.3% in the third quarter. King Luther Capital Management Corp now owns 1,428 shares of the aerospace company’s stock worth $672,000 after buying an additional 19 shares in the last quarter. Sheaff Brock Investment Advisors LLC grew its stake in shares of Northrop Grumman by 2.7% during the third quarter. Sheaff Brock Investment Advisors LLC now owns 768 shares of the aerospace company’s stock valued at $361,000 after buying an additional 20 shares during the last quarter. Zions Bancorporation N.A. grew its stake in shares of Northrop Grumman by 1.1% during the third quarter. Zions Bancorporation N.A. now owns 1,911 shares of the aerospace company’s stock valued at $899,000 after buying an additional 20 shares during the last quarter. First Foundation Advisors increased its holdings in Northrop Grumman by 2.3% during the 2nd quarter. First Foundation Advisors now owns 917 shares of the aerospace company’s stock worth $439,000 after purchasing an additional 21 shares during the period. Finally, Hanson & Doremus Investment Management increased its stake in shares of Northrop Grumman by 19.6% during the third quarter. Hanson & Doremus Investment Management now owns 128 shares of the aerospace company’s stock valued at $60,000 after buying an additional 21 shares during the period. Hedge funds and other institutional investors own 84.32% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently commented on NOC. Royal Bank of Canada cut their price target on Northrop Grumman from $550.00 to $520.00 and set an “outperform” rating on the stock in a research note on Friday, January 27th. Bank of America lowered their price target on Northrop Grumman from $700.00 to $655.00 in a report on Sunday, January 29th. The Goldman Sachs Group cut Northrop Grumman from a “neutral” rating to a “sell” rating and reduced their price objective for the stock from $440.00 to $375.00 in a research note on Friday, January 13th. Morgan Stanley reduced their price objective on Northrop Grumman from $626.00 to $601.00 and set an “overweight” rating for the company in a research note on Friday, January 27th. Finally, Credit Suisse Group reduced their price target on Northrop Grumman from $500.00 to $490.00 and set an “outperform” rating for the company in a research report on Monday, February 6th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $508.13.

Insider Activity

In related news, VP Sheila C. Cheston sold 2,547 shares of the business’s stock in a transaction on Monday, February 13th. The stock was sold at an average price of $467.81, for a total value of $1,191,512.07. Following the sale, the vice president now owns 24,249 shares in the company, valued at approximately $11,343,924.69. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Northrop Grumman news, CAO Michael A. Hardesty sold 1,178 shares of the company’s stock in a transaction dated Monday, February 13th. The stock was sold at an average price of $467.81, for a total transaction of $551,080.18. Following the sale, the chief accounting officer now owns 2,737 shares in the company, valued at approximately $1,280,395.97. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Sheila C. Cheston sold 2,547 shares of the company’s stock in a transaction dated Monday, February 13th. The stock was sold at an average price of $467.81, for a total value of $1,191,512.07. Following the sale, the vice president now owns 24,249 shares in the company, valued at approximately $11,343,924.69. 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 quarter. Insiders own 0.25% of the company’s stock.

Northrop Grumman Stock Performance

Shares of NYSE:NOC opened at $455.25 on Monday. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.08 and a quick ratio of 0.99. The business’s 50 day moving average price is $457.03 and its 200-day moving average price is $493.52. The firm has a market capitalization of $69.25 billion, a PE ratio of 14.45, a P/E/G ratio of 5.99 and a beta of 0.51. Northrop Grumman Co. has a 1 year low of $430.93 and a 1 year high of $556.27.

Northrop Grumman (NYSE:NOC – Get Rating) last released its quarterly earnings data on Thursday, January 26th. The aerospace company reported $7.50 earnings per share for the quarter, topping analysts’ consensus estimates of $6.57 by $0.93. The company had revenue of $10 billion for the quarter, compared to analyst estimates of $9.64 billion. Northrop Grumman had a return on equity of 28.29% and a net margin of 13.38%. During the same quarter in the previous year, the company posted $6.00 earnings per share. The firm’s revenue for the quarter was up 16.3% compared to the same quarter last year. As a group, equities research analysts expect that Northrop Grumman Co. will post 22.04 earnings per share for the current fiscal year.

Northrop Grumman Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 15th. Stockholders of record on Monday, February 27th were paid a $1.73 dividend. This represents a $6.92 annualized dividend and a dividend yield of 1.52%. The ex-dividend date of this dividend was Friday, February 24th. Northrop Grumman’s dividend payout ratio (DPR) is presently 21.96%.

About Northrop Grumman

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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.