Sequoia Financial Advisors LLC Has $1.03 Million Position in Northrop Grumman Co. (NYSE:NOC)

Posted by Defense World Staff on Jul 11th, 2023

Sequoia Financial Advisors LLC lifted its holdings in shares of Northrop Grumman Co. (NYSE:NOC – Free Report) by 3.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,221 shares of the aerospace company’s stock after purchasing an additional 79 shares during the quarter. Sequoia Financial Advisors LLC’s holdings in Northrop Grumman were worth $1,025,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the business. Cibc World Market Inc. raised its position in Northrop Grumman by 59.4% in the 1st quarter. Cibc World Market Inc. now owns 7,390 shares of the aerospace company’s stock valued at $3,305,000 after buying an additional 2,753 shares during the last quarter. Vontobel Holding Ltd. increased its position in shares of Northrop Grumman by 41.4% during the 1st quarter. Vontobel Holding Ltd. now owns 3,445 shares of the aerospace company’s stock worth $1,541,000 after purchasing an additional 1,008 shares during the last quarter. Prudential PLC acquired a new position in shares of Northrop Grumman during the 1st quarter worth approximately $1,514,000. Zions Bancorporation N.A. increased its position in shares of Northrop Grumman by 11.0% during the 1st quarter. Zions Bancorporation N.A. now owns 1,890 shares of the aerospace company’s stock worth $845,000 after purchasing an additional 187 shares during the last quarter. Finally, Covestor Ltd increased its position in shares of Northrop Grumman by 79.1% during the 1st quarter. Covestor Ltd now owns 274 shares of the aerospace company’s stock worth $123,000 after purchasing an additional 121 shares during the last quarter. Institutional investors and hedge funds own 81.68% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Seaport Res Ptn reaffirmed a “buy” rating on shares of Northrop Grumman in a research report on Thursday, April 27th. StockNews.com raised Northrop Grumman from a “hold” rating to a “buy” rating in a research report on Wednesday, June 21st. Barclays lowered Northrop Grumman from an “overweight” rating to an “equal weight” rating and lowered their price target for the stock from $580.00 to $450.00 in a research report on Thursday, May 11th. Sanford C. Bernstein reduced their target price on Northrop Grumman from $581.00 to $569.00 in a research note on Friday, June 30th. Finally, 22nd Century Group reiterated a “maintains” rating on shares of Northrop Grumman in a research note on Friday, April 28th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $512.75.

Northrop Grumman Stock Performance

NOC opened at $452.59 on Tuesday. The business has a fifty day simple moving average of $447.55 and a 200 day simple moving average of $462.84. The company has a market capitalization of $68.73 billion, a PE ratio of 14.64, a price-to-earnings-growth ratio of 5.28 and a beta of 0.51. The company has a debt-to-equity ratio of 0.91, a current ratio of 1.22 and a quick ratio of 1.12. Northrop Grumman Co. has a 1 year low of $429.10 and a 1 year high of $556.27.

Northrop Grumman (NYSE:NOC – Get Free Report) last released its earnings results on Thursday, April 27th. The aerospace company reported $5.50 earnings per share for the quarter, beating analysts’ consensus estimates of $5.16 by $0.34. The firm had revenue of $9.30 billion during the quarter, compared to the consensus estimate of $9.19 billion. Northrop Grumman had a return on equity of 26.61% and a net margin of 12.89%. The company’s revenue was up 5.7% compared to the same quarter last year. During the same period in the prior year, the company posted $6.10 EPS. Research analysts expect that Northrop Grumman Co. will post 22.57 EPS for the current year.

Northrop Grumman Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 14th. Stockholders of record on Tuesday, May 30th were given a dividend of $1.87 per share. This represents a $7.48 dividend on an annualized basis and a dividend yield of 1.65%. This is an increase from Northrop Grumman’s previous quarterly dividend of $1.73. The ex-dividend date of this dividend was Friday, May 26th. Northrop Grumman’s dividend payout ratio is presently 24.20%.

Northrop Grumman Profile

(Free Report)

Northrop Grumman Corporation operates as an aerospace and defense company worldwide. The company's Aeronautics Systems segment designs, develops, manufactures, integrates, and sustains aircraft systems in the United States and internationally. This segment also offers unmanned autonomous aircraft systems, including high-altitude long-endurance strategic ISR systems and vertical take-off and landing tactical ISR systems; and strategic long-range strike aircraft, tactical fighter and air dominance aircraft, and airborne battle management and command and control systems.