Credit Suisse AG Sells 51,653 Shares of Northrop Grumman Co. (NYSE:NOC)

Posted by Defense World Staff on Aug 22nd, 2023

Credit Suisse AG lessened its stake in shares of Northrop Grumman Co. (NYSE:NOC – Free Report) by 35.2% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 95,113 shares of the aerospace company’s stock after selling 51,653 shares during the period. Credit Suisse AG owned approximately 0.06% of Northrop Grumman worth $43,916,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the stock. Morgan Stanley raised its position in shares of Northrop Grumman by 3.5% in the 4th quarter. Morgan Stanley now owns 3,353,108 shares of the aerospace company’s stock worth $1,829,490,000 after purchasing an additional 114,823 shares during the last quarter. Putnam Investments LLC lifted its stake in shares of Northrop Grumman by 4.1% in the fourth quarter. Putnam Investments LLC now owns 1,335,432 shares of the aerospace company’s stock worth $728,625,000 after buying an additional 52,913 shares in the last quarter. Jennison Associates LLC grew its holdings in shares of Northrop Grumman by 29.9% during the fourth quarter. Jennison Associates LLC now owns 1,054,897 shares of the aerospace company’s stock valued at $575,562,000 after buying an additional 242,658 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Northrop Grumman by 0.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 753,316 shares of the aerospace company’s stock valued at $411,017,000 after acquiring an additional 5,070 shares in the last quarter. Finally, Capital World Investors raised its holdings in Northrop Grumman by 12.0% in the 1st quarter. Capital World Investors now owns 733,172 shares of the aerospace company’s stock worth $327,889,000 after acquiring an additional 78,742 shares during the last quarter. Hedge funds and other institutional investors own 81.68% of the company’s stock.

Analysts Set New Price Targets

NOC has been the topic of several recent analyst reports. Royal Bank of Canada reiterated an “outperform” rating and set a $500.00 target price on shares of Northrop Grumman in a research note on Thursday, August 3rd. Citigroup reduced their price objective on Northrop Grumman from $502.00 to $485.00 and set a “neutral” rating for the company in a report on Friday, July 28th. Bank of America lowered their target price on shares of Northrop Grumman from $655.00 to $615.00 and set a “buy” rating on the stock in a research note on Friday, July 28th. 22nd Century Group reiterated a “maintains” rating on shares of Northrop Grumman in a research note on Friday, April 28th. Finally, Seaport Res Ptn restated a “buy” rating on shares of Northrop Grumman in a research report on Thursday, April 27th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $509.75.

View Our Latest Stock Analysis on NOC

Northrop Grumman Trading Up 0.8 %

Shares of NOC stock opened at $433.61 on Tuesday. Northrop Grumman Co. has a 1 year low of $421.73 and a 1 year high of $556.27. The firm has a fifty day moving average price of $447.42 and a 200-day moving average price of $453.51. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.20 and a quick ratio of 1.09. The company has a market cap of $65.61 billion, a price-to-earnings ratio of 14.36, a PEG ratio of 4.68 and a beta of 0.51.

Northrop Grumman (NYSE:NOC – Get Free Report) last issued its quarterly earnings data on Thursday, July 27th. The aerospace company reported $5.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.31 by $0.03. Northrop Grumman had a net margin of 12.27% and a return on equity of 24.90%. The firm had revenue of $9.58 billion during the quarter, compared to the consensus estimate of $9.32 billion. As a group, equities analysts predict that Northrop Grumman Co. will post 22.62 earnings per share for the current year.

Northrop Grumman Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 13th. Stockholders of record on Monday, August 28th will be given a dividend of $1.87 per share. This represents a $7.48 dividend on an annualized basis and a dividend yield of 1.73%. The ex-dividend date of this dividend is Friday, August 25th. Northrop Grumman’s payout ratio is 24.78%.

Insider Activity

In related news, VP Mark A. Caylor sold 1,670 shares of the company’s stock in a transaction on Monday, August 7th. The shares were sold at an average price of $437.87, for a total value of $731,242.90. Following the completion of the transaction, the vice president now owns 14,570 shares of the company’s stock, valued at approximately $6,379,765.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.26% of the company’s stock.

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.