Northrop Grumman Corporation (NOC) Holdings Cut by Suntrust Banks Inc.
Suntrust Banks Inc. lowered its holdings in shares of Northrop Grumman Corporation (NYSE:NOC) by 23.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 20,573 shares of the aerospace company’s stock after selling 6,276 shares during the quarter. Suntrust Banks Inc.’s holdings in Northrop Grumman Corporation were worth $5,279,000 at the end of the most recent reporting period.
A number of other hedge funds have also modified their holdings of the business. Horizon Investments LLC boosted its position in Northrop Grumman Corporation by 11.5% during the second quarter. Horizon Investments LLC now owns 2,061 shares of the aerospace company’s stock worth $510,000 after purchasing an additional 212 shares in the last quarter. Hanseatic Management Services Inc. boosted its position in Northrop Grumman Corporation by 12.8% during the second quarter. Hanseatic Management Services Inc. now owns 423 shares of the aerospace company’s stock worth $109,000 after purchasing an additional 48 shares in the last quarter. Mariner Wealth Advisors LLC boosted its position in Northrop Grumman Corporation by 1.0% during the second quarter. Mariner Wealth Advisors LLC now owns 3,636 shares of the aerospace company’s stock worth $933,000 after purchasing an additional 36 shares in the last quarter. Woodley Farra Manion Portfolio Management Inc. boosted its position in Northrop Grumman Corporation by 4.8% during the second quarter. Woodley Farra Manion Portfolio Management Inc. now owns 19,178 shares of the aerospace company’s stock worth $4,923,000 after purchasing an additional 874 shares in the last quarter. Finally, FIL Ltd purchased a new position in Northrop Grumman Corporation during the second quarter worth approximately $22,533,000. Institutional investors own 81.37% of the company’s stock.
A number of equities analysts have issued reports on the company. Argus increased their price target on Northrop Grumman Corporation from $270.00 to $295.00 and gave the stock a “buy” rating in a research report on Friday, August 4th. Stifel Nicolaus reiterated a “hold” rating and set a $255.00 price target (up previously from $245.00) on shares of Northrop Grumman Corporation in a research report on Thursday, July 27th. Jefferies Group LLC reiterated a “hold” rating and set a $243.00 price target on shares of Northrop Grumman Corporation in a research report on Wednesday, June 21st. Vertical Research reiterated a “buy” rating and set a $296.00 price target (up previously from $280.00) on shares of Northrop Grumman Corporation in a research report on Wednesday, September 20th. Finally, Morgan Stanley assumed coverage on Northrop Grumman Corporation in a research report on Tuesday, August 8th. They set an “equal weight” rating and a $279.00 price target on the stock. Six research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $272.01.
In other news, VP Lisa R. Davis sold 367 shares of the business’s stock in a transaction that occurred on Tuesday, August 1st. The stock was sold at an average price of $263.25, for a total transaction of $96,612.75. Following the sale, the vice president now owns 961 shares of the company’s stock, valued at approximately $252,983.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.70% of the stock is owned by insiders.
Northrop Grumman Corporation (NYSE:NOC) last announced its quarterly earnings results on Wednesday, July 26th. The aerospace company reported $3.15 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.84 by $0.31. The business had revenue of $6.38 billion for the quarter, compared to analyst estimates of $6.21 billion. Northrop Grumman Corporation had a return on equity of 39.22% and a net margin of 9.20%. The company’s quarterly revenue was up 6.3% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.85 EPS.
The company also recently declared a quarterly dividend, which was paid on Wednesday, September 13th. Stockholders of record on Monday, August 28th were paid a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a dividend yield of 1.42%. The ex-dividend date of this dividend was Thursday, August 24th. Northrop Grumman Corporation’s dividend payout ratio (DPR) is 30.56%.
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About Northrop Grumman Corporation
Northrop Grumman Corporation is a global security company. The Company provides products, systems and solutions in autonomous systems; cyber; command, control, communications and computers, intelligence, surveillance and reconnaissance (C4ISR); strike, and logistics and modernization. The Company’s segments include Aerospace Systems, Mission Systems and Technology Services.
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