Cohen & Steers Inc. Has $5.39 Million Position in Northrop Grumman Co. (NOC)
Cohen & Steers Inc. lessened its stake in shares of Northrop Grumman Co. (NYSE:NOC) by 12.8% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 18,719 shares of the aerospace company’s stock after selling 2,758 shares during the period. Cohen & Steers Inc.’s holdings in Northrop Grumman were worth $5,386,000 at the end of the most recent reporting period.
A number of other hedge funds also recently bought and sold shares of NOC. Hanseatic Management Services Inc. increased its position in Northrop Grumman by 12.8% during the 2nd quarter. Hanseatic Management Services Inc. now owns 423 shares of the aerospace company’s stock valued at $109,000 after buying an additional 48 shares in the last quarter. First Personal Financial Services increased its holdings in shares of Northrop Grumman by 39.0% in the 2nd quarter. First Personal Financial Services now owns 431 shares of the aerospace company’s stock worth $111,000 after purchasing an additional 121 shares in the last quarter. Pittenger & Anderson Inc. increased its holdings in shares of Northrop Grumman by 28.6% in the 2nd quarter. Pittenger & Anderson Inc. now owns 450 shares of the aerospace company’s stock worth $116,000 after purchasing an additional 100 shares in the last quarter. People s United Financial Inc. increased its holdings in shares of Northrop Grumman by 9.2% in the 2nd quarter. People s United Financial Inc. now owns 475 shares of the aerospace company’s stock worth $122,000 after purchasing an additional 40 shares in the last quarter. Finally, Ropes Wealth Advisors LLC bought a new stake in shares of Northrop Grumman in the 3rd quarter worth $144,000. 81.33% of the stock is owned by institutional investors.
A number of analysts have commented on the company. Royal Bank of Canada lifted their target price on Northrop Grumman from $324.00 to $347.00 and gave the stock an “outperform” rating in a report on Thursday, October 26th. Goldman Sachs Group set a $320.00 target price on Northrop Grumman and gave the stock a “buy” rating in a report on Thursday, October 26th. Cowen reissued a “hold” rating and issued a $300.00 target price (up previously from $275.00) on shares of Northrop Grumman in a report on Thursday, October 26th. J P Morgan Chase & Co raised Northrop Grumman from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $317.00 to $355.00 in a report on Tuesday. Finally, Zacks Investment Research lowered Northrop Grumman from a “buy” rating to a “hold” rating in a report on Thursday, November 9th. Six research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $298.67.
Northrop Grumman (NYSE:NOC) last released its quarterly earnings results on Wednesday, October 25th. The aerospace company reported $3.68 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.92 by $0.76. The firm had revenue of $6.53 billion for the quarter, compared to the consensus estimate of $6.33 billion. Northrop Grumman had a return on equity of 39.76% and a net margin of 9.24%. The company’s revenue for the quarter was up 6.0% on a year-over-year basis. During the same period last year, the business posted $3.35 EPS. sell-side analysts expect that Northrop Grumman Co. will post 13.18 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 20th. Stockholders of record on Monday, December 4th will be paid a $1.00 dividend. The ex-dividend date of this dividend is Friday, December 1st. This represents a $4.00 dividend on an annualized basis and a dividend yield of 1.31%. Northrop Grumman’s dividend payout ratio (DPR) is currently 29.81%.
In related news, VP Sid Ashworth sold 6,311 shares of Northrop Grumman stock in a transaction on Friday, October 27th. The stock was sold at an average price of $298.00, for a total transaction of $1,880,678.00. Following the transaction, the vice president now directly owns 63,147 shares in the company, valued at $18,817,806. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Gloria A. Flach sold 7,741 shares of Northrop Grumman stock in a transaction on Monday, November 13th. The shares were sold at an average price of $296.45, for a total value of $2,294,819.45. Following the transaction, the chief operating officer now owns 77,200 shares in the company, valued at $22,885,940. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 21,417 shares of company stock worth $6,365,189. Company insiders own 0.70% of the company’s stock.
Northrop Grumman Company Profile
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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