Estabrook Capital Management Lowers Holdings in Northrop Grumman Co. (NOC)
Estabrook Capital Management trimmed its position in shares of Northrop Grumman Co. (NYSE:NOC) by 4.2% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 13,391 shares of the aerospace company’s stock after selling 588 shares during the period. Estabrook Capital Management’s holdings in Northrop Grumman were worth $4,110,000 at the end of the most recent reporting period.
Several other hedge funds have also recently made changes to their positions in NOC. First Eagle Investment Management LLC bought a new stake in shares of Northrop Grumman during the 3rd quarter valued at $198,126,000. BlackRock Inc. raised its position in shares of Northrop Grumman by 4.3% during the 4th quarter. BlackRock Inc. now owns 13,545,765 shares of the aerospace company’s stock valued at $4,157,331,000 after purchasing an additional 561,347 shares during the period. Capital International Investors raised its position in shares of Northrop Grumman by 29.4% during the 3rd quarter. Capital International Investors now owns 2,274,928 shares of the aerospace company’s stock valued at $654,542,000 after purchasing an additional 516,427 shares during the period. Los Angeles Capital Management & Equity Research Inc. raised its position in shares of Northrop Grumman by 114.6% during the 3rd quarter. Los Angeles Capital Management & Equity Research Inc. now owns 321,960 shares of the aerospace company’s stock valued at $92,634,000 after purchasing an additional 171,929 shares during the period. Finally, Bank of New York Mellon Corp raised its position in shares of Northrop Grumman by 12.1% during the 4th quarter. Bank of New York Mellon Corp now owns 1,489,951 shares of the aerospace company’s stock valued at $457,282,000 after purchasing an additional 160,259 shares during the period. Hedge funds and other institutional investors own 80.69% of the company’s stock.
In related news, VP Michael A. Hardesty sold 2,941 shares of Northrop Grumman stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $351.06, for a total transaction of $1,032,467.46. Following the completion of the transaction, the vice president now directly owns 9,202 shares of the company’s stock, valued at approximately $3,230,454.12. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Janis G. Pamiljans sold 1,568 shares of Northrop Grumman stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $354.30, for a total transaction of $555,542.40. Following the transaction, the vice president now directly owns 6,677 shares of the company’s stock, valued at $2,365,661.10. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 8,344 shares of company stock worth $2,896,627. Insiders own 0.70% of the company’s stock.
Northrop Grumman (NYSE:NOC) last posted its earnings results on Thursday, January 25th. The aerospace company reported $2.82 earnings per share for the quarter, topping analysts’ consensus estimates of $2.75 by $0.07. Northrop Grumman had a net margin of 7.81% and a return on equity of 37.28%. The firm had revenue of $6.63 billion for the quarter, compared to the consensus estimate of $6.34 billion. During the same period in the previous year, the firm posted $2.96 EPS. The business’s quarterly revenue was up 3.7% on a year-over-year basis. research analysts anticipate that Northrop Grumman Co. will post 15.25 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, March 21st. Stockholders of record on Monday, March 5th will be issued a $1.10 dividend. The ex-dividend date is Friday, March 2nd. This is an increase from Northrop Grumman’s previous quarterly dividend of $1.00. This represents a $4.40 dividend on an annualized basis and a dividend yield of 1.29%. Northrop Grumman’s payout ratio is 33.38%.
Several brokerages have recently commented on NOC. Goldman Sachs Group downgraded shares of Northrop Grumman from a “conviction-buy” rating to a “buy” rating and set a $395.00 price objective on the stock. in a research report on Tuesday, February 20th. Citigroup reiterated a “buy” rating and issued a $405.00 price target on shares of Northrop Grumman in a report on Monday. Morgan Stanley reiterated an “equal weight” rating and issued a $365.00 price target (up from $336.00) on shares of Northrop Grumman in a report on Friday, February 23rd. Jefferies Group upgraded shares of Northrop Grumman from a “hold” rating to a “buy” rating and set a $400.00 price target on the stock in a report on Wednesday, February 14th. Finally, ValuEngine upgraded shares of Northrop Grumman from a “hold” rating to a “buy” rating in a report on Thursday, March 1st. Four equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Northrop Grumman has an average rating of “Buy” and a consensus target price of $358.64.
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Northrop Grumman 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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