AGF Management Ltd. Has $83.60 Million Stock Holdings in Northrop Grumman Corporation (NYSE:NOC)

Key Points

• AGF Management Ltd. reduced its stake in Northrop Grumman Corporation by 1.6%, selling 2,646 shares to hold approximately 0.11% of the company valued at $83.6 million.
• Brokerages have varied views on Northrop Grumman, with JPMorgan raising its price target from $480 to $585 and Bank of America increasing it from $550 to $650, while Wall Street Zen downgraded the stock to a "hold".
• Northrop Grumman recently declared a quarterly dividend of $2.31 per share, an increase from its previous value and representing a 1.6% yield.

AGF Management Ltd. trimmed its holdings in Northrop Grumman Corporation (NYSE:NOC - Free Report) by 1.6% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 163,275 shares of the aerospace company's stock after selling 2,646 shares during the period. AGF Management Ltd. owned 0.11% of Northrop Grumman worth $83,598,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of NOC. IMA Advisory Services Inc. acquired a new position in Northrop Grumman during the first quarter valued at approximately $27,000. Banque Cantonale Vaudoise acquired a new position in Northrop Grumman in the 1st quarter valued at $30,000. Wood Tarver Financial Group LLC acquired a new position in Northrop Grumman in the 4th quarter valued at $32,000. Bellwether Advisors LLC bought a new position in Northrop Grumman in the 4th quarter worth $33,000. Finally, Hollencrest Capital Management lifted its position in Northrop Grumman by 790.0% during the 1st quarter. Hollencrest Capital Management now owns 89 shares of the aerospace company's stock worth $45,000 after acquiring an additional 79 shares during the last quarter. Institutional investors and hedge funds own 83.40% of the company's stock.

Northrop Grumman Price Performance

Shares of NYSE:NOC traded up $1.06 on Wednesday, hitting $581.86. The stock had a trading volume of 745,622 shares, compared to its average volume of 879,176. The company has a market capitalization of $83.31 billion, a price-to-earnings ratio of 21.45, a price-to-earnings-growth ratio of 5.50 and a beta of 0.15. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.93 and a current ratio of 1.04. The firm's 50 day moving average price is $528.25 and its 200-day moving average price is $499.57. Northrop Grumman Corporation has a twelve month low of $426.24 and a twelve month high of $594.68.

Northrop Grumman (NYSE:NOC - Get Free Report) last issued its quarterly earnings data on Tuesday, July 22nd. The aerospace company reported $7.11 earnings per share for the quarter, topping the consensus estimate of $6.84 by $0.27. Northrop Grumman had a net margin of 9.74% and a return on equity of 25.52%. The firm had revenue of $10.35 billion for the quarter, compared to analysts' expectations of $10.15 billion. During the same period in the prior year, the firm earned $6.36 earnings per share. The company's quarterly revenue was up 1.3% compared to the same quarter last year. On average, equities research analysts predict that Northrop Grumman Corporation will post 28.05 earnings per share for the current year.

Northrop Grumman Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 18th. Shareholders of record on Monday, June 2nd were paid a $2.31 dividend. This is an increase from Northrop Grumman's previous quarterly dividend of $2.06. This represents a $9.24 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date of this dividend was Monday, June 2nd. Northrop Grumman's payout ratio is presently 34.06%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the company. Bank of America lifted their price objective on Northrop Grumman from $550.00 to $650.00 and gave the stock a "buy" rating in a research note on Wednesday, July 23rd. Wall Street Zen lowered Northrop Grumman from a "buy" rating to a "hold" rating in a report on Thursday, April 24th. Wells Fargo & Company reiterated an "overweight" rating on shares of Northrop Grumman in a report on Tuesday, July 22nd. Royal Bank Of Canada raised their price objective on shares of Northrop Grumman from $600.00 to $625.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 22nd. Finally, Susquehanna boosted their target price on shares of Northrop Grumman from $557.00 to $650.00 and gave the stock a "positive" rating in a research report on Tuesday, July 22nd. Ten investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $586.79.

Insiders Place Their Bets

In other news, VP Robert J. Fleming sold 3,500 shares of the firm's stock in a transaction on Friday, June 13th. The stock was sold at an average price of $505.77, for a total value of $1,770,195.00. Following the completion of the sale, the vice president directly owned 1,827 shares in the company, valued at approximately $924,041.79. This trade represents a 65.70% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, VP Roshan S. Roeder sold 991 shares of the company's stock in a transaction dated Wednesday, June 4th. The stock was sold at an average price of $490.00, for a total transaction of $485,590.00. Following the transaction, the vice president owned 319 shares in the company, valued at approximately $156,310. This trade represents a 75.65% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 16,536 shares of company stock worth $8,306,857 in the last three months. Company insiders own 0.23% of the company's stock.

Northrop Grumman Profile

Northrop Grumman Corporation operates as an aerospace and defense technology company in the United States, Asia/Pacific, Europe, and internationally. The company's Aeronautics Systems segment designs, develops, manufactures, integrates, and sustains aircraft systems. 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.