Allstate Corp Reduces Position in Northrop Grumman Corporation $NOC

Key Points

• Allstate Corp has reduced its stake in Northrop Grumman Corporation by 15.1% during the first quarter, now holding 3,509 shares valued at approximately $1.8 million.
• Northrop Grumman's recent quarterly earnings reported $7.11 EPS, exceeding analysts' expectations, along with a revenue of $10.35 billion, marking a 1.3% year-over-year growth.
• Several analysts have given Northrop Grumman a consensus rating of "Moderate Buy", with average target prices ranging between $542.00 and $650.00.

Allstate Corp reduced its stake in shares of Northrop Grumman Corporation (NYSE:NOC - Free Report) by 15.1% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,509 shares of the aerospace company's stock after selling 623 shares during the period. Allstate Corp's holdings in Northrop Grumman were worth $1,797,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. GAMMA Investing LLC boosted its holdings in Northrop Grumman by 55,522.3% in the first quarter. GAMMA Investing LLC now owns 1,520,158 shares of the aerospace company's stock valued at $778,336,000 after purchasing an additional 1,517,425 shares during the last quarter. Wellington Management Group LLP raised its stake in shares of Northrop Grumman by 23.4% during the 1st quarter. Wellington Management Group LLP now owns 5,139,333 shares of the aerospace company's stock valued at $2,631,390,000 after buying an additional 974,633 shares during the last quarter. T. Rowe Price Investment Management Inc. lifted its holdings in shares of Northrop Grumman by 1,425.2% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 1,001,198 shares of the aerospace company's stock valued at $512,624,000 after buying an additional 935,554 shares during the period. Nuveen LLC purchased a new stake in shares of Northrop Grumman in the first quarter worth about $369,205,000. Finally, Vanguard Group Inc. boosted its stake in shares of Northrop Grumman by 4.6% in the first quarter. Vanguard Group Inc. now owns 13,266,301 shares of the aerospace company's stock worth $6,792,479,000 after buying an additional 588,520 shares during the last quarter. 83.40% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the company. Deutsche Bank Aktiengesellschaft restated a "hold" rating and issued a $542.00 price objective (down previously from $580.00) on shares of Northrop Grumman in a research report on Tuesday, July 8th. Wells Fargo & Company reissued an "overweight" rating on shares of Northrop Grumman in a report on Tuesday, July 22nd. Bank of America lifted their price objective on shares of Northrop Grumman from $550.00 to $650.00 and gave the company a "buy" rating in a report on Wednesday, July 23rd. Truist Financial reiterated a "buy" rating and issued a $625.00 price objective (up previously from $550.00) on shares of Northrop Grumman in a research report on Wednesday, July 23rd. Finally, JPMorgan Chase & Co. raised their target price on Northrop Grumman from $480.00 to $585.00 and gave the company a "neutral" rating in a research report on Wednesday, July 23rd. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and nine have assigned a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $586.79.

Northrop Grumman Stock Down 0.9%

NOC stock opened at $591.9790 on Friday. Northrop Grumman Corporation has a 52 week low of $426.24 and a 52 week high of $600.99. The company has a quick ratio of 0.93, a current ratio of 1.04 and a debt-to-equity ratio of 0.98. The firm has a 50-day simple moving average of $541.47 and a 200-day simple moving average of $504.45. The stock has a market capitalization of $84.76 billion, a P/E ratio of 21.82, a P/E/G ratio of 5.72 and a beta of 0.15.

Northrop Grumman (NYSE:NOC - Get Free Report) last issued its quarterly earnings results on Tuesday, July 22nd. The aerospace company reported $7.11 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $6.84 by $0.27. Northrop Grumman had a return on equity of 25.52% and a net margin of 9.74%.The firm had revenue of $10.35 billion for the quarter, compared to analyst estimates of $10.15 billion. During the same period in the previous year, the company posted $6.36 earnings per share. The business's revenue was up 1.3% on a year-over-year basis. Northrop Grumman has set its FY 2025 guidance at 25.000-25.400 EPS. Equities analysts forecast that Northrop Grumman Corporation will post 28.05 earnings per share for the current fiscal year.

Northrop Grumman Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 17th. Stockholders of record on Tuesday, September 2nd will be given a dividend of $2.31 per share. This represents a $9.24 annualized dividend and a dividend yield of 1.6%. The ex-dividend date of this dividend is Tuesday, September 2nd. Northrop Grumman's payout ratio is presently 34.06%.

Insider Activity

In other news, CEO Kathy J. Warden sold 7,500 shares of the business's stock in a transaction that occurred on Friday, June 13th. The shares were sold at an average price of $505.77, for a total value of $3,793,275.00. Following the sale, the chief executive officer directly owned 201,602 shares of the company's stock, valued at approximately $101,964,243.54. The trade was a 3.59% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Robert J. Fleming sold 3,500 shares of the business's stock in a transaction that occurred on Friday, June 13th. The shares were 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. The trade was a 65.70% 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 90 days. 0.23% of the stock is owned by corporate insiders.

About Northrop Grumman

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.

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