Northrop Grumman Corporation (NYSE:NOC) Shares Sold by Bank of Nova Scotia

Key Points

• Bank of Nova Scotia has reduced its holdings in Northrop Grumman Corporation by 37.9%, selling 41,542 shares during the first quarter, with remaining holdings valued at approximately $34.81 million.
• Northrop Grumman recently declared a quarterly dividend of $2.31, increasing from the previous $2.06, resulting in an annualized dividend yield of 1.6%.
• Despite the sale of shares by some executives, Wall Street analysts continue to maintain a "Moderate Buy" consensus rating for Northrop Grumman, with a consensus target price of $586.79.

Bank of Nova Scotia decreased its holdings in Northrop Grumman Corporation (NYSE:NOC - Free Report) by 37.9% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 67,987 shares of the aerospace company's stock after selling 41,542 shares during the quarter. Bank of Nova Scotia's holdings in Northrop Grumman were worth $34,811,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Brookstone Capital Management raised its holdings in Northrop Grumman by 121.0% in the 1st quarter. Brookstone Capital Management now owns 6,640 shares of the aerospace company's stock worth $3,400,000 after purchasing an additional 3,635 shares during the period. GAM Holding AG raised its holdings in Northrop Grumman by 51.9% in the 1st quarter. GAM Holding AG now owns 2,338 shares of the aerospace company's stock worth $1,197,000 after purchasing an additional 799 shares during the period. Schroder Investment Management Group raised its holdings in Northrop Grumman by 12.8% in the 4th quarter. Schroder Investment Management Group now owns 8,857 shares of the aerospace company's stock worth $4,132,000 after purchasing an additional 1,008 shares during the period. Janney Montgomery Scott LLC acquired a new position in Northrop Grumman in the 1st quarter worth about $33,090,000. Finally, Golden State Wealth Management LLC raised its holdings in Northrop Grumman by 206.2% in the 1st quarter. Golden State Wealth Management LLC now owns 2,771 shares of the aerospace company's stock worth $1,421,000 after purchasing an additional 1,866 shares during the period. Institutional investors and hedge funds own 83.40% of the company's stock.

Northrop Grumman Price Performance

Shares of NOC stock traded up $0.77 during trading hours on Tuesday, reaching $590.52. The company had a trading volume of 203,897 shares, compared to its average volume of 1,009,871. 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 stock has a fifty day moving average of $513.99 and a 200-day moving average of $495.32. The company has a market capitalization of $84.55 billion, a price-to-earnings ratio of 21.75, a PEG ratio of 5.56 and a beta of 0.15. Northrop Grumman Corporation has a 12-month low of $426.24 and a 12-month high of $594.68.

Northrop Grumman (NYSE:NOC - Get Free Report) last posted its quarterly earnings results on Tuesday, July 22nd. The aerospace company reported $7.11 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $6.84 by $0.27. The business had revenue of $10.35 billion during the quarter, compared to analyst estimates of $10.15 billion. Northrop Grumman had a return on equity of 25.52% and a net margin of 9.74%. The business's revenue was up 1.3% compared to the same quarter last year. During the same period in the prior year, the business earned $6.36 earnings per share. On average, equities analysts anticipate 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. Investors of record on Monday, June 2nd were given a $2.31 dividend. The ex-dividend date was Monday, June 2nd. This is a positive change from Northrop Grumman's previous quarterly dividend of $2.06. This represents a $9.24 annualized dividend and a yield of 1.6%. Northrop Grumman's dividend payout ratio (DPR) is currently 34.06%.

Insiders Place Their Bets

In related news, VP Robert J. Fleming sold 3,500 shares of the stock in a transaction that occurred 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 transaction, the vice president directly owned 1,827 shares in the company, valued at approximately $924,041.79. This represents a 65.70% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Kathy J. Warden sold 7,500 shares of the stock in a transaction that occurred on Friday, June 13th. The stock was sold at an average price of $505.77, for a total value of $3,793,275.00. Following the completion of the transaction, the chief executive officer owned 201,602 shares of the company's stock, valued at $101,964,243.54. The trade was a 3.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 16,536 shares of company stock valued at $8,306,857. 0.23% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research firms recently weighed in on NOC. Royal Bank Of Canada upped their price target on Northrop Grumman from $600.00 to $625.00 and gave the stock an "outperform" rating in a report on Tuesday, July 22nd. Wall Street Zen lowered Northrop Grumman from a "buy" rating to a "hold" rating in a research note on Thursday, April 24th. UBS Group cut their price objective on Northrop Grumman from $583.00 to $571.00 and set a "buy" rating for the company in a research note on Wednesday, April 23rd. Wells Fargo & Company reiterated an "overweight" rating on shares of Northrop Grumman in a research note on Tuesday, July 22nd. Finally, Barclays boosted their price objective on Northrop Grumman from $500.00 to $580.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 29th. Ten equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Northrop Grumman currently has a consensus rating of "Moderate Buy" and a consensus target price of $586.79.

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.