Equitable Trust Co. Sells 984 Shares of Northrop Grumman Corporation (NYSE:NOC)

Key Points

• Equitable Trust Co. reduced its stake in Northrop Grumman by 21.1%, selling 984 shares and holding 3,670 shares worth approximately $1.88 million at the end of the first quarter.
• Northrop Grumman reported earnings of $7.11 per share for the last quarter, exceeding estimates and showing a 1.3% increase in year-over-year revenue to $10.35 billion.
• The company announced an increase in its quarterly dividend to $2.31 per share, reflecting an annualized yield of 1.62%, up from its previous dividend of $2.06.

Equitable Trust Co. cut its stake in shares of Northrop Grumman Corporation (NYSE:NOC - Free Report) by 21.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,670 shares of the aerospace company's stock after selling 984 shares during the quarter. Equitable Trust Co.'s holdings in Northrop Grumman were worth $1,879,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in NOC. Assetmark Inc. boosted its position in shares of Northrop Grumman by 2.8% during the first quarter. Assetmark Inc. now owns 18,357 shares of the aerospace company's stock worth $9,399,000 after buying an additional 508 shares during the period. Cetera Investment Advisers boosted its position in shares of Northrop Grumman by 8.6% during the first quarter. Cetera Investment Advisers now owns 62,363 shares of the aerospace company's stock worth $31,931,000 after buying an additional 4,946 shares during the period. Atria Investments Inc boosted its position in shares of Northrop Grumman by 6.1% during the first quarter. Atria Investments Inc now owns 21,604 shares of the aerospace company's stock worth $11,061,000 after buying an additional 1,235 shares during the period. Principle Wealth Partners LLC lifted its position in Northrop Grumman by 5.5% in the first quarter. Principle Wealth Partners LLC now owns 2,004 shares of the aerospace company's stock worth $1,026,000 after purchasing an additional 105 shares during the period. Finally, Journey Strategic Wealth LLC lifted its position in Northrop Grumman by 10.2% in the first quarter. Journey Strategic Wealth LLC now owns 497 shares of the aerospace company's stock worth $254,000 after purchasing an additional 46 shares during the period. 83.40% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. UBS Group cut their target price on Northrop Grumman from $583.00 to $571.00 and set a "buy" rating for the company in a research report on Wednesday, April 23rd. Robert W. Baird upped their price target on shares of Northrop Grumman from $547.00 to $565.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 23rd. Morgan Stanley increased their target price on shares of Northrop Grumman from $580.00 to $625.00 and gave the stock an "overweight" rating in a research report on Wednesday, April 16th. Barclays upped their price target on shares of Northrop Grumman from $500.00 to $580.00 and gave the company an "equal weight" rating in a report on Tuesday. Finally, JPMorgan Chase & Co. increased their target price on shares of Northrop Grumman from $480.00 to $585.00 and gave the company a "neutral" rating in a research note on Wednesday, July 23rd. Ten research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $586.79.

Northrop Grumman Stock Down 0.1%

NOC traded down $0.79 during trading on Wednesday, hitting $572.43. The company had a trading volume of 147,586 shares, compared to its average volume of 1,013,618. The company has a market capitalization of $81.96 billion, a PE ratio of 21.09, a PEG ratio of 5.35 and a beta of 0.15. Northrop Grumman Corporation has a one year low of $426.24 and a one year high of $576.86. The firm's 50-day moving average price is $505.23 and its 200 day moving average price is $492.27. The company has a quick ratio of 0.93, a current ratio of 1.04 and a debt-to-equity ratio of 0.98.

Northrop Grumman (NYSE:NOC - Get Free Report) last released 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. The company had revenue of $10.35 billion for the quarter, compared to analyst estimates of $10.15 billion. Northrop Grumman had a net margin of 9.74% and a return on equity of 25.52%. Northrop Grumman's revenue for the quarter was up 1.3% compared to the same quarter last year. During the same period in the previous year, the business earned $6.36 EPS. As a group, equities analysts expect that Northrop Grumman Corporation will post 28.05 earnings per share for the current year.

Northrop Grumman Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 18th. Investors of record on Monday, June 2nd were paid a $2.31 dividend. The ex-dividend date was Monday, June 2nd. This represents a $9.24 dividend on an annualized basis and a yield of 1.61%. This is a positive change from Northrop Grumman's previous quarterly dividend of $2.06. Northrop Grumman's dividend payout ratio is 34.06%.

Insider Activity at Northrop Grumman

In related news, CEO Kathy J. Warden sold 7,500 shares of the company's stock in a transaction dated 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 transaction, the chief executive officer owned 201,602 shares in the company, valued at approximately $101,964,243.54. This represents a 3.59% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Roshan S. Roeder sold 991 shares of the stock in a transaction that occurred on 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. The trade was a 75.65% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 16,569 shares of company stock worth $8,323,150 in the last quarter. Corporate insiders own 0.23% of the company's stock.

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.