First National Trust Co Cuts Position in Northrop Grumman Corporation (NYSE:NOC)

Key Points

• First National Trust Co reduced its stake in Northrop Grumman Corporation by 22.7%, selling 1,124 shares and holding 3,828 shares worth approximately $1.96 million.
• Northrop Grumman reported a quarterly EPS of $7.11, exceeding expectations and marking a revenue increase to $10.35 billion, a 1.3% rise year-over-year.
• The company recently increased its quarterly dividend from $2.06 to $2.31 per share, which equates to an annualized yield of 1.61%.

First National Trust Co decreased its holdings in shares of Northrop Grumman Corporation (NYSE:NOC - Free Report) by 22.7% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 3,828 shares of the aerospace company's stock after selling 1,124 shares during the quarter. First National Trust Co's holdings in Northrop Grumman were worth $1,960,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of NOC. Banque Cantonale Vaudoise bought a new position in Northrop Grumman in the first quarter worth approximately $30,000. Federated Hermes Inc. lifted its holdings in Northrop Grumman by 138.0% during the first quarter. Federated Hermes Inc. now owns 33,893 shares of the aerospace company's stock worth $17,354,000 after buying an additional 19,652 shares during the period. Geneos Wealth Management Inc. boosted its position in Northrop Grumman by 93.5% during the 1st quarter. Geneos Wealth Management Inc. now owns 3,965 shares of the aerospace company's stock valued at $2,030,000 after acquiring an additional 1,916 shares in the last quarter. Cozad Asset Management Inc. increased its holdings in shares of Northrop Grumman by 10.3% in the 1st quarter. Cozad Asset Management Inc. now owns 643 shares of the aerospace company's stock valued at $329,000 after acquiring an additional 60 shares during the period. Finally, Kirtland Hills Capital Management LLC raised its position in shares of Northrop Grumman by 6.0% in the 1st quarter. Kirtland Hills Capital Management LLC now owns 1,607 shares of the aerospace company's stock worth $868,000 after acquiring an additional 91 shares in the last quarter. Institutional investors own 83.40% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. Royal Bank Of Canada upped their price objective on Northrop Grumman from $600.00 to $625.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 22nd. JPMorgan Chase & Co. upped their price objective on Northrop Grumman from $480.00 to $585.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 23rd. Wall Street Zen cut Northrop Grumman from a "buy" rating to a "hold" rating in a research note on Thursday, April 24th. Wells Fargo & Company restated an "overweight" rating on shares of Northrop Grumman in a research note on Tuesday, July 22nd. Finally, Susquehanna upped their price objective on Northrop Grumman from $557.00 to $650.00 and gave the stock a "positive" rating in a research note on Tuesday, July 22nd. Ten investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $586.79.

Northrop Grumman Stock Performance

NOC traded up $10.52 on Friday, reaching $587.13. 1,006,403 shares of the stock were exchanged, compared to its average volume of 778,934. The company's 50-day moving average price is $511.60 and its 200 day moving average price is $494.32. Northrop Grumman Corporation has a fifty-two week low of $426.24 and a fifty-two week high of $587.88. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.04 and a quick ratio of 0.93. The firm has a market capitalization of $84.07 billion, a PE ratio of 21.64, a PEG ratio of 5.46 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 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 company had revenue of $10.35 billion during the quarter, compared to analysts' expectations of $10.15 billion. During the same quarter in the previous year, the firm posted $6.36 EPS. The firm's revenue was up 1.3% compared to the same quarter last year. As a group, sell-side analysts forecast that Northrop Grumman Corporation will post 28.05 EPS for the current fiscal year.

Northrop Grumman Increases Dividend

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

Insider Transactions at Northrop Grumman

In other news, VP Roshan S. Roeder sold 991 shares of the business's stock in a transaction dated Wednesday, June 4th. The stock was sold at an average price of $490.00, for a total value of $485,590.00. Following the completion of the transaction, the vice president owned 319 shares of the company's stock, valued at $156,310. The trade was a 75.65% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Kathy J. Warden sold 7,500 shares of the business'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 completion of the transaction, the chief executive officer directly owned 201,602 shares of the company's stock, valued at approximately $101,964,243.54. This trade represents a 3.59% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 16,569 shares of company stock worth $8,323,150. 0.23% of the stock is owned by insiders.

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.