Mackenzie Financial Corp Lowers Stock Holdings in Northrop Grumman Corporation (NYSE:NOC)

Key Points

• Mackenzie Financial Corp decreased its stake in Northrop Grumman by 12.2%, holding approximately 159,200 shares worth $81.5 million after selling 22,102 shares in Q1.
• Northrop Grumman's latest quarterly earnings topped analysts' expectations, reporting $7.11 EPS and revenues of $10.35 billion, reflecting a 1.3% year-over-year increase.
• The company recently increased its quarterly dividend to $2.31 per share, resulting in an annualized dividend of $9.24 with a yield of 1.61%.

Mackenzie Financial Corp decreased its stake in Northrop Grumman Corporation (NYSE:NOC - Free Report) by 12.2% in the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 159,200 shares of the aerospace company's stock after selling 22,102 shares during the quarter. Mackenzie Financial Corp owned about 0.11% of Northrop Grumman worth $81,512,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of NOC. GAMMA Investing LLC boosted its holdings in shares of Northrop Grumman by 55,522.3% in the 1st quarter. GAMMA Investing LLC now owns 1,520,158 shares of the aerospace company's stock worth $778,336,000 after purchasing an additional 1,517,425 shares during the period. Capital International Investors boosted its holdings in shares of Northrop Grumman by 5.9% in the 4th quarter. Capital International Investors now owns 8,239,434 shares of the aerospace company's stock worth $3,866,133,000 after purchasing an additional 461,307 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in shares of Northrop Grumman by 28.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,030,644 shares of the aerospace company's stock worth $952,962,000 after purchasing an additional 450,858 shares during the period. First Trust Advisors LP lifted its stake in shares of Northrop Grumman by 337.1% during the 4th quarter. First Trust Advisors LP now owns 482,112 shares of the aerospace company's stock worth $226,250,000 after acquiring an additional 371,814 shares during the last quarter. Finally, Invesco Ltd. lifted its stake in shares of Northrop Grumman by 24.7% during the 4th quarter. Invesco Ltd. now owns 1,733,680 shares of the aerospace company's stock worth $813,599,000 after acquiring an additional 343,018 shares during the last quarter. Hedge funds and other institutional investors own 83.40% of the company's stock.

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 16,569 shares of company stock valued at $8,323,150. 0.23% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. UBS Group decreased 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. Wells Fargo & Company reiterated an "overweight" rating on shares of Northrop Grumman in a report on Tuesday, July 22nd. Royal Bank Of Canada lifted their price target on Northrop Grumman from $600.00 to $625.00 and gave the company an "outperform" rating in a report on Tuesday, July 22nd. JPMorgan Chase & Co. lifted their price target on Northrop Grumman from $480.00 to $585.00 and gave the company a "neutral" rating in a report on Wednesday, July 23rd. Finally, Wall Street Zen downgraded Northrop Grumman from a "buy" rating to a "hold" rating in a report on Thursday, April 24th. Ten 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 stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $586.79.

Northrop Grumman Price Performance

Shares of Northrop Grumman stock traded up $8.47 during mid-day trading on Friday, reaching $585.08. 402,185 shares of the stock traded hands, compared to its average volume of 1,011,253. The business has a 50-day moving average of $509.29 and a 200 day moving average of $493.55. Northrop Grumman Corporation has a fifty-two week low of $426.24 and a fifty-two week high of $587.01. The stock has a market capitalization of $83.77 billion, a PE ratio of 21.57, a PEG ratio of 5.43 and a beta of 0.15. 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 posted its quarterly earnings results on Tuesday, July 22nd. The aerospace company reported $7.11 EPS for the quarter, beating the consensus estimate 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 during the quarter, compared to analysts' expectations of $10.15 billion. During the same quarter last year, the firm earned $6.36 earnings per share. The business's revenue for the quarter was up 1.3% on a year-over-year basis. On average, analysts predict that Northrop Grumman Corporation will post 28.05 EPS 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%.

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.