Public Sector Pension Investment Board Sells 2,643 Shares of Northrop Grumman Corporation (NYSE:NOC)

Key Points

• Public Sector Pension Investment Board reduced its stake in Northrop Grumman by 12.7%, owning 18,217 shares valued at approximately $9.33 million as of the latest SEC filing.
• Analysts have favorable outlooks for Northrop Grumman, with Barclays raising its price target from $500 to $580 and Morgan Stanley increasing it further to $625, while the stock holds an average rating of "Moderate Buy."
• Northrop Grumman reported strong Q2 earnings, with an earnings per share of $7.11, exceeding estimates, and announced a recent increase in its quarterly dividend to $2.31 per share, representing a yield of 1.6%.

Public Sector Pension Investment Board trimmed its position in shares of Northrop Grumman Corporation (NYSE:NOC - Free Report) by 12.7% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 18,217 shares of the aerospace company's stock after selling 2,643 shares during the period. Public Sector Pension Investment Board's holdings in Northrop Grumman were worth $9,327,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. IMA Advisory Services Inc. purchased a new position in shares of Northrop Grumman during the 1st quarter valued at about $27,000. Banque Cantonale Vaudoise bought a new position in Northrop Grumman during the 1st quarter worth approximately $30,000. Wood Tarver Financial Group LLC bought a new position in Northrop Grumman during the 4th quarter worth approximately $32,000. Bellwether Advisors LLC bought a new position in Northrop Grumman during the 4th quarter worth approximately $33,000. Finally, Hollencrest Capital Management grew its position in Northrop Grumman by 790.0% during the 1st quarter. Hollencrest Capital Management now owns 89 shares of the aerospace company's stock worth $45,000 after acquiring an additional 79 shares during the last quarter. 83.40% of the stock is owned by hedge funds and other institutional investors.

Northrop Grumman Stock Up 0.1%

NYSE:NOC traded up $0.30 during trading hours on Friday, reaching $584.02. 667,324 shares of the company traded hands, compared to its average volume of 888,391. The business's 50-day moving average price is $532.08 and its two-hundred day moving average price is $500.80. The stock has a market capitalization of $83.62 billion, a P/E ratio of 21.53, a P/E/G ratio of 5.59 and a beta of 0.15. Northrop Grumman Corporation has a 1 year low of $426.24 and a 1 year high of $594.68. The company has a current ratio of 1.04, a quick ratio of 0.93 and a debt-to-equity ratio of 0.98.

Northrop Grumman (NYSE:NOC - Get Free Report) last announced its quarterly earnings data 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 analysts' expectations of $10.15 billion. Northrop Grumman had a return on equity of 25.52% and a net margin of 9.74%. The firm's quarterly revenue was up 1.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $6.36 earnings per share. Analysts predict that Northrop Grumman Corporation will post 28.05 earnings per share for the current year.

Northrop Grumman Increases Dividend

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

Insiders Place Their Bets

In related news, VP Thomas H. Jones sold 729 shares of Northrop Grumman stock in a transaction on Friday, June 13th. The stock was sold at an average price of $505.77, for a total value of $368,706.33. Following the completion of the sale, the vice president owned 7,552 shares of the company's stock, valued at $3,819,575.04. The trade was a 8.80% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Kathy J. Warden sold 7,500 shares of Northrop Grumman stock in a transaction 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 sale, the chief executive officer directly owned 201,602 shares of the company's stock, valued at $101,964,243.54. The trade was a 3.59% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 16,536 shares of company stock worth $8,306,857 over the last three months. Company insiders own 0.23% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. JPMorgan Chase & Co. raised their price target on Northrop Grumman from $480.00 to $585.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 23rd. Barclays raised their price target on Northrop Grumman from $500.00 to $580.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 29th. Sanford C. Bernstein restated a "market perform" rating on shares of Northrop Grumman in a research report on Monday, July 14th. Deutsche Bank Aktiengesellschaft reissued a "hold" rating and set a $542.00 target price (down from $580.00) on shares of Northrop Grumman in a research note on Tuesday, July 8th. Finally, Wall Street Zen downgraded Northrop Grumman from a "buy" rating to a "hold" rating in a report on Thursday, April 24th. Ten 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 stock. Based on data from MarketBeat.com, Northrop Grumman has an average rating of "Moderate Buy" and a consensus target price of $586.79.

Northrop Grumman Company 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.