Nuveen LLC Makes New Investment in Northrop Grumman Corporation (NYSE:NOC)

Key Points

• Nuveen LLC acquired a new position in Northrop Grumman, purchasing 721,090 shares valued at approximately $369 million in the 1st quarter, increasing the firm's stake to 0.50% of the company.
• Northrop Grumman's recent quarterly earnings beat analyst expectations, reporting $7.11 per share on revenue of $10.35 billion, which is a 1.3% increase year-over-year.
• The company recently increased its quarterly dividend to $2.31 per share, reflecting a boost from its previous dividend of $2.06, equating to an annualized yield of 1.6%.

Nuveen LLC acquired a new position in shares of Northrop Grumman Corporation (NYSE:NOC - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 721,090 shares of the aerospace company's stock, valued at approximately $369,205,000. Nuveen LLC owned about 0.50% of Northrop Grumman at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in NOC. Brighton Jones LLC increased its holdings in Northrop Grumman by 176.3% during the 4th quarter. Brighton Jones LLC now owns 2,970 shares of the aerospace company's stock worth $1,394,000 after purchasing an additional 1,895 shares in the last quarter. Bank Pictet & Cie Europe AG grew its holdings in Northrop Grumman by 2.2% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 1,006 shares of the aerospace company's stock worth $472,000 after buying an additional 22 shares in the last quarter. Townsquare Capital LLC raised its position in Northrop Grumman by 2.6% in the 4th quarter. Townsquare Capital LLC now owns 5,530 shares of the aerospace company's stock valued at $2,595,000 after buying an additional 140 shares during the last quarter. Sagespring Wealth Partners LLC bought a new position in Northrop Grumman during the 4th quarter valued at $985,000. Finally, SageView Advisory Group LLC boosted its holdings in Northrop Grumman by 4.1% during the 4th quarter. SageView Advisory Group LLC now owns 3,397 shares of the aerospace company's stock worth $1,594,000 after acquiring an additional 133 shares during the last quarter. 83.40% of the stock is owned by institutional investors.

Insider Buying and Selling at Northrop Grumman

In other Northrop Grumman news, VP Thomas H. Jones sold 729 shares of the firm's stock in a transaction on Friday, June 13th. The stock was sold at an average price of $505.77, for a total transaction of $368,706.33. Following the completion of the transaction, the vice president owned 7,552 shares of the company's stock, valued at approximately $3,819,575.04. This trade represents a 8.80% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Robert J. Fleming sold 3,500 shares of the stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $505.77, for a total transaction of $1,770,195.00. Following the completion of the transaction, the vice president owned 1,827 shares of the company's stock, valued at approximately $924,041.79. The trade was a 65.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 16,536 shares of company stock worth $8,306,857 in the last quarter. 0.23% of the stock is currently owned by company insiders.

Northrop Grumman Price Performance

NYSE NOC traded up $2.28 on Thursday, hitting $584.37. The stock had a trading volume of 541,359 shares, compared to its average volume of 1,001,659. Northrop Grumman Corporation has a 52-week low of $426.24 and a 52-week high of $594.68. The firm has a 50-day moving average of $528.25 and a 200-day moving average of $499.57. The company has a market capitalization of $83.67 billion, a price-to-earnings ratio of 21.54, a price-to-earnings-growth ratio of 5.50 and a beta of 0.15. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.93 and a current ratio of 1.04.

Northrop Grumman (NYSE:NOC - Get Free Report) last posted its quarterly earnings data on Tuesday, July 22nd. The aerospace company reported $7.11 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $6.84 by $0.27. The firm 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 company's revenue for the quarter was up 1.3% compared to the same quarter last year. During the same period in the prior year, the business earned $6.36 EPS. Equities analysts expect that Northrop Grumman Corporation will post 28.05 EPS for the current year.

Northrop Grumman Increases Dividend

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

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on NOC. Truist Financial restated a "buy" rating and set a $625.00 price target (up from $550.00) on shares of Northrop Grumman in a report on Wednesday, July 23rd. Morgan Stanley increased their price target on Northrop Grumman from $580.00 to $625.00 and gave the company an "overweight" rating in a research report on Wednesday, April 16th. JPMorgan Chase & Co. upped their price objective on Northrop Grumman from $480.00 to $585.00 and gave the company a "neutral" rating in a research note on Wednesday, July 23rd. Bank of America lifted their target price on Northrop Grumman from $550.00 to $650.00 and gave the stock a "buy" rating in a research note on Wednesday, July 23rd. Finally, Sanford C. Bernstein restated a "market perform" rating on shares of Northrop Grumman in a research report on Monday, July 14th. Ten equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $586.79.

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.