Rafferty Asset Management LLC Decreases Position in Northrop Grumman Corporation $NOC

Key Points

• Rafferty Asset Management LLC reduced its stake in Northrop Grumman Corporation by 17.0%, selling 4,411 shares to hold a total of 21,509 shares valued at approximately $11 million.
• Northrop Grumman reported $7.11 earnings per share (EPS) for the last quarter, surpassing estimates, with a revenue of $10.35 billion, reflecting a year-over-year increase of 1.3%.
• The company announced a quarterly dividend of $2.31 per share, set to be paid on September 17th, with a yield of 1.6% and a payout ratio of about 34.06%.

Rafferty Asset Management LLC lessened its stake in Northrop Grumman Corporation (NYSE:NOC - Free Report) by 17.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 21,509 shares of the aerospace company's stock after selling 4,411 shares during the quarter. Rafferty Asset Management LLC's holdings in Northrop Grumman were worth $11,013,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently modified their holdings of the stock. Brighton Jones LLC increased its holdings in Northrop Grumman by 176.3% in the 4th quarter. Brighton Jones LLC now owns 2,970 shares of the aerospace company's stock worth $1,394,000 after buying an additional 1,895 shares in the last quarter. Bank Pictet & Cie Europe AG boosted its holdings in shares of Northrop Grumman by 2.2% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 1,006 shares of the aerospace company's stock valued at $472,000 after acquiring an additional 22 shares during the last quarter. Northern Trust Corp boosted its holdings in shares of Northrop Grumman by 10.4% during the 4th quarter. Northern Trust Corp now owns 1,251,050 shares of the aerospace company's stock valued at $587,105,000 after acquiring an additional 118,211 shares during the last quarter. Voleon Capital Management LP purchased a new stake in shares of Northrop Grumman during the 4th quarter valued at about $2,454,000. Finally, Comerica Bank boosted its holdings in shares of Northrop Grumman by 22.4% during the 4th quarter. Comerica Bank now owns 48,068 shares of the aerospace company's stock valued at $22,558,000 after acquiring an additional 8,806 shares during the last quarter. Hedge funds and other institutional investors own 83.40% of the company's stock.

Insider Activity at Northrop Grumman

In related news, VP Thomas H. Jones sold 729 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 transaction of $368,706.33. Following the completion of the transaction, the vice president directly owned 7,552 shares of the company's stock, valued at approximately $3,819,575.04. This represents a 8.80% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, 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 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 directly owned 201,602 shares of the company's stock, valued at approximately $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 three months, insiders sold 15,545 shares of company stock valued at $7,821,267. Insiders own 0.23% of the company's stock.

Wall Street Analyst Weigh In

NOC has been the topic of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and set a $542.00 price target (down previously from $580.00) on shares of Northrop Grumman in a report on Tuesday, July 8th. Sanford C. Bernstein reissued a "market perform" rating on shares of Northrop Grumman in a research report on Monday, July 14th. Susquehanna raised their target price on Northrop Grumman from $557.00 to $650.00 and gave the stock a "positive" rating in a research report on Tuesday, July 22nd. JPMorgan Chase & Co. raised their target price on Northrop Grumman from $480.00 to $585.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 23rd. Finally, Robert W. Baird raised their target price on Northrop Grumman from $547.00 to $565.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 23rd. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and eight have given a Hold rating to the stock. According to MarketBeat.com, Northrop Grumman currently has a consensus rating of "Moderate Buy" and a consensus price target of $588.85.

Northrop Grumman Stock Down 0.2%

NYSE NOC opened at $589.06 on Wednesday. The stock's 50-day moving average price is $554.51 and its 200-day moving average price is $510.77. 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 Corporation has a 52 week low of $426.24 and a 52 week high of $600.99. The company has a market capitalization of $84.34 billion, a P/E ratio of 21.71, a price-to-earnings-growth ratio of 5.65 and a beta of 0.13.

Northrop Grumman (NYSE:NOC - Get Free Report) last posted its quarterly earnings data on Tuesday, July 22nd. The aerospace company reported $7.11 EPS for the quarter, topping 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 for the quarter, compared to the consensus estimate of $10.15 billion. During the same quarter last year, the company earned $6.36 earnings per share. The business's revenue for the quarter was up 1.3% compared to the same quarter last year. Northrop Grumman has set its FY 2025 guidance at 25.000-25.400 EPS. On average, equities research analysts predict that Northrop Grumman Corporation will post 28.05 earnings per share for the current year.

Northrop Grumman Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 17th. Investors of record on Tuesday, September 2nd will be given a dividend of $2.31 per share. The ex-dividend date is Tuesday, September 2nd. This represents a $9.24 annualized dividend and a dividend 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.