Cresset Asset Management LLC Cuts Stake in Northrop Grumman Co. (NYSE:NOC)

Cresset Asset Management LLC trimmed its holdings in Northrop Grumman Co. (NYSE:NOC - Free Report) by 60.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 6,912 shares of the aerospace company's stock after selling 10,423 shares during the period. Cresset Asset Management LLC's holdings in Northrop Grumman were worth $3,244,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in NOC. Lockheed Martin Investment Management Co. raised its stake in shares of Northrop Grumman by 19.9% in the fourth quarter. Lockheed Martin Investment Management Co. now owns 16,660 shares of the aerospace company's stock worth $7,818,000 after purchasing an additional 2,770 shares during the last quarter. Trinity Street Asset Management LLP grew its position in Northrop Grumman by 3.8% in the 4th quarter. Trinity Street Asset Management LLP now owns 48,367 shares of the aerospace company's stock worth $22,698,000 after purchasing an additional 1,786 shares in the last quarter. Schroder Investment Management Group increased its stake in Northrop Grumman by 12.8% in the 4th quarter. Schroder Investment Management Group now owns 8,857 shares of the aerospace company's stock valued at $4,132,000 after buying an additional 1,008 shares during the last quarter. Geode Capital Management LLC increased its stake in Northrop Grumman by 0.7% in the 4th quarter. Geode Capital Management LLC now owns 3,025,263 shares of the aerospace company's stock valued at $1,417,850,000 after buying an additional 21,903 shares during the last quarter. Finally, RFG Bristol Wealth Advisors LLC bought a new position in shares of Northrop Grumman during the 4th quarter worth approximately $284,000. 83.40% of the stock is currently owned by institutional investors and hedge funds.

Northrop Grumman Trading Down 0.7%

Shares of NYSE NOC traded down $3.35 during midday trading on Monday, reaching $479.27. The company had a trading volume of 1,291,537 shares, compared to its average volume of 892,576. The stock has a market cap of $68.98 billion, a PE ratio of 16.91, a price-to-earnings-growth ratio of 3.73 and a beta of 0.15. Northrop Grumman Co. has a one year low of $418.60 and a one year high of $555.57. The firm's fifty day moving average price is $498.08 and its 200-day moving average price is $486.87. The company has a quick ratio of 0.91, a current ratio of 1.01 and a debt-to-equity ratio of 0.96.

Northrop Grumman (NYSE:NOC - Get Free Report) last issued its earnings results on Tuesday, April 22nd. The aerospace company reported $6.06 earnings per share (EPS) for the quarter, missing the consensus estimate of $6.33 by ($0.27). The firm had revenue of $9.47 billion during the quarter, compared to the consensus estimate of $10.07 billion. Northrop Grumman had a return on equity of 26.24% and a net margin of 10.17%. On average, equities research analysts anticipate that Northrop Grumman Co. will post 28.05 earnings per share for the current year.

Northrop Grumman Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 19th. Shareholders of record on Monday, March 3rd were given a dividend of $2.06 per share. This represents a $8.24 dividend on an annualized basis and a yield of 1.72%. The ex-dividend date of this dividend was Monday, March 3rd. Northrop Grumman's payout ratio is currently 32.52%.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on NOC. Truist Financial cut their price target on shares of Northrop Grumman from $600.00 to $550.00 and set a "buy" rating on the stock in a report on Wednesday, April 23rd. Argus raised Northrop Grumman to a "strong-buy" rating in a report on Wednesday, February 26th. The Goldman Sachs Group raised shares of Northrop Grumman from a "sell" rating to a "neutral" rating and upped their target price for the stock from $424.00 to $521.00 in a report on Friday, April 11th. Susquehanna lowered their target price on shares of Northrop Grumman from $557.00 to $540.00 and set a "positive" rating on the stock in a research note on Wednesday, April 23rd. Finally, Royal Bank of Canada decreased their price target on shares of Northrop Grumman from $575.00 to $550.00 and set an "outperform" rating on the stock in a report on Wednesday, April 23rd. Nine research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $545.31.

Insider Transactions at Northrop Grumman

In related news, CEO Kathy J. Warden sold 3,750 shares of the stock in a transaction dated Thursday, March 6th. The shares were sold at an average price of $475.65, for a total value of $1,783,687.50. Following the completion of the transaction, the chief executive officer now directly owns 212,852 shares of the company's stock, valued at $101,243,053.80. This represents a 1.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Benjamin R. Davies sold 192 shares of Northrop Grumman stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $429.08, for a total value of $82,383.36. Following the sale, the vice president now directly owns 709 shares in the company, valued at approximately $304,217.72. The trade was a 21.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 4,505 shares of company stock valued at $2,127,632. Company insiders own 0.23% of the company's stock.

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.