Northrop Grumman Corporation (NOC) Position Cut by M&T Bank Corp
M&T Bank Corp decreased its stake in Northrop Grumman Corporation (NYSE:NOC) by 0.7% during the first quarter, Holdings Channel reports. The institutional investor owned 31,057 shares of the aerospace company’s stock after selling 212 shares during the period. M&T Bank Corp’s holdings in Northrop Grumman Corporation were worth $7,387,000 as of its most recent filing with the SEC.
Several other large investors have also modified their holdings of the company. Van ECK Associates Corp increased its position in Northrop Grumman Corporation by 8.0% in the fourth quarter. Van ECK Associates Corp now owns 2,581 shares of the aerospace company’s stock valued at $600,000 after buying an additional 192 shares in the last quarter. Baird Financial Group Inc. boosted its stake in shares of Northrop Grumman Corporation by 31.6% in the fourth quarter. Baird Financial Group Inc. now owns 19,979 shares of the aerospace company’s stock worth $4,647,000 after buying an additional 4,803 shares during the last quarter. Investec Asset Management LTD boosted its stake in shares of Northrop Grumman Corporation by 25.9% in the fourth quarter. Investec Asset Management LTD now owns 23,728 shares of the aerospace company’s stock worth $5,519,000 after buying an additional 4,888 shares during the last quarter. Teza Capital Management LLC acquired a new stake in shares of Northrop Grumman Corporation during the fourth quarter worth about $652,000. Finally, Associated Banc Corp boosted its stake in shares of Northrop Grumman Corporation by 3.0% in the fourth quarter. Associated Banc Corp now owns 1,298 shares of the aerospace company’s stock worth $302,000 after buying an additional 38 shares during the last quarter. Institutional investors own 82.31% of the company’s stock.
Shares of Northrop Grumman Corporation (NYSE NOC) opened at 261.27 on Tuesday. Northrop Grumman Corporation has a 12 month low of $206.69 and a 12 month high of $262.43. The company has a market cap of $45.61 billion, a P/E ratio of 20.44 and a beta of 0.69. The stock’s 50 day moving average price is $252.48 and its 200-day moving average price is $241.91.
Northrop Grumman Corporation (NYSE:NOC) last posted its quarterly earnings data on Wednesday, April 26th. The aerospace company reported $3.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.90 by $0.73. The business had revenue of $6.27 billion during the quarter, compared to analyst estimates of $6.15 billion. Northrop Grumman Corporation had a return on equity of 38.20% and a net margin of 9.20%. The company’s revenue for the quarter was up 5.2% on a year-over-year basis. During the same period last year, the company earned $3.03 EPS. Equities research analysts expect that Northrop Grumman Corporation will post $12.36 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 21st. Stockholders of record on Monday, June 5th will be paid a $1.00 dividend. This represents a $4.00 annualized dividend and a dividend yield of 1.53%. This is a positive change from Northrop Grumman Corporation’s previous quarterly dividend of $0.90. The ex-dividend date of this dividend is Thursday, June 1st. Northrop Grumman Corporation’s dividend payout ratio (DPR) is presently 31.27%.
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NOC has been the subject of a number of research reports. Vetr raised shares of Northrop Grumman Corporation from a “hold” rating to a “buy” rating and set a $253.00 target price for the company in a report on Wednesday, February 22nd. Vertical Research raised Northrop Grumman Corporation from a “hold” rating to a “buy” rating and upped their price objective for the company from $254.00 to $270.00 in a research note on Wednesday, May 10th. Zacks Investment Research raised shares of Northrop Grumman Corporation from a “hold” rating to a “buy” rating and set a $270.00 target price for the company in a research report on Thursday, April 13th. Finally, Citigroup Inc. downgraded shares of Northrop Grumman Corporation from a “buy” rating to a “neutral” rating and decreased their target price for the company from $253.80 to $185.08 in a research report on Wednesday, March 1st. Four equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $251.51.
In related news, CEO Wesley G. Bush sold 33,976 shares of the firm’s stock in a transaction that occurred on Wednesday, May 3rd. The stock was sold at an average price of $244.74, for a total transaction of $8,315,286.24. Following the completion of the sale, the chief executive officer now directly owns 1 shares of the company’s stock, valued at approximately $244.74. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Christopher T. Jones sold 240 shares of the firm’s stock in a transaction that occurred on Monday, April 3rd. The stock was sold at an average price of $237.58, for a total value of $57,019.20. Following the sale, the vice president now directly owns 61,686 shares of the company’s stock, valued at $14,655,359.88. The disclosure for this sale can be found here. Insiders sold a total of 67,894 shares of company stock valued at $16,830,275 over the last ninety days. Corporate insiders own 0.70% of the company’s stock.
About Northrop Grumman Corporation
Northrop Grumman Corporation is a global security company. The Company provides products, systems and solutions in autonomous systems; cyber; command, control, communications and computers, intelligence, surveillance and reconnaissance (C4ISR); strike, and logistics and modernization. The Company’s segments include Aerospace Systems, Mission Systems and Technology Services.
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