CIBC Private Wealth Group LLC Has $3.55 Million Holdings in Northrop Grumman Co. (NOC)
CIBC Private Wealth Group LLC boosted its stake in Northrop Grumman Co. (NYSE:NOC) by 2.2% during the first quarter, HoldingsChannel.com reports. The firm owned 13,153 shares of the aerospace company’s stock after buying an additional 288 shares during the period. CIBC Private Wealth Group LLC’s holdings in Northrop Grumman were worth $3,547,000 at the end of the most recent quarter.
A number of other institutional investors also recently made changes to their positions in NOC. Vanguard Group Inc boosted its position in Northrop Grumman by 1.3% during the third quarter. Vanguard Group Inc now owns 13,591,668 shares of the aerospace company’s stock worth $4,313,588,000 after purchasing an additional 176,809 shares during the period. Oppenheimer Asset Management Inc. boosted its position in Northrop Grumman by 1.0% during the fourth quarter. Oppenheimer Asset Management Inc. now owns 11,578 shares of the aerospace company’s stock worth $2,834,000 after purchasing an additional 113 shares during the period. Wedbush Securities Inc. boosted its position in Northrop Grumman by 15.6% during the fourth quarter. Wedbush Securities Inc. now owns 1,612 shares of the aerospace company’s stock worth $395,000 after purchasing an additional 217 shares during the period. SG Americas Securities LLC boosted its position in Northrop Grumman by 30.1% during the fourth quarter. SG Americas Securities LLC now owns 34,812 shares of the aerospace company’s stock worth $8,525,000 after purchasing an additional 8,054 shares during the period. Finally, First Mercantile Trust Co. bought a new position in Northrop Grumman during the fourth quarter worth $47,000. 83.23% of the stock is currently owned by institutional investors and hedge funds.
In related news, VP Patrick M. Antkowiak sold 1,932 shares of the business’s stock in a transaction dated Monday, May 20th. The stock was sold at an average price of $310.00, for a total value of $598,920.00. Following the completion of the transaction, the vice president now owns 5,208 shares of the company’s stock, valued at $1,614,480. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Madeleine Kleiner sold 971 shares of the business’s stock in a transaction dated Wednesday, May 22nd. The stock was sold at an average price of $315.16, for a total value of $306,020.36. Following the transaction, the director now directly owns 16,675 shares of the company’s stock, valued at approximately $5,255,293. The disclosure for this sale can be found here. In the last ninety days, insiders sold 52,903 shares of company stock valued at $15,484,440. 0.45% of the stock is owned by insiders.
Northrop Grumman (NYSE:NOC) last announced its earnings results on Wednesday, April 24th. The aerospace company reported $5.06 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $4.59 by $0.47. The company had revenue of $8.19 billion during the quarter, compared to analysts’ expectations of $8.34 billion. Northrop Grumman had a net margin of 9.67% and a return on equity of 41.42%. Northrop Grumman’s quarterly revenue was up 21.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $4.21 earnings per share. As a group, analysts anticipate that Northrop Grumman Co. will post 19.39 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 19th. Investors of record on Monday, June 3rd will be paid a $1.32 dividend. This represents a $5.28 dividend on an annualized basis and a yield of 1.72%. The ex-dividend date is Friday, May 31st. This is an increase from Northrop Grumman’s previous quarterly dividend of $1.20. Northrop Grumman’s payout ratio is 24.75%.
A number of equities research analysts have recently issued reports on NOC shares. Alembic Global Advisors raised shares of Northrop Grumman from a “neutral” rating to an “overweight” rating in a research report on Tuesday, April 30th. UBS Group boosted their target price on shares of Northrop Grumman from $290.00 to $300.00 and gave the company a “neutral” rating in a research report on Thursday, April 25th. Drexel Hamilton set a $335.00 target price on shares of Northrop Grumman and gave the company a “buy” rating in a research report on Saturday, February 9th. Susquehanna Bancshares raised shares of Northrop Grumman from a “neutral” rating to a “positive” rating and boosted their target price for the company from $309.00 to $315.00 in a research report on Friday, April 5th. Finally, ValuEngine raised shares of Northrop Grumman from a “sell” rating to a “hold” rating in a research report on Friday, May 17th. Six research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Northrop Grumman has an average rating of “Buy” and a consensus price target of $333.06.
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About Northrop Grumman
Northrop Grumman Corporation, a security company, provides products in the areas of autonomous systems, cyber, space, strikes, and logistics and modernizations in the United States, the Asia Pacific, and internationally. The company operates through four segments: Aerospace Systems, Innovation Systems, Mission Systems, and Technology Services.
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