Summit Global Investments Sells 148 Shares of Northrop Grumman Co. (NYSE:NOC)

Summit Global Investments lessened its stake in shares of Northrop Grumman Co. (NYSE:NOC) by 8.0% during the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,699 shares of the aerospace company’s stock after selling 148 shares during the quarter. Summit Global Investments’ holdings in Northrop Grumman were worth $897,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of NOC. Optimum Investment Advisors grew its holdings in shares of Northrop Grumman by 241.2% during the second quarter. Optimum Investment Advisors now owns 58 shares of the aerospace company’s stock worth $25,000 after purchasing an additional 41 shares during the last quarter. Bank & Trust Co bought a new stake in Northrop Grumman during the 2nd quarter worth approximately $28,000. Meeder Asset Management Inc. increased its position in Northrop Grumman by 245.5% in the 2nd quarter. Meeder Asset Management Inc. now owns 76 shares of the aerospace company’s stock valued at $33,000 after acquiring an additional 54 shares during the period. Catalyst Capital Advisors LLC bought a new position in shares of Northrop Grumman during the third quarter valued at $40,000. Finally, Strategic Financial Concepts LLC acquired a new position in shares of Northrop Grumman during the second quarter worth $47,000. Institutional investors and hedge funds own 83.40% of the company’s stock.

Northrop Grumman Stock Performance

NYSE NOC opened at $528.99 on Friday. The company has a current ratio of 1.09, a quick ratio of 0.97 and a debt-to-equity ratio of 1.00. The company has a fifty day simple moving average of $523.76 and a 200 day simple moving average of $484.96. Northrop Grumman Co. has a 12-month low of $418.60 and a 12-month high of $555.57. The company has a market cap of $77.07 billion, a P/E ratio of 32.78, a PEG ratio of 1.05 and a beta of 0.35.

Northrop Grumman (NYSE:NOC) last posted its earnings results on Thursday, October 24th. The aerospace company reported $7.00 EPS for the quarter, topping the consensus estimate of $6.07 by $0.93. The company had revenue of $10 billion during the quarter, compared to the consensus estimate of $10.18 billion. Northrop Grumman had a net margin of 5.79% and a return on equity of 26.57%. The firm’s revenue for the quarter was up 2.3% on a year-over-year basis. During the same period in the previous year, the firm posted $6.18 earnings per share. Sell-side analysts predict that Northrop Grumman Co. will post 25.95 earnings per share for the current fiscal year.

Northrop Grumman Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 18th. Investors of record on Tuesday, September 3rd were issued a dividend of $2.06 per share. The ex-dividend date was Tuesday, September 3rd. This represents a $8.24 annualized dividend and a yield of 1.56%. Northrop Grumman’s dividend payout ratio (DPR) is currently 51.05%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on NOC. TD Cowen raised Northrop Grumman to a “hold” rating in a research report on Tuesday, October 8th. UBS Group raised their price objective on Northrop Grumman from $614.00 to $643.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. Deutsche Bank Aktiengesellschaft upgraded Northrop Grumman from a “hold” rating to a “buy” rating and upped their target price for the company from $474.00 to $575.00 in a report on Monday, July 29th. Royal Bank of Canada boosted their price target on shares of Northrop Grumman from $500.00 to $540.00 and gave the stock a “sector perform” rating in a research report on Friday, October 25th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Northrop Grumman from $500.00 to $560.00 and gave the stock a “neutral” rating in a research note on Monday, October 14th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, Northrop Grumman currently has a consensus rating of “Hold” and a consensus price target of $550.56.

Northrop Grumman Company 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.