Associated Banc Corp Trims Stock Holdings in Northrop Grumman Co. (NYSE:NOC)

Associated Banc Corp trimmed its holdings in Northrop Grumman Co. (NYSE:NOC) by 2.9% in the fourth quarter, Holdings Channel reports. The institutional investor owned 68,944 shares of the aerospace company’s stock after selling 2,069 shares during the quarter. Northrop Grumman accounts for approximately 1.0% of Associated Banc Corp’s investment portfolio, making the stock its 29th biggest holding. Associated Banc Corp’s holdings in Northrop Grumman were worth $32,355,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the business. Lockheed Martin Investment Management Co. boosted its holdings in Northrop Grumman by 19.9% in the 4th quarter. Lockheed Martin Investment Management Co. now owns 16,660 shares of the aerospace company’s stock valued at $7,818,000 after purchasing an additional 2,770 shares during the period. Trinity Street Asset Management LLP lifted its holdings in shares of Northrop Grumman by 3.8% during the 4th quarter. Trinity Street Asset Management LLP now owns 48,367 shares of the aerospace company’s stock worth $22,698,000 after acquiring an additional 1,786 shares during the last quarter. Y Intercept Hong Kong Ltd bought a new stake in shares of Northrop Grumman during the 3rd quarter worth $604,000. Fisher Asset Management LLC lifted its holdings in shares of Northrop Grumman by 2.6% during the 3rd quarter. Fisher Asset Management LLC now owns 212,514 shares of the aerospace company’s stock worth $112,222,000 after acquiring an additional 5,334 shares during the last quarter. Finally, Parsons Capital Management Inc. RI lifted its stake in Northrop Grumman by 1,316.9% in the fourth quarter. Parsons Capital Management Inc. RI now owns 16,139 shares of the aerospace company’s stock worth $7,574,000 after purchasing an additional 15,000 shares during the last quarter. 83.40% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

NOC has been the subject of several recent research reports. Barclays lowered their price target on shares of Northrop Grumman from $550.00 to $500.00 and set an “equal weight” rating for the company in a research note on Monday, January 6th. UBS Group lowered their price target on shares of Northrop Grumman from $579.00 to $558.00 and set a “buy” rating for the company in a research note on Friday, January 31st. Truist Financial began coverage on shares of Northrop Grumman in a research note on Tuesday, January 14th. They issued a “buy” rating and a $544.00 price target for the company. Susquehanna decreased their price objective on shares of Northrop Grumman from $625.00 to $557.00 and set a “positive” rating on the stock in a research report on Wednesday, January 8th. Finally, StockNews.com cut shares of Northrop Grumman from a “strong-buy” rating to a “buy” rating in a research report on Monday, February 3rd. Nine equities 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. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $542.88.

Insider Buying and Selling

In other news, VP Benjamin R. Davies sold 192 shares of the company’s 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 transaction, the vice president now owns 709 shares in the company, valued at approximately $304,217.72. This represents a 21.31 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Kathy J. Warden sold 3,750 shares of the company’s stock in a transaction that occurred on Thursday, March 6th. The stock was sold at an average price of $475.65, for a total transaction of $1,783,687.50. Following the completion of the transaction, the chief executive officer now owns 212,852 shares in the company, valued at approximately $101,243,053.80. This represents a 1.73 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 4,505 shares of company stock valued at $2,126,405 over the last quarter. Corporate insiders own 0.22% of the company’s stock.

Northrop Grumman Price Performance

Shares of NYSE NOC opened at $486.10 on Friday. Northrop Grumman Co. has a 1 year low of $418.60 and a 1 year high of $555.57. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.01 and a quick ratio of 0.91. The company’s 50-day moving average is $471.93 and its 200 day moving average is $494.49. The stock has a market capitalization of $70.37 billion, a P/E ratio of 17.15, a P/E/G ratio of 3.73 and a beta of 0.31.

Northrop Grumman (NYSE:NOC) last announced its quarterly earnings results on Thursday, January 30th. The aerospace company reported $6.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $6.27 by $0.12. Northrop Grumman had a net margin of 10.17% and a return on equity of 26.24%. On average, sell-side analysts expect that Northrop Grumman Co. will post 28.05 earnings per share for the current year.

Northrop Grumman Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 19th. Investors of record on Monday, March 3rd will be paid a dividend of $2.06 per share. This represents a $8.24 annualized dividend and a yield of 1.70%. The ex-dividend date is Monday, March 3rd. Northrop Grumman’s payout ratio is currently 29.08%.

Northrop Grumman declared that its Board of Directors has initiated a stock repurchase program on Wednesday, December 11th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the aerospace company to reacquire up to 4.3% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its stock is undervalued.

Northrop Grumman 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.