Allspring Global Investments Holdings LLC Cuts Stock Holdings in Northrop Grumman Co. (NYSE:NOC)

Allspring Global Investments Holdings LLC decreased its position in Northrop Grumman Co. (NYSE:NOC - Free Report) by 10.7% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 102,609 shares of the aerospace company's stock after selling 12,340 shares during the period. Allspring Global Investments Holdings LLC owned about 0.07% of Northrop Grumman worth $48,022,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Exchange Traded Concepts LLC raised its holdings in Northrop Grumman by 18.0% in the 3rd quarter. Exchange Traded Concepts LLC now owns 1,736 shares of the aerospace company's stock worth $917,000 after purchasing an additional 265 shares during the period. Creative Planning raised its stake in shares of Northrop Grumman by 7.6% during the 3rd quarter. Creative Planning now owns 42,571 shares of the aerospace company's stock worth $22,481,000 after buying an additional 3,017 shares during the period. Foster Victor Wealth Advisors LLC purchased a new position in shares of Northrop Grumman during the 3rd quarter valued at approximately $244,000. Asset Dedication LLC grew its stake in Northrop Grumman by 1.0% in the 3rd quarter. Asset Dedication LLC now owns 2,025 shares of the aerospace company's stock valued at $1,069,000 after acquiring an additional 20 shares during the period. Finally, Firethorn Wealth Partners LLC purchased a new stake in Northrop Grumman in the 3rd quarter worth $245,000. Hedge funds and other institutional investors own 83.40% of the company's stock.

Northrop Grumman Trading Down 3.6 %

NYSE:NOC traded down $16.36 on Monday, hitting $438.70. The stock had a trading volume of 2,035,259 shares, compared to its average volume of 831,728. The company has a fifty day moving average price of $474.95 and a two-hundred day moving average price of $499.39. Northrop Grumman Co. has a 1-year low of $418.60 and a 1-year high of $555.57. The company has a quick ratio of 0.91, a current ratio of 1.01 and a debt-to-equity ratio of 0.96. The stock has a market cap of $63.51 billion, a price-to-earnings ratio of 15.48, a PEG ratio of 3.00 and a beta of 0.35.

Northrop Grumman (NYSE:NOC - Get Free Report) last released its quarterly earnings results on Thursday, January 30th. The aerospace company reported $6.39 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%. Equities research analysts expect that Northrop Grumman Co. will post 27.94 earnings per share for the current fiscal year.

Northrop Grumman Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, December 18th. Shareholders of record on Monday, December 2nd were given a $2.06 dividend. The ex-dividend date of this dividend was Monday, December 2nd. This represents a $8.24 dividend on an annualized basis and a yield of 1.88%. Northrop Grumman's payout ratio is currently 29.08%.

Northrop Grumman declared that its board has approved a share repurchase program on Wednesday, December 11th that permits the company to buyback $3.00 billion in outstanding shares. This buyback authorization permits the aerospace company to purchase up to 4.3% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the stock. Truist Financial assumed coverage on shares of Northrop Grumman in a research report on Tuesday, January 14th. They issued a "buy" rating and a $544.00 target price on the stock. Citigroup lifted their price objective on Northrop Grumman from $587.00 to $591.00 and gave the stock a "buy" rating in a report on Monday, February 10th. StockNews.com cut Northrop Grumman from a "strong-buy" rating to a "buy" rating in a report on Monday, February 3rd. Wolfe Research raised Northrop Grumman from an "underperform" rating to a "peer perform" rating in a research note on Monday, February 3rd. Finally, Royal Bank of Canada increased their price objective on Northrop Grumman from $500.00 to $540.00 and gave the company a "sector perform" rating in a research note on Friday, October 25th. Nine equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $544.56.

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.