Northrop Grumman Co. (NYSE:NOC) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp lowered its stake in shares of Northrop Grumman Co. (NYSE:NOC - Free Report) by 9.7% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 926,168 shares of the aerospace company's stock after selling 99,411 shares during the period. Bank of New York Mellon Corp owned approximately 0.64% of Northrop Grumman worth $434,641,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Mirae Asset Global Investments Co. Ltd. increased its stake in Northrop Grumman by 36.8% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 8,348 shares of the aerospace company's stock worth $4,398,000 after buying an additional 2,246 shares during the period. Pallas Capital Advisors LLC acquired a new stake in shares of Northrop Grumman in the third quarter valued at $522,000. abrdn plc raised its stake in shares of Northrop Grumman by 27.1% in the third quarter. abrdn plc now owns 12,868 shares of the aerospace company's stock valued at $6,756,000 after acquiring an additional 2,747 shares in the last quarter. Childress Capital Advisors LLC purchased a new position in Northrop Grumman in the third quarter valued at $264,000. Finally, Walter & Keenan Wealth Management LLC IN ADV grew its position in shares of Northrop Grumman by 21.6% during the third quarter. Walter & Keenan Wealth Management LLC IN ADV now owns 575 shares of the aerospace company's stock worth $304,000 after buying an additional 102 shares in the last quarter. Institutional investors and hedge funds own 83.40% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have commented on NOC. Susquehanna lowered their price target on shares of Northrop Grumman from $625.00 to $557.00 and set a "positive" rating for the company in a report on Wednesday, January 8th. Truist Financial assumed coverage on shares of Northrop Grumman in a research note on Tuesday, January 14th. They set a "buy" rating and a $544.00 target price for the company. Citigroup lifted their price target on Northrop Grumman from $587.00 to $591.00 and gave the stock a "buy" rating in a report on Monday, February 10th. Wolfe Research upgraded Northrop Grumman from an "underperform" rating to a "peer perform" rating in a report on Monday, February 3rd. Finally, StockNews.com lowered Northrop Grumman from a "strong-buy" rating to a "buy" rating in a research report on Monday, February 3rd. Nine research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $542.75.

Northrop Grumman Stock Performance

Shares of NYSE:NOC traded up $0.70 during trading on Friday, reaching $460.67. The company had a trading volume of 360,195 shares, compared to its average volume of 962,592. The firm has a market capitalization of $66.68 billion, a price-to-earnings ratio of 16.25, a price-to-earnings-growth ratio of 3.73 and a beta of 0.35. The stock's fifty day moving average price is $469.59 and its 200 day moving average price is $496.50. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.01 and a quick ratio of 0.91. Northrop Grumman Co. has a fifty-two week low of $418.60 and a fifty-two week high of $555.57.

Northrop Grumman (NYSE:NOC - Get Free Report) last announced its quarterly earnings data on Thursday, January 30th. The aerospace company reported $6.39 earnings per share for the quarter, beating analysts' consensus estimates of $6.27 by $0.12. Northrop Grumman had a return on equity of 26.24% and a net margin of 10.17%. As a group, equities research analysts predict that Northrop Grumman Co. will post 28.05 EPS for the current year.

Northrop Grumman Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, March 19th. Shareholders of record on Monday, March 3rd will be given a dividend of $2.06 per share. The ex-dividend date is Monday, March 3rd. This represents a $8.24 annualized dividend and a yield of 1.79%. Northrop Grumman's payout ratio is currently 29.08%.

Northrop Grumman announced that its board has authorized a stock buyback plan 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 shares through open market purchases. Shares repurchase plans are typically a sign that the company's board believes its shares are undervalued.

Insider Buying and Selling at Northrop Grumman

In related news, VP Benjamin R. Davies sold 192 shares of the company's stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $429.08, for a total value of $82,383.36. Following the sale, the vice president now owns 709 shares in the company, valued at $304,217.72. This represents a 21.31 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Over the last three months, insiders sold 291 shares of company stock valued at $129,184. Corporate insiders own 0.22% of the company's stock.

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.