Corebridge Financial Inc. Has $14.77 Million Position in Northrop Grumman Co. (NYSE:NOC)

Corebridge Financial Inc. cut its stake in Northrop Grumman Co. (NYSE:NOC - Free Report) by 4.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 31,477 shares of the aerospace company's stock after selling 1,631 shares during the quarter. Corebridge Financial Inc.'s holdings in Northrop Grumman were worth $14,772,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. RPg Family Wealth Advisory LLC purchased a new stake in shares of Northrop Grumman during the 3rd quarter valued at about $31,000. Whipplewood Advisors LLC acquired a new stake in Northrop Grumman in the fourth quarter valued at approximately $31,000. Albion Financial Group UT purchased a new stake in shares of Northrop Grumman during the fourth quarter valued at approximately $33,000. FSA Wealth Management LLC acquired a new position in shares of Northrop Grumman during the third quarter worth $36,000. Finally, Modus Advisors LLC purchased a new position in shares of Northrop Grumman in the fourth quarter valued at $38,000. Institutional investors and hedge funds own 83.40% of the company's stock.

Northrop Grumman Stock Performance

NYSE NOC traded down $1.96 during trading hours on Friday, hitting $511.86. The company had a trading volume of 730,463 shares, compared to its average volume of 866,646. 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 firm has a market cap of $74.09 billion, a P/E ratio of 18.06, a price-to-earnings-growth ratio of 3.73 and a beta of 0.31. Northrop Grumman Co. has a fifty-two week low of $418.60 and a fifty-two week high of $555.57. The business has a fifty day simple moving average of $478.20 and a 200-day simple moving average of $492.84.

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

Northrop Grumman Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 19th. Shareholders of record on Monday, March 3rd were given a dividend of $2.06 per share. The ex-dividend date was Monday, March 3rd. This represents a $8.24 dividend on an annualized basis and a dividend yield of 1.61%. Northrop Grumman's dividend payout ratio (DPR) is 29.08%.

Northrop Grumman announced that its board has initiated a stock buyback program on Wednesday, December 11th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the aerospace company to buy up to 4.3% of its stock through open market purchases. Stock buyback programs are often an indication that the company's management believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. Argus raised shares of Northrop Grumman to a "strong-buy" rating in a research note on Wednesday, February 26th. Susquehanna dropped their target price on Northrop Grumman from $625.00 to $557.00 and set a "positive" rating on the stock in a research report on Wednesday, January 8th. Royal Bank of Canada raised Northrop Grumman from a "sector perform" rating to an "outperform" rating and increased their price target for the company from $500.00 to $575.00 in a report on Thursday. 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. Finally, UBS Group reduced their target price on Northrop Grumman from $579.00 to $558.00 and set a "buy" rating for the company in a research note on Friday, January 31st. Eight analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Northrop Grumman has a consensus rating of "Moderate Buy" and an average price target of $545.06.

Insider Transactions at Northrop Grumman

In related news, VP Benjamin R. Davies sold 464 shares of Northrop Grumman stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $460.75, for a total transaction of $213,788.00. Following the transaction, the vice president now directly owns 245 shares of the company's stock, valued at $112,883.75. The trade was a 65.44 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Kathy J. Warden sold 3,750 shares of the business'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 sale, the chief executive officer now owns 212,852 shares in the company, valued at $101,243,053.80. The trade was a 1.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 4,505 shares of company stock valued at $2,126,405. Company insiders own 0.22% of the company's stock.

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.