Cullinan Associates Inc. Cuts Stake in Northrop Grumman Co. (NYSE:NOC)

Cullinan Associates Inc. lowered its position in shares of Northrop Grumman Co. (NYSE:NOC - Free Report) by 10.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 5,550 shares of the aerospace company's stock after selling 631 shares during the period. Cullinan Associates Inc.'s holdings in Northrop Grumman were worth $2,605,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in NOC. RPg Family Wealth Advisory LLC bought a new stake in shares of Northrop Grumman in the 3rd quarter valued at about $31,000. Albion Financial Group UT purchased a new position in Northrop Grumman during the 4th quarter valued at about $33,000. FSA Wealth Management LLC purchased a new position in Northrop Grumman during the 3rd quarter valued at about $36,000. Modus Advisors LLC purchased a new position in Northrop Grumman during the 4th quarter valued at about $38,000. Finally, Catalyst Capital Advisors LLC purchased a new position in Northrop Grumman during the 3rd quarter valued at about $40,000. Institutional investors own 83.40% of the company's stock.

Insiders Place Their Bets

In other news, VP Benjamin R. Davies sold 1,156 shares of the firm's stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $532.93, for a total transaction of $616,067.08. Following the completion of the transaction, the vice president now owns 537 shares in the company, valued at $286,183.41. This trade represents a 68.28 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In the last quarter, insiders sold 1,255 shares of company stock worth $662,868. Corporate insiders own 0.22% of the company's stock.

Northrop Grumman Stock Up 1.3 %

NOC stock traded up $5.86 during midday trading on Friday, hitting $472.41. The company's stock had a trading volume of 276,158 shares, compared to its average volume of 833,461. The company has a market cap of $68.39 billion, a PE ratio of 16.66, a P/E/G ratio of 0.91 and a beta of 0.35. Northrop Grumman Co. has a 12 month low of $418.60 and a 12 month high of $555.57. The company has a current ratio of 1.01, a quick ratio of 0.91 and a debt-to-equity ratio of 0.96. The firm's 50-day moving average is $477.33 and its 200-day moving average is $498.99.

Northrop Grumman (NYSE:NOC - Get Free Report) last released its quarterly earnings results on Thursday, January 30th. The aerospace company reported $6.39 earnings per share for the quarter, beating the consensus estimate of $6.27 by $0.12. Northrop Grumman had a return on equity of 26.24% and a net margin of 10.17%. On average, equities research analysts forecast that Northrop Grumman Co. will post 28.04 earnings per share for the current fiscal year.

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

Northrop Grumman Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, December 18th. Shareholders of record on Monday, December 2nd were paid a $2.06 dividend. The ex-dividend date was Monday, December 2nd. This represents a $8.24 dividend on an annualized basis and a yield of 1.74%. Northrop Grumman's payout ratio is presently 29.08%.

Wall Street Analyst Weigh In

NOC has been the topic of a number of research analyst reports. Wells Fargo & Company reduced their price target on Northrop Grumman from $595.00 to $574.00 and set an "overweight" rating on the stock in a report on Friday, January 31st. Barclays reduced their target price on Northrop Grumman from $550.00 to $500.00 and set an "equal weight" rating on the stock in a report on Monday, January 6th. Citigroup upgraded Northrop Grumman from a "neutral" rating to a "buy" rating and set a $587.00 target price on the stock in a report on Tuesday, January 21st. Truist Financial initiated coverage on Northrop Grumman in a report on Tuesday, January 14th. They set a "buy" rating and a $544.00 target price on the stock. Finally, Susquehanna reduced their target price on Northrop Grumman from $625.00 to $557.00 and set a "positive" rating on the stock in a report on Wednesday, January 8th. Nine investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $544.31.

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.