Huntington National Bank Sells 2,774 Shares of Northrop Grumman Co. (NYSE:NOC)

Huntington National Bank cut its holdings in Northrop Grumman Co. (NYSE:NOC - Free Report) by 9.9% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 25,135 shares of the aerospace company's stock after selling 2,774 shares during the period. Huntington National Bank's holdings in Northrop Grumman were worth $11,796,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Public Sector Pension Investment Board lifted its position in Northrop Grumman by 7.7% during the third quarter. Public Sector Pension Investment Board now owns 5,567 shares of the aerospace company's stock valued at $2,940,000 after acquiring an additional 400 shares during the last quarter. Erste Asset Management GmbH purchased a new stake in Northrop Grumman during the 3rd quarter worth approximately $71,000. Benjamin Edwards Inc. raised its position in shares of Northrop Grumman by 252.8% in the third quarter. Benjamin Edwards Inc. now owns 4,061 shares of the aerospace company's stock valued at $2,146,000 after buying an additional 2,910 shares during the last quarter. Cinctive Capital Management LP acquired a new position in Northrop Grumman during the third quarter worth $1,974,000. Finally, Investment Management Corp of Ontario raised its stake in Northrop Grumman by 47.5% during the third quarter. Investment Management Corp of Ontario now owns 4,658 shares of the aerospace company's stock worth $2,460,000 after purchasing an additional 1,500 shares during the period. 83.40% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms recently commented on NOC. Barclays lowered their target price on 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. StockNews.com cut Northrop Grumman from a "strong-buy" rating to a "buy" rating in a report on Monday, February 3rd. Citigroup boosted their price objective on shares of Northrop Grumman from $587.00 to $591.00 and gave the stock a "buy" rating in a research report on Monday, February 10th. Truist Financial initiated coverage on shares of Northrop Grumman in a report on Tuesday, January 14th. They set a "buy" rating and a $544.00 price target for the company. Finally, UBS Group decreased their price target on shares of Northrop Grumman from $579.00 to $558.00 and set a "buy" rating on the stock in a report on Friday, January 31st. Eight equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Northrop Grumman presently has a consensus rating of "Moderate Buy" and a consensus price target of $545.06.

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Northrop Grumman Price Performance

Shares of NOC traded down $28.95 during midday trading on Friday, hitting $486.23. 1,692,381 shares of the company traded hands, compared to its average volume of 860,929. 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 one year low of $418.60 and a one year high of $555.57. The firm has a market cap of $70.38 billion, a P/E ratio of 17.16, a PEG ratio of 3.73 and a beta of 0.20. The stock has a 50-day moving average of $479.27 and a 200-day moving average of $492.44.

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 (EPS) 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%. As a group, sell-side analysts predict that Northrop Grumman Co. will post 28.05 EPS for the current fiscal year.

Northrop Grumman Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 19th. Shareholders of record on Monday, March 3rd were paid a $2.06 dividend. The ex-dividend date of this dividend was Monday, March 3rd. This represents a $8.24 annualized dividend and a yield of 1.69%. Northrop Grumman's payout ratio is 29.08%.

Northrop Grumman declared that its board has approved a share repurchase plan on Wednesday, December 11th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the aerospace company to repurchase up to 4.3% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's board believes its stock is undervalued.

Insider Transactions at Northrop Grumman

In other Northrop Grumman news, CEO Kathy J. Warden sold 3,750 shares of the 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 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Benjamin R. Davies sold 192 shares of the business's stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $429.08, for a total transaction of $82,383.36. Following the transaction, the vice president now owns 709 shares in the company, valued at $304,217.72. The trade was a 21.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 4,505 shares of company stock valued at $2,126,405. 0.22% of the stock is currently owned by insiders.

About Northrop Grumman

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.