Canoe Financial LP Lowers Position in Northrop Grumman Co. (NYSE:NOC)

Canoe Financial LP cut its holdings in Northrop Grumman Co. (NYSE:NOC) by 39.3% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 82,137 shares of the aerospace company’s stock after selling 53,286 shares during the quarter. Canoe Financial LP’s holdings in Northrop Grumman were worth $43,269,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in NOC. Wealthcare Advisory Partners LLC lifted its stake in Northrop Grumman by 13.4% in the first quarter. Wealthcare Advisory Partners LLC now owns 1,540 shares of the aerospace company’s stock worth $737,000 after acquiring an additional 182 shares during the period. Cornerstone Wealth Group LLC purchased a new stake in shares of Northrop Grumman during the first quarter valued at about $218,000. Aviance Capital Partners LLC purchased a new stake in shares of Northrop Grumman during the first quarter valued at about $1,063,000. Claro Advisors LLC lifted its position in shares of Northrop Grumman by 2.6% during the first quarter. Claro Advisors LLC now owns 2,009 shares of the aerospace company’s stock valued at $962,000 after buying an additional 51 shares during the last quarter. Finally, FARMERS & MERCHANTS TRUST Co OF LONG BEACH lifted its position in shares of Northrop Grumman by 3.4% during the first quarter. FARMERS & MERCHANTS TRUST Co OF LONG BEACH now owns 7,975 shares of the aerospace company’s stock valued at $3,817,000 after buying an additional 264 shares during the last quarter. 83.40% of the stock is owned by hedge funds and other institutional investors.

Northrop Grumman Price Performance

Shares of NYSE NOC opened at $519.35 on Monday. The stock has a market capitalization of $76.86 billion, a price-to-earnings ratio of 36.32, a PEG ratio of 2.38 and a beta of 0.34. Northrop Grumman Co. has a 12 month low of $418.60 and a 12 month high of $555.57. The firm’s 50 day simple moving average is $523.54 and its 200-day simple moving average is $481.38. The company has a debt-to-equity ratio of 1.03, a current ratio of 1.11 and a quick ratio of 0.99.

Northrop Grumman (NYSE:NOC) last issued its quarterly earnings data on Thursday, October 24th. The aerospace company reported $7.00 EPS for the quarter, topping analysts’ consensus estimates of $6.07 by $0.93. The business had revenue of $10 billion for the quarter, compared to analysts’ expectations of $10.18 billion. Northrop Grumman had a net margin of 5.61% and a return on equity of 25.44%. The business’s revenue was up 2.3% on a year-over-year basis. During the same quarter last year, the company earned $6.18 EPS. Analysts expect that Northrop Grumman Co. will post 25.16 EPS for the current year.

Northrop Grumman Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 18th. Investors of record on Tuesday, September 3rd were paid a $2.06 dividend. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $8.24 dividend on an annualized basis and a yield of 1.59%. Northrop Grumman’s dividend payout ratio is currently 57.62%.

Analysts Set New Price Targets

NOC has been the subject of several analyst reports. UBS Group increased their price target on shares of Northrop Grumman from $614.00 to $643.00 and gave the company a “buy” rating in a research report on Friday. Susquehanna increased their price objective on shares of Northrop Grumman from $560.00 to $625.00 and gave the company a “positive” rating in a research report on Friday. Wells Fargo & Company increased their price objective on shares of Northrop Grumman from $509.00 to $565.00 and gave the company an “equal weight” rating in a research report on Friday. Alembic Global Advisors lowered shares of Northrop Grumman from an “overweight” rating to a “neutral” rating and set a $560.00 price objective for the company. in a research report on Tuesday, August 27th. Finally, Morgan Stanley increased their price objective on shares of Northrop Grumman from $579.00 to $592.00 and gave the company an “overweight” rating in a research report on Friday, August 9th. One analyst has rated the stock with a sell rating, ten have issued a hold rating and six have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $547.44.

Insider Activity at Northrop Grumman

In related news, VP Thomas H. Jones sold 1,390 shares of Northrop Grumman stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $500.00, for a total value of $695,000.00. Following the sale, the vice president now owns 4,634 shares of the company’s stock, valued at approximately $2,317,000. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last quarter, insiders have sold 1,490 shares of company stock valued at $747,372. 0.22% of the stock is owned by company 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.