Northrop Grumman Co. (NYSE:NOC) Stock Position Reduced by VELA Investment Management LLC

VELA Investment Management LLC trimmed its holdings in Northrop Grumman Co. (NYSE:NOC) by 24.4% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 6,335 shares of the aerospace company’s stock after selling 2,046 shares during the quarter. Northrop Grumman makes up 1.0% of VELA Investment Management LLC’s investment portfolio, making the stock its 24th largest position. VELA Investment Management LLC’s holdings in Northrop Grumman were worth $3,345,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also modified their holdings of the company. Optimum Investment Advisors raised its stake in shares of Northrop Grumman by 241.2% in the 2nd quarter. Optimum Investment Advisors now owns 58 shares of the aerospace company’s stock valued at $25,000 after buying an additional 41 shares in the last quarter. Bank & Trust Co bought a new position in Northrop Grumman in the second quarter valued at approximately $28,000. Meeder Asset Management Inc. lifted its position in shares of Northrop Grumman by 245.5% in the second quarter. Meeder Asset Management Inc. now owns 76 shares of the aerospace company’s stock worth $33,000 after purchasing an additional 54 shares in the last quarter. Strategic Financial Concepts LLC bought a new stake in shares of Northrop Grumman in the second quarter worth $47,000. Finally, Larson Financial Group LLC increased its holdings in Northrop Grumman by 281.5% during the first quarter. Larson Financial Group LLC now owns 103 shares of the aerospace company’s stock worth $49,000 after buying an additional 76 shares during the last quarter. 83.40% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts recently commented on NOC shares. Royal Bank of Canada upped their price target on shares of Northrop Grumman from $500.00 to $540.00 and gave the company a “sector perform” rating in a research note on Friday, October 25th. UBS Group raised their price objective on shares of Northrop Grumman from $614.00 to $643.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. Morgan Stanley raised their price objective on Northrop Grumman from $579.00 to $592.00 and gave the company an “overweight” rating in a research note on Friday, August 9th. Alembic Global Advisors lowered Northrop Grumman from an “overweight” rating to a “neutral” rating and set a $560.00 price objective for the company. in a report on Tuesday, August 27th. Finally, Wells Fargo & Company lifted their target price on Northrop Grumman from $509.00 to $565.00 and gave the company an “equal weight” rating in a report on Friday, October 25th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $550.56.

Northrop Grumman Stock Performance

Shares of NOC traded down $2.07 during midday trading on Friday, reaching $506.95. 497,886 shares of the stock were exchanged, compared to its average volume of 869,368. The company has a market capitalization of $73.86 billion, a price-to-earnings ratio of 31.40, a PEG ratio of 1.02 and a beta of 0.34. Northrop Grumman Co. has a twelve month low of $418.60 and a twelve month high of $555.57. The business’s 50-day moving average price is $523.52 and its 200 day moving average price is $482.84. The company has a debt-to-equity ratio of 1.00, a current ratio of 1.09 and a quick ratio of 0.97.

Northrop Grumman (NYSE:NOC) last posted its earnings results on Thursday, October 24th. The aerospace company reported $7.00 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $6.07 by $0.93. The firm had revenue of $10 billion for the quarter, compared to analyst estimates of $10.18 billion. Northrop Grumman had a return on equity of 26.57% and a net margin of 5.79%. Northrop Grumman’s revenue was up 2.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $6.18 EPS. On average, sell-side analysts expect that Northrop Grumman Co. will post 25.95 EPS for the current fiscal year.

Northrop Grumman Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 18th. Shareholders of record on Tuesday, September 3rd were paid a $2.06 dividend. The ex-dividend date was Tuesday, September 3rd. This represents a $8.24 annualized dividend and a dividend yield of 1.63%. Northrop Grumman’s payout ratio is currently 51.05%.

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.