PNC Financial Services Group Inc. Cuts Position in Northrop Grumman Co. (NYSE:NOC)

PNC Financial Services Group Inc. trimmed its holdings in shares of Northrop Grumman Co. (NYSE:NOC) by 1.9% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 185,139 shares of the aerospace company’s stock after selling 3,677 shares during the period. PNC Financial Services Group Inc.’s holdings in Northrop Grumman were worth $86,884,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the stock. Two Sigma Advisers LP raised its stake in Northrop Grumman by 102.6% during the third quarter. Two Sigma Advisers LP now owns 735,600 shares of the aerospace company’s stock valued at $388,448,000 after buying an additional 372,500 shares during the last quarter. Raymond James Financial Inc. bought a new position in shares of Northrop Grumman during the 4th quarter valued at $171,580,000. Proficio Capital Partners LLC purchased a new position in shares of Northrop Grumman in the 4th quarter worth $94,370,000. Franklin Resources Inc. increased its position in Northrop Grumman by 6.2% during the third quarter. Franklin Resources Inc. now owns 2,426,270 shares of the aerospace company’s stock valued at $1,315,729,000 after acquiring an additional 141,816 shares during the last quarter. Finally, Wedge Capital Management L L P NC bought a new position in Northrop Grumman in the fourth quarter valued at about $66,171,000. 83.40% of the stock is owned by institutional investors.

Northrop Grumman Stock Performance

NOC stock opened at $487.22 on Friday. The firm has a market cap of $70.53 billion, a price-to-earnings ratio of 17.19, a PEG ratio of 3.73 and a beta of 0.31. Northrop Grumman Co. has a twelve month low of $418.60 and a twelve month high of $555.57. 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 business’s fifty day simple moving average is $469.88 and its two-hundred day simple moving average is $495.11.

Northrop Grumman (NYSE:NOC) last announced its quarterly earnings results on Thursday, January 30th. The aerospace company reported $6.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $6.27 by $0.12. Northrop Grumman had a return on equity of 26.24% and a net margin of 10.17%. Analysts predict that Northrop Grumman Co. will post 28.05 earnings per share for the current year.

Northrop Grumman announced that its board has authorized a share repurchase plan on Wednesday, December 11th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the aerospace company to purchase up to 4.3% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Northrop Grumman Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, March 19th. Stockholders of record on Monday, March 3rd will be paid a dividend of $2.06 per share. The ex-dividend date of this dividend is Monday, March 3rd. This represents a $8.24 annualized dividend and a dividend yield of 1.69%. Northrop Grumman’s dividend payout ratio is currently 29.08%.

Insider Activity at Northrop Grumman

In other Northrop Grumman news, VP Benjamin R. Davies sold 192 shares of the company’s stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $429.08, for a total transaction of $82,383.36. Following the completion of the sale, the vice president now owns 709 shares in the company, valued at $304,217.72. This represents a 21.31 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Kathy J. Warden sold 3,750 shares of Northrop Grumman stock in a transaction on Thursday, March 6th. The shares were sold at an average price of $475.65, for a total value of $1,783,687.50. Following the completion of the transaction, the chief executive officer now owns 212,852 shares in the company, valued at $101,243,053.80. This represents a 1.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 4,505 shares of company stock worth $2,126,405 over the last three months. 0.22% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of analysts have commented on NOC shares. Wells Fargo & Company upped their price target on Northrop Grumman from $545.00 to $547.00 and gave the stock an “overweight” rating in a research report on Friday. Argus raised shares of Northrop Grumman to a “strong-buy” rating in a report on Wednesday, February 26th. StockNews.com lowered Northrop Grumman from a “strong-buy” rating to a “buy” rating in a research note on Monday, February 3rd. Citigroup lifted their target price on Northrop Grumman from $587.00 to $591.00 and gave the company a “buy” rating in a research note on Monday, February 10th. Finally, UBS Group dropped their price target 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. Nine analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $542.88.

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.