Westside Investment Management Inc. Cuts Stock Position in Northrop Grumman Co. (NYSE:NOC)

Westside Investment Management Inc. lowered its holdings in Northrop Grumman Co. (NYSE:NOC) by 11.7% during the 4th quarter, Holdings Channel reports. The firm owned 8,760 shares of the aerospace company’s stock after selling 1,157 shares during the period. Northrop Grumman makes up about 0.9% of Westside Investment Management Inc.’s investment portfolio, making the stock its 29th largest holding. Westside Investment Management Inc.’s holdings in Northrop Grumman were worth $4,111,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Two Sigma Advisers LP raised its stake in shares of Northrop Grumman by 102.6% in 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 period. Marshall Wace LLP purchased a new position in shares of Northrop Grumman during the 2nd quarter valued at $74,206,000. Legal & General Group Plc lifted its position in shares of Northrop Grumman by 16.0% during the 2nd quarter. Legal & General Group Plc now owns 1,087,913 shares of the aerospace company’s stock valued at $474,276,000 after buying an additional 150,367 shares during the last quarter. Franklin Resources Inc. lifted its position in shares of Northrop Grumman by 6.2% during the 3rd quarter. Franklin Resources Inc. now owns 2,426,270 shares of the aerospace company’s stock valued at $1,315,729,000 after buying an additional 141,816 shares during the last quarter. Finally, Wedge Capital Management L L P NC purchased a new position in shares of Northrop Grumman during the 4th quarter valued at $66,171,000. Hedge funds and other institutional investors own 83.40% of the company’s stock.

Northrop Grumman Stock Up 3.2 %

Shares of NYSE:NOC opened at $497.99 on Wednesday. The stock has a fifty day simple moving average of $478.98 and a two-hundred day simple moving average of $495.31. The stock has a market capitalization of $72.56 billion, a price-to-earnings ratio of 31.13, a PEG 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 1.09, a quick ratio of 0.97 and a debt-to-equity ratio of 1.00.

Northrop Grumman (NYSE:NOC) last announced its quarterly earnings data 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 business had revenue of $10 billion during the quarter, compared to analysts’ expectations of $10.18 billion. Northrop Grumman had a return on equity of 26.57% and a net margin of 5.79%. The firm’s quarterly revenue was up 2.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $6.18 earnings per share. On average, research analysts anticipate that Northrop Grumman Co. will post 25.95 earnings per share for the current fiscal year.

Northrop Grumman announced that its Board of Directors has approved 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 reacquire up to 4.3% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Northrop Grumman Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, December 18th. Shareholders of record on Monday, December 2nd were issued a $2.06 dividend. This represents a $8.24 dividend on an annualized basis and a dividend yield of 1.65%. The ex-dividend date was Monday, December 2nd. Northrop Grumman’s payout ratio is 51.05%.

Insiders Place Their Bets

In other Northrop Grumman news, VP Benjamin R. Davies sold 1,156 shares of Northrop Grumman stock in a transaction on Monday, November 11th. The stock was sold at an average price of $532.93, for a total value of $616,067.08. Following the completion of the sale, the vice president now owns 537 shares of the company’s stock, valued at approximately $286,183.41. This trade represents a 68.28 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In the last quarter, insiders sold 1,255 shares of company stock valued at $663,859. Corporate insiders own 0.22% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on NOC. JPMorgan Chase & Co. upped their price target on Northrop Grumman from $500.00 to $560.00 and gave the company a “neutral” rating in a research report on Monday, October 14th. Barclays dropped their price objective 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. Royal Bank of Canada increased their price objective on Northrop Grumman from $500.00 to $540.00 and gave the stock a “sector perform” rating in a report on Friday, October 25th. Susquehanna dropped their price objective on Northrop Grumman from $625.00 to $557.00 and set a “positive” rating on the stock in a report on Wednesday, January 8th. Finally, Citigroup raised Northrop Grumman from a “neutral” rating to a “buy” rating and set a $587.00 price objective on the stock in a report on Tuesday. Eight equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $550.94.

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.