Huntington National Bank reduced its stake in shares of Northrop Grumman Corp. (NYSE:NOC) by 25.9% during the second quarter, Holdings Channel reports. The fund owned 8,069 shares of the company’s stock after selling 2,813 shares during the period. Huntington National Bank’s holdings in Northrop Grumman Corp. were worth $1,794,000 as of its most recent filing with the SEC.
Other hedge funds have also recently modified their holdings of the company. Wellington Management Group LLP raised its stake in shares of Northrop Grumman Corp. by 21.7% in the first quarter. Wellington Management Group LLP now owns 3,362,671 shares of the company’s stock valued at $665,472,000 after buying an additional 600,388 shares during the last quarter. Renaissance Technologies LLC purchased a new stake in shares of Northrop Grumman Corp. during the first quarter valued at about $77,676,000. Bank of Montreal Can purchased a new stake in shares of Northrop Grumman Corp. during the second quarter valued at about $76,299,000. Old Mutual Global Investors UK Ltd. purchased a new stake in shares of Northrop Grumman Corp. during the second quarter valued at about $30,103,000. Finally, Anchor Bolt Capital LP purchased a new stake in shares of Northrop Grumman Corp. during the first quarter valued at about $23,604,000. Hedge funds and other institutional investors own 82.52% of the company’s stock.
Northrop Grumman Corp. (NYSE:NOC) traded up 0.25% during trading on Friday, hitting $218.92. The stock had a trading volume of 923,428 shares. The firm has a market cap of $39.09 billion, a P/E ratio of 19.69 and a beta of 0.72. Northrop Grumman Corp. has a 52-week low of $172.87 and a 52-week high of $224.12. The company has a 50-day moving average of $213.81 and a 200 day moving average of $213.36.
Northrop Grumman Corp. (NYSE:NOC) last posted its quarterly earnings results on Wednesday, July 27th. The company reported $2.85 EPS for the quarter, beating the Zacks’ consensus estimate of $2.53 by $0.32. The business had revenue of $6 billion for the quarter, compared to analysts’ expectations of $5.99 billion. Northrop Grumman Corp. had a return on equity of 32.59% and a net margin of 8.67%. The business’s quarterly revenue was up 1.8% on a year-over-year basis. During the same period last year, the firm earned $2.54 earnings per share. On average, equities research analysts predict that Northrop Grumman Corp. will post $11.04 earnings per share for the current fiscal year.
Several analysts have issued reports on NOC shares. Zacks Investment Research lowered Northrop Grumman Corp. from a “buy” rating to a “hold” rating in a research note on Monday, August 1st. JPMorgan Chase & Co. lowered Northrop Grumman Corp. from an “overweight” rating to a “neutral” rating and boosted their target price for the company from $225.00 to $231.00 in a research note on Thursday, August 25th. Jefferies Group boosted their target price on Northrop Grumman Corp. from $233.00 to $250.00 and gave the company a “buy” rating in a research note on Thursday, July 28th. Argus restated a “buy” rating on shares of Northrop Grumman Corp. in a research note on Tuesday, August 2nd. Finally, Robert W. Baird started coverage on Northrop Grumman Corp. in a research report on Wednesday, October 5th. They issued an “outperform” rating and a $260.00 price target for the company. Nine research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Northrop Grumman Corp. presently has a consensus rating of “Buy” and an average price target of $223.97.
In other Northrop Grumman Corp. news, COO Gloria A. Flach sold 3,769 shares of the firm’s stock in a transaction dated Friday, August 5th. The stock was sold at an average price of $218.78, for a total transaction of $824,581.82. Following the sale, the chief operating officer now directly owns 61,812 shares of the company’s stock, valued at $13,523,229.36. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Wesley G. Bush sold 35,000 shares of the firm’s stock in a transaction dated Wednesday, August 3rd. The shares were sold at an average price of $218.45, for a total value of $7,645,750.00. Following the sale, the chief executive officer now directly owns 35,000 shares in the company, valued at $7,645,750. The disclosure for this sale can be found here. Company insiders own 0.90% of the company’s stock.
Northrop Grumman Corp. Company Profile
Northrop Grumman Corporation (Northrop Grumman) is a global security company. The Company provides systems, products and solutions in unmanned systems; cyber; command, control, communications and computers (C4), intelligence, surveillance, and reconnaissance (C4ISR); strike aircraft, and logistics and modernization to Government and commercial customers across the world.
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