Picton Mahoney Asset Management Trims Position in Northrop Grumman Co. (NOC)

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Picton Mahoney Asset Management reduced its position in Northrop Grumman Co. (NYSE:NOC) by 6.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 42,700 shares of the aerospace company’s stock after selling 3,000 shares during the quarter. Picton Mahoney Asset Management’s holdings in Northrop Grumman were worth $10,457,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of NOC. Advisors Asset Management Inc. lifted its stake in Northrop Grumman by 8.5% in the second quarter. Advisors Asset Management Inc. now owns 28,410 shares of the aerospace company’s stock worth $8,742,000 after purchasing an additional 2,225 shares during the last quarter. Schroder Investment Management Group lifted its stake in Northrop Grumman by 56.5% in the second quarter. Schroder Investment Management Group now owns 8,602 shares of the aerospace company’s stock worth $2,647,000 after purchasing an additional 3,106 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in Northrop Grumman by 9.3% in the second quarter. Bank of New York Mellon Corp now owns 1,529,563 shares of the aerospace company’s stock worth $470,646,000 after purchasing an additional 130,066 shares during the last quarter. New Jersey Better Educational Savings Trust bought a new stake in Northrop Grumman in the third quarter worth about $381,000. Finally, State of New Jersey Common Pension Fund D lifted its stake in Northrop Grumman by 200.0% in the third quarter. State of New Jersey Common Pension Fund D now owns 270,000 shares of the aerospace company’s stock worth $85,690,000 after purchasing an additional 180,000 shares during the last quarter. 87.31% of the stock is owned by hedge funds and other institutional investors.

Several brokerages have issued reports on NOC. ValuEngine downgraded shares of Northrop Grumman from a “hold” rating to a “sell” rating in a research note on Friday, January 4th. Stifel Nicolaus set a $280.00 price objective on shares of Northrop Grumman and gave the stock a “hold” rating in a research note on Thursday, October 25th. Cowen reissued a “hold” rating and issued a $300.00 price objective on shares of Northrop Grumman in a research note on Thursday, January 31st. Wells Fargo & Co decreased their price target on shares of Northrop Grumman from $360.00 to $340.00 and set an “outperform” rating for the company in a research note on Thursday, October 25th. Finally, Argus reaffirmed a “buy” rating on shares of Northrop Grumman in a research note on Friday, February 1st. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and twelve have assigned a buy rating to the company. Northrop Grumman currently has a consensus rating of “Buy” and an average price target of $336.94.

Shares of NOC stock opened at $281.47 on Tuesday. The company has a market cap of $47.78 billion, a P/E ratio of 13.20, a price-to-earnings-growth ratio of 1.24 and a beta of 0.89. The company has a debt-to-equity ratio of 1.70, a quick ratio of 1.09 and a current ratio of 1.17. Northrop Grumman Co. has a 52-week low of $223.63 and a 52-week high of $360.88.

Northrop Grumman (NYSE:NOC) last issued its quarterly earnings data on Thursday, January 31st. The aerospace company reported $4.93 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $4.45 by $0.48. The company had revenue of $8.16 billion for the quarter, compared to analyst estimates of $8.11 billion. Northrop Grumman had a net margin of 9.73% and a return on equity of 41.24%. During the same period last year, the company posted $2.82 earnings per share. Sell-side analysts anticipate that Northrop Grumman Co. will post 18.98 earnings per share for the current fiscal year.

Northrop Grumman declared that its Board of Directors has initiated a stock buyback plan on Tuesday, December 4th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the aerospace company to purchase up to 6.9% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

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Northrop Grumman Company Profile

Northrop Grumman Corporation operates as a security company for government and commercial customers worldwide. It provides products, systems, and solutions in autonomous systems; cyber; command, control, communications and computers, intelligence, surveillance, and reconnaissance (C4ISR); strike; and logistics and modernization.

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Institutional Ownership by Quarter for Northrop Grumman (NYSE:NOC)

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