M&T Bank Corp Raises Stock Position in Northrop Grumman Co. (NYSE:NOC)

M&T Bank Corp raised its stake in shares of Northrop Grumman Co. (NYSE:NOC) by 5.4% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 19,726 shares of the aerospace company’s stock after buying an additional 1,002 shares during the period. M&T Bank Corp’s holdings in Northrop Grumman were worth $10,417,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of NOC. RPg Family Wealth Advisory LLC bought a new stake in shares of Northrop Grumman in the third quarter worth $31,000. Meeder Asset Management Inc. grew its stake in shares of Northrop Grumman by 245.5% during the 2nd quarter. Meeder Asset Management Inc. now owns 76 shares of the aerospace company’s stock valued at $33,000 after purchasing an additional 54 shares during the period. FSA Wealth Management LLC purchased a new stake in shares of Northrop Grumman during the 3rd quarter valued at about $36,000. Catalyst Capital Advisors LLC bought a new position in shares of Northrop Grumman in the 3rd quarter worth approximately $40,000. Finally, Strategic Financial Concepts LLC purchased a new position in shares of Northrop Grumman in the second quarter worth approximately $47,000. 83.40% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have commented on NOC. StockNews.com cut shares of Northrop Grumman from a “strong-buy” rating to a “buy” rating in a report on Saturday, December 14th. UBS Group raised their target price on Northrop Grumman from $614.00 to $643.00 and gave the stock a “buy” rating in a report on Friday, October 25th. Citigroup upped their price target on Northrop Grumman from $521.00 to $587.00 and gave the stock a “neutral” rating in a research report on Thursday, October 10th. Royal Bank of Canada lifted their price objective on Northrop Grumman from $500.00 to $540.00 and gave the company a “sector perform” rating in a research report on Friday, October 25th. Finally, Wells Fargo & Company reduced their target price on shares of Northrop Grumman from $565.00 to $505.00 and set an “equal weight” rating for the company in a report on Wednesday, December 11th. Ten analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $553.27.

Northrop Grumman Stock Up 0.5 %

Shares of NOC stock opened at $469.54 on Monday. The company’s fifty day simple moving average is $501.02 and its two-hundred day simple moving average is $489.08. Northrop Grumman Co. has a 52 week low of $418.60 and a 52 week high of $555.57. The stock has a market cap of $68.41 billion, a P/E ratio of 29.09, a PEG ratio of 0.97 and a beta of 0.33. The company has a quick ratio of 0.97, a current ratio of 1.09 and a debt-to-equity ratio of 1.00.

Northrop Grumman (NYSE:NOC) last posted its earnings results on Thursday, October 24th. The aerospace company reported $7.00 EPS for the quarter, topping analysts’ consensus estimates of $6.07 by $0.93. The company had revenue of $10 billion for the quarter, compared to the consensus estimate of $10.18 billion. Northrop Grumman had a return on equity of 26.57% and a net margin of 5.79%. The firm’s revenue for the quarter was up 2.3% on a year-over-year basis. During the same period in the previous year, the business earned $6.18 earnings per share. Analysts predict that Northrop Grumman Co. will post 25.93 EPS for the current fiscal year.

Northrop Grumman Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, December 18th. Investors of record on Monday, December 2nd were given a $2.06 dividend. This represents a $8.24 annualized dividend and a yield of 1.75%. The ex-dividend date of this dividend was Monday, December 2nd. Northrop Grumman’s dividend payout ratio is presently 51.05%.

Northrop Grumman declared that its Board of Directors has approved a share buyback program on Wednesday, December 11th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the aerospace company to reacquire up to 4.3% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board believes its shares are undervalued.

Insider Activity at Northrop Grumman

In related news, VP Benjamin R. Davies sold 1,156 shares of Northrop Grumman stock in a transaction dated 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 transaction, the vice president now owns 537 shares in the company, valued at approximately $286,183.41. This trade represents a 68.28 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders have sold a total of 1,255 shares of company stock valued at $666,461 over the last 90 days. 0.22% of the stock is owned by corporate insiders.

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.