Exchange Traded Concepts LLC Acquires 24 Shares of Northrop Grumman Co. (NYSE:NOC)

Exchange Traded Concepts LLC grew its holdings in Northrop Grumman Co. (NYSE:NOC) by 1.4% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,760 shares of the aerospace company’s stock after acquiring an additional 24 shares during the quarter. Exchange Traded Concepts LLC’s holdings in Northrop Grumman were worth $826,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. NewEdge Advisors LLC grew its holdings in shares of Northrop Grumman by 23.6% during the second quarter. NewEdge Advisors LLC now owns 10,832 shares of the aerospace company’s stock worth $4,722,000 after buying an additional 2,066 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its holdings in shares of Northrop Grumman by 5.9% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 16,093 shares of the aerospace company’s stock worth $7,019,000 after buying an additional 898 shares in the last quarter. Quarry LP grew its holdings in shares of Northrop Grumman by 1,546.2% during the second quarter. Quarry LP now owns 214 shares of the aerospace company’s stock worth $93,000 after buying an additional 201 shares in the last quarter. Teachers Retirement System of The State of Kentucky grew its holdings in shares of Northrop Grumman by 87.8% during the second quarter. Teachers Retirement System of The State of Kentucky now owns 21,802 shares of the aerospace company’s stock worth $9,505,000 after buying an additional 10,192 shares in the last quarter. Finally, New Century Financial Group LLC grew its holdings in shares of Northrop Grumman by 57.4% during the second quarter. New Century Financial Group LLC now owns 867 shares of the aerospace company’s stock worth $378,000 after buying an additional 316 shares in the last quarter. 83.40% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on NOC shares. TD Cowen upgraded Northrop Grumman to a “hold” rating in a report on Tuesday, October 8th. Truist Financial initiated coverage on Northrop Grumman in a report on Tuesday, January 14th. They set a “buy” rating and a $544.00 price objective for the company. Citigroup raised Northrop Grumman from a “neutral” rating to a “buy” rating and set a $587.00 price target for the company in a research report on Tuesday, January 21st. StockNews.com raised Northrop Grumman from a “buy” rating to a “strong-buy” rating in a research report on Sunday, January 19th. Finally, JPMorgan Chase & Co. raised their price objective on Northrop Grumman from $500.00 to $560.00 and gave the company a “neutral” rating in a research report on Monday, October 14th. Eight research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $550.94.

Insider Activity

In related news, VP Benjamin R. Davies sold 1,156 shares of the business’s stock in a transaction on Monday, November 11th. The stock was sold at an average price of $532.93, for a total transaction of $616,067.08. Following the sale, the vice president now owns 537 shares in the company, valued at $286,183.41. The trade was a 68.28 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In the last quarter, insiders have sold 1,255 shares of company stock worth $663,859. Insiders own 0.22% of the company’s stock.

Northrop Grumman Price Performance

Northrop Grumman stock opened at $481.56 on Thursday. The stock’s fifty day moving average price is $478.87 and its two-hundred day moving average price is $497.74. Northrop Grumman Co. has a one year low of $418.60 and a one year high of $555.57. The company has a debt-to-equity ratio of 1.00, a current ratio of 1.09 and a quick ratio of 0.97. The firm has a market cap of $70.16 billion, a PE ratio of 29.84, a price-to-earnings-growth ratio of 0.95 and a beta of 0.35.

Northrop Grumman Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, December 18th. Stockholders of record on Monday, December 2nd were paid a $2.06 dividend. The ex-dividend date of this dividend was Monday, December 2nd. This represents a $8.24 annualized dividend and a dividend yield of 1.71%. Northrop Grumman’s payout ratio is 51.05%.

Northrop Grumman announced that its Board of Directors has authorized a share repurchase program on Wednesday, December 11th that permits the company to buyback $3.00 billion in outstanding shares. This buyback authorization permits the aerospace company to reacquire up to 4.3% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s leadership believes its stock is undervalued.

Northrop Grumman Company 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.