Riverpark Capital Management LLC acquired a new stake in Northrop Grumman Co. (NYSE:NOC) in the fourth quarter, HoldingsChannel.com reports. The firm acquired 27,263 shares of the aerospace company’s stock, valued at approximately $8,368,000.
Several other hedge funds have also recently added to or reduced their stakes in the company. BlackRock Inc. boosted its position in shares of Northrop Grumman by 4.3% in the fourth quarter. BlackRock Inc. now owns 13,545,765 shares of the aerospace company’s stock valued at $4,157,331,000 after acquiring an additional 561,347 shares during the period. Janus Henderson Group PLC boosted its position in shares of Northrop Grumman by 0.3% in the third quarter. Janus Henderson Group PLC now owns 2,929,128 shares of the aerospace company’s stock valued at $842,768,000 after acquiring an additional 9,159 shares during the period. Alliancebernstein L.P. boosted its position in shares of Northrop Grumman by 3.8% in the fourth quarter. Alliancebernstein L.P. now owns 2,680,776 shares of the aerospace company’s stock valued at $822,757,000 after acquiring an additional 97,569 shares during the period. Capital International Investors boosted its position in shares of Northrop Grumman by 29.4% in the third quarter. Capital International Investors now owns 2,274,928 shares of the aerospace company’s stock valued at $654,542,000 after acquiring an additional 516,427 shares during the period. Finally, Geode Capital Management LLC boosted its position in shares of Northrop Grumman by 3.9% in the fourth quarter. Geode Capital Management LLC now owns 1,919,146 shares of the aerospace company’s stock valued at $587,836,000 after acquiring an additional 71,955 shares during the period. Institutional investors own 80.69% of the company’s stock.
Shares of Northrop Grumman Co. (NOC) opened at $349.64 on Monday. The firm has a market cap of $60,867.99, a P/E ratio of 30.48, a PEG ratio of 2.51 and a beta of 0.78. The company has a quick ratio of 2.24, a current ratio of 2.35 and a debt-to-equity ratio of 2.04. Northrop Grumman Co. has a 1-year low of $233.20 and a 1-year high of $359.43.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, March 21st. Investors of record on Monday, March 5th will be paid a $1.10 dividend. This represents a $4.40 annualized dividend and a dividend yield of 1.26%. This is an increase from Northrop Grumman’s previous quarterly dividend of $1.00. The ex-dividend date is Friday, March 2nd. Northrop Grumman’s payout ratio is presently 38.36%.
In related news, VP Denise M. Peppard sold 2,539 shares of Northrop Grumman stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $335.12, for a total value of $850,869.68. Following the transaction, the vice president now directly owns 38,613 shares of the company’s stock, valued at $12,939,988.56. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Michael A. Hardesty sold 2,941 shares of Northrop Grumman stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $351.06, for a total transaction of $1,032,467.46. Following the completion of the transaction, the vice president now directly owns 9,202 shares in the company, valued at $3,230,454.12. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 8,344 shares of company stock worth $2,896,627. 0.70% of the stock is owned by insiders.
Several equities research analysts have issued reports on the stock. Citigroup reiterated a “buy” rating and set a $405.00 target price on shares of Northrop Grumman in a research report on Monday. Jefferies Group upgraded shares of Northrop Grumman from a “hold” rating to a “buy” rating and set a $400.00 target price for the company in a research report on Wednesday, February 14th. Royal Bank of Canada set a $389.00 target price on shares of Northrop Grumman and gave the company a “buy” rating in a research report on Tuesday, January 23rd. ValuEngine upgraded shares of Northrop Grumman from a “hold” rating to a “buy” rating in a research report on Thursday, March 1st. Finally, Cowen reiterated a “hold” rating and set a $310.00 target price on shares of Northrop Grumman in a research report on Thursday, January 25th. Four analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $358.64.
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About Northrop Grumman
Northrop Grumman Corporation is a global security company. The Company provides products, systems and solutions in autonomous systems; cyber; command, control, communications and computers, intelligence, surveillance and reconnaissance (C4ISR); strike, and logistics and modernization. The Company’s segments include Aerospace Systems, Mission Systems and Technology Services.
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